Category Archives: Real Estate

8 Home Inspection Fails That May Require a Specialist

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Home inspectors have the expertise and knowledge of home building to make sure that a house is going to be safe, livable, and worth the investment.

But even home inspectors have their limits. Some don’t have the qualifications to inspect certain aspects of the home, like the sewer drains and chimney, which is why homebuyers may want to call in specialists to review trouble zones.

Here are eight instances when Trulia recommends using a specialist if the general inspector indicates there’s a problem:

  1. Roofs:  Since roof repairs are costly and can cause major problems if put off, home sellers and homeowners may want to prioritize roof repairs. For homes that have shingle roofs, a roof inspector will look for shingles that are cracked, loose, or curling, according to the Insurance Institute for Business & Home Safety, a nonprofit supported by property insurers and reinsurers. Inspectors will also look at off-ridge vents to see if they are loose and for roof leaks, which they can spot if there are water stains around the chimney and pipes. Also they will check for indications inside of leaks (such as ceiling stains or peeling wall paper).
  2. Chimneys:  If the roof inspection reveals signs of damage around the chimney, a chimney specialist should give it a closer examination. This is done with the aid of a chimney inspection camera. Inspectors will also look at the exterior, interior, and accessible parts of the chimney, giving special attention to the strength of the chimney structure and the condition of the flue, according to the Chimney Safety Institute of America.
  3. Geology:  A geological inspection of a property on a hill or in a flood zone will help catch issues like drainage problems or ground shifts. There are often two reports that come from these kinds of inspections: a natural hazard disclosure and a geologic environmental site assessment. The natural hazard disclosure includes a closer look at the maps of the area to hone in on areas that are vulnerable to earthquakes and landslides, according to George Dunfield of the California Board for Geologists and Geophysicists, in a 2005 interview with The Los Angeles Times. A geologic environmental site assessment (which can cost more than $1,000) looks at the soil quality of the property and assesses whether the site is susceptible to contaminants like fuels and solvents.
  4. Sewers:  A sewer line is a heavily used piece of equipment in any home and can go as far down as 16 feet underneath a property to connect to a public sewer system. Home inspectors sometimes call on plumbers and specialty contractors to do a “sewer scoping” with a specialized camera. “A lot of clogging comes from bad installation of sewer pipes, even with brand-new homes,” Bob Ansel, owner of Drain Solvers in Longmont, CO, told The Denver Post. Plumbers can unclog the sewer pipe to get it operational again. But if a sewer pipe needs to be replaced, the price to do so can go upwards of $20,000.
  5. Termite Damage:  Sellers often pay for termite inspection since many lenders require a full report on any termite-related issues before approving a loan.
  6. Moisture, Mold, and Toxins:  Every last inch of a house needs to be checked for these potential deal killers. Inspectors will look for physical signs of mold and moisture and take temperature and moisture readings. Inspectors may also look at the property’s history to see if any previously reported problems may be an indication of mold, according to ABC News.
  7. Asbestos:  If a house dates to 1975 or earlier, there’s a chance asbestos insulation was used around air ducts, water heaters, and pipes. This Old House recommends that homeowners who find asbestos that’s been significantly damaged should avoid touching the material. An industrial hygiene firm and an asbestos abatement contractor may be called in to assess, repair, and clean the property. If this can be easily done, Trulia suggests homebuyers ask the seller to pay for the inspection.
  8. Proper Use:  Homeowners may not need to hire an extra inspector to manage this, but Trulia suggests that they may need to work with the real estate agent. Any major additions or alterations to a home need to have been properly permitted for the sale to be legal. The garage that was converted into a home office might be beautiful, but if the inspector finds out that the proper permits weren’t obtained it could negate the deal.

Home inspectors provide you with important information that can have a major impact on a sale, but they’re not the only ones who may need to get involved in the process.

Often paying the up-front costs for a full inspection today, or before you list your home for sale, can save future expenses and headaches further down the line.

courtesy of:  http://www.thehomestory.com/…

San Diego County Median Home Price Up By 6.4%

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Home prices across Southern California continued to increase in May but the pace at which they went up appeared sluggish, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

San Diego County’s median home price, adjusted for seasonal swings, increased 6.4 percent in the last 12 months, while Los Angeles and Orange Counties increased 5.4 percent …

National home prices increased 5 percent — unchanged from last month …

The rate at which prices in San Diego are increasing has been mostly flat or decreasing since the start of the year. The median price year-over-year was up 6.9 percent in January, 6.4 percent in February, 6.2 percent in March and 6.3 percent in April. …

The median home price in San Diego County hit $495,000 in June, CoreLogic reported last week.

David Blitzer, managing chairman of the Index Committee at S&P Dow Jones Indices, said in May’s report that the housing market was strong, in part because sales of existing homes reached the highest monthly level since 2007.   Read more –>   http://www.sandiegouniontribune.com/news/2016/jul/26/home-price-socal-may/

Milan Creates World’s First Vertical Forest

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Vertical Forest, Milan, OffGridQuest_com

In an age where harmonious innovation is becoming more celebrated, sustainable designs to preserve the Earth and contribute to wellbeing are being implemented at a rapid rate. One such innovation to recently be accepted for development is a vertical forest designed by Stefan Boeri Architects.

The first ever vertical forest will soon be the greenest building in Milan. Because the average household in a city produces approximately 25-30 tons of CO2 per year, implementing greener architecture in highly populated areas cannot come soon enough.

“This stunning development is part of a vision presented by BioMilano which promises to incorporate 60 abandoned farms into a greenbelt surrounding the city. Part of the mission is to create a vertical forest building which boasts a stunning green façade planted with dense forest systems to provide microclimate and to filter out polluting dust particles. According to Inhabit, there are two buildings currently under construction.”

The greener architecture will help absorb CO2, oxygenate the air, moderate extreme temperatures, and lower noise pollution. The bio-canopy is not only aesthetically pleasing to the eye, but it helps lower living costs.

In the vertical forest building, each apartment balcony will feature trees that will provide shade during the summer months and drop their leaves in winter and allow more sunlight. An estimated 900 trees are planned for planting between the two new buildings being constructed.

“A grey-water filtration system (which is used water which has gone down the sink or shower) will ensure the trees are adequately watered. Additionally, photovoltaic power generation will help provide sustainable energy to the building.”

Merging the hottest sustainable technologies with revolutionary design will not only help the environment, but help bring human beings and nature back into harmony.

courtesy of:  http://www.offgridquest.com/homes-dwellings/

San Diego County Home Prices Up 6.2%

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Home Prices Rise 6.2%

San Diego County median home price was up 6.2 percent in the last 12 months

Southern California home prices continued to outpace the national average, and many major cities, said the S&P/Case-Shiller Home Price Index released Tuesday.  Prices nationally, adjusted for seasonal variation, rose 5.2 percent in the 12 months ended in March, with the Pacific Northwest and West seeing the biggest gains.

San Diego County’s median home price increased 6.2 percent, lower than the 6.4 percent increase in February and 6.9 percent in January … Economists said home prices continue to rise because of improved labor markets and employment rates, low mortgage rates and limited home supply.
Mark Goldman, finance and real estate lecturer at San Diego State University, said a slower rate of appreciation is a good thing. He said price increases of 3.5 percent to 5 percent are more sustainable.  “If prices go up too quickly, then there is speculation in the market and that’s dangerous,” he said.

Financial Troubles? How to Handle Your Mortgage Payments

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None of us can appreciate — nor anticipate — the future. Although we always believe it will never happen to us, once in a while, calamity strikes, and then we have to address these very hard and difficult questions.

You own a house, with a sizable mortgage. Suddenly, you (or your spouse) lost their job, and you cannot make the monthly mortgage payments.

There are a number of options you should immediately consider. However, the very first thing you should do is to talk with your lender. Don’t just discuss your issues with a low-level employee. Try to go as high up the corporate ladder as you possibly can. And don’t be afraid to be honest. Legitimate mortgage lenders will try to work with you, since they don’t want to evict you and have to own and carry your house until they sell it.

Here are some of the options which are available to you.

1. Temporary indulgence.  Here, the lender, at your request, may grant you a short period of time — usually not more than three months — in order to cure any delinquency. However, this is merely temporary relief, and by the end of that short period of time, the borrower must be completely current.

2. Repayment plan.  Here, the borrower is given a fixed period of time — usually not to exceed one year — in which to bring the mortgage current by immediately making and continuing to make payments in excess of the monthly mortgage payment. It is important to get this repayment plan reduced to a written document, signed by both the lender and the borrower.

3. Special forbearance relief agreement.  Here, the regular monthly mortgage payments are suspended or reduced for a period of up to eighteen months from the due date of the first unpaid monthly installment. At the conclusion of this relief period, the regular payments must be resumed; additionally, a comprehensive plan must be agreed upon for the repayment of the amount that has been suspended.

In this case, the lender will make a determination that the default is curable, and based on the current financial and appraisal data, the lender must be satisfied there is a likelihood that the borrower will be able to comply with the repayment plan. Clearly, the burden will be on you to document and justify the plan, so as to satisfy the lender’s requirements.

If you are in the military, the Soldier’s and Sailor’s Relief Act provides various forms of relief, but you should check with your military or civilian lawyer to determine your eligibility under that Act.

4. A short sale.  Here, the lender will authorize you to sell the property for what it is really worth, and the lender will get all the proceeds. Let us look at this example. The house can probably be sold at $395,000, but the mortgage is $425,000. The lender may allow you to sell the property for $395,000, giving a real estate broker a commission. The lender gets all the remaining sales proceeds; you get nothing from the sale. However, under this “short sale” approach, you will be relieved of your mortgage. In some cases — depending on your financial situation — the lender may want you to pay a portion of the mortgage shortfall; this depends on the lender and is clearly negotiable.

5. Deed in lieu of foreclosure.  This is another remedy that may be available to you. Under this arrangement, you deed your property to the lender (or to whomever the lender designates) and this is in lieu of (instead of) foreclosure proceedings. This arrangement is an acceptable and customary procedure when, for example, the borrower is deceased and the estate is willing and able to transfer the property, or the borrower has filed Chapter 7 bankruptcy, and the trustee has abandoned interest in the property.

6. Foreclosure.  Here, the lender will sell your property at auction (or in some states at the Courthouse), and you will lose your home and your credit rating (whatever is left of it. Legitimate lenders do not want to foreclose. and they will reluctantly start the process if all else has failed.

7. Bankruptcy.  Your final option, of course — which should be used only as a last resort — is for you to file bankruptcy. When someone files for bankruptcy, there are many protections that automatically apply from the day the bankruptcy petition is filed with the Bankruptcy Court. The most important protection under the bankruptcy law is known as “the automatic stay.” If you are in bankruptcy, no legal action can be taken against your house unless the lender requests the Court for permission to “lift the stay.”

You cannot ignore your financial problems hoping you will win the lottery or find some other immediate source of funds. The level of your cooperation is the most significant aspect that will determine how willing the lender is to similarly cooperate [with you].

courtesy of:  http://realtytimes.com/consumeradvice/mortgageadvice1

Don’t Get Scammed by IRS Imposters!

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With Tax Day less than a month away, IRS imposter scams are in full force, robbing taxpayers of millions of their hard-earned dollars. Watch our video here and read on to learn how this scam works and how you can avoid getting taken by it.

How it Works:

You get a call from someone claiming to be an IRS employee. The caller claims you owe a specific amount in taxes, and may threaten to arrest you if you don’t pay immediately. The call seems legitimate because the caller ID looks like it’s from the IRS, and the caller may even know part of your Social Security number.

What You Should Know:

The IRS will NEVER call and demand immediate payment without first sending a notice through the mail. The IRS will never ask for credit or debit cards over the phone, and will never threaten you with arrest for nonpayment.

What You Should Do:
  • Don’t press 1 to speak to the operator – this puts you at risk for receiving more calls.
  • If a call like this makes you concerned that you may owe taxes, call the IRS directly at 800-829-1040.
  • Call AARP’s helpline for advice at 877-908-3360.
Learn more about this scam and tax identity theft here. And please share this important alert with your friends and family!

read more, watch vid —>  http://www.aarp.org/money/scams-fraud/fraud-watch-network/

Bizarre Houses – Hang Nga Guesthouse

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The Hang Nga Guesthouse in Dalat, Vietnam

(Flickr/TomRavenscroft)

Also known as the “Crazy House,” this Gaudi-inspired attraction in Dalat, Vietnam features ladders, tunnels, and hollowed-out  rooms within its concrete-treehouse structure, according to the New York Times. Also an actual guesthouse, visitors can go on a guided tour of the building and may even get to chat with the “eccentric” owner/proprietor and chief architect, Ms. Dang Viet Nga.

courtesy of:  http://www.weather.com/home-garden/

Housing Industry Riding Coat Tails of Surging Job Market

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Where the job market goes, the housing industry follows. And with the economy continuing to hum, both sectors are surging further upward in the new year, according to economists from two companies who would know: realtor.com® and job search site indeed.com.

“The news is good. Employers are looking at 2016 as being quite strong,” said Tara Sinclair, the chief economist for indeed.com, during a joint press briefing in Washington, DC, with realtor.com® chief economist Jonathan Smoke.

Both laid out predictions for another year of steady home sales and job growth, particularly in the country’s largest urban centers. New York City, Atlanta, Chicago, and Los Angeles, as well as the high-tech hubs of the San Francisco Bay Area, Denver, Seattle, and Austin, all had strong employment gains—and, not at all coincidentally, some of the country’s busiest real estate markets.

It’s a simple equation: Hot job markets attract job seekers, and job seekers need a place to live … read more —>  http://www.realtor.com/news/trends

Unusual, Unique Houses From Around The World

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Nautilus House:

Nautilus House (2) 1Nautilus House (2) 2

Arquitectura Orgánica built this amazing house in 2006 for a young couple who wanted something different from the conventional homes.

courtesy of:  http://www.crookedbrains.net/

CNBC: Home Mortgage Lenders Easing up on Home Loans

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The new year may bring new opportunities for consumers hoping to get a home mortgage.  More lenders are reporting easing credit standards, according to Fannie Mae, and expect standards to ease rather than tighten in the near future.
This could help affordability in the housing market, which has been suffering under both tight credit and tight supply of homes for sale.
The share of lenders who expect to ease standards for government-backed loans rose to 16 percent, and the share expecting to tighten fell to 2 percent, according to a Fannie Mae survey. This is across all types of loan products.  A total of 213 senior executives completed the survey from Nov. 4 to 13, representing 194 lending institutions.
“These current practices and expectations toward easing among lenders compares to a historically relatively tight mortgage credit standard base,” said Doug Duncan, senior vice president and chief economist of Fannie Mae.  Duncan, however, points to several challenges to improvement in the housing market in 2016, affordability for first-time buyers topping the list. There are still very few starter homes on the market, and home price appreciation is lapping household income growth. “Lenders’ thoughtful easing of credit standards should help mitigate some of this affordability decline,” he said.
The potential for rising interest rates, which would narrow the field of customers for loans, may increase competition among lenders and force them to ease some of the extra safeguards they added after being sued by the government for billions of dollars over bad loans dating back to the last housing boom.
Government-sponsored enterprises Fannie Mae and Freddie Mac as well as the Federal Housing Administration have been clarifying lender liabilities for bad loans and have been pushing lenders to ease up as well.
Borrowers may also benefit from a new credit scoring model. Fannie Mae announced recently that it will start using so-called trended data in looking at mortgage applicants. This is a wider look at a borrower’s credit history, which could help boost some scores.  Using trended data, the percentage of consumers in the super-prime risk tier would increase from 12 percent of the population to 21 percent, according to a recent study by TransUnion. These consumers generally have the greatest access to new loans at the lowest pricing.
“We are a long way from returning to prerecession levels in terms of mortgage accounts, but changing consumer preferences for housing also may play a role in this slow recovery,” said Steve Chaouki, executive vice president and head of TransUnion’s financial services business unit. “If the economy continues to perform well, we believe the net number of mortgages will increase over the next year.”  Despite the potential easing in credit, about two-thirds of consumers surveyed by the National Association of Realtors think it would be very or somewhat difficult to get a mortgage today.
Another survey by Berkshire Hathaway HomeServices, a network of real estate brokerages, polled 2,500 homeowners and potential buyers and found 67 percent of potential homebuyers thought mortgage rates today were either “average” or “high.” Today’s rates are actually very close to record lows.
courtesy of:  Diana Olick, CNBC and
IVAN SOLIS, JR.  / Sr. Sales Executive, Title 365 / Ivan.Solis@Title365.com  / (619) 804-9000

8 Surprising Predictors of Housing Prices

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It’s no surprise that home buyers and owners like to know which way prices are heading. But when it comes to nailing the best deal in real estate, there are eight surprising indicators of change in home prices, according to realtor.com®. For instance, a study found that for every $1 decrease in gas prices, home prices increase by roughly $4,000 and the average time to sell a property decreases by 25 days. And it’s not just gas prices that are worth monitoring. Homes near a Trader Joe’s are worth 5 percent more than homes near a Whole Foods, according to RealtyTrac. Also, moving a residential housing unit one mile closer to a professional sports facility increases its value by $793. Other indicators include marijuana laws, casinos, temperature changes, trees on a street, and proximity to highways … read more —>  http://www.realtor.com/news/trends/

Fed Raises Key Interest Rate Slightly

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WASHINGTON (AP) — The Federal Reserve is raising interest rates from record lows set at the depths of the 2008 financial crisis, a shift that heralds modestly higher rates on some loans.

The Fed coupled its first rate hike in nine years with a signal that further increases will likely be made slowly as the economy strengthens further and inflation rises from undesirably low levels.

Wednesday’s action signaled the central bank’s belief that the economy has finally regained enough strength 6½ years after the Great Recession ended to withstand modestly higher borrowing rates.

“The Fed’s decision today reflects our confidence in the U.S. economy,” Chair Janet Yellen said at a news conference.

The Fed said in a statement after its latest meeting that it was lifting its key rate by a quarter-point to a range of 0.25 percent to 0.5 percent. Its move ends an extraordinary seven-year period of near-zero borrowing rates. But the Fed’s statement suggested that rates would remain historically low well into the future, saying it expects “only gradual increases.”… read more —>  Fed Raises Key Interest Rate

Filling An Empty HOA Board of Directors Position In CA

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QUESTION:  If a board member resigns one full year before the end of her term, is her empty seat automatically open for election or does the board appoint her replacement?

RESPONSE:  I know Clint Eastwood had trouble filling an empty chair three years ago but it’s fairly routine for boards of directors. The mechanism depends on two things: (i) how the vacancy was created and (ii) the language in your governing documents.

Recall. Vacancies caused by the membership’s removal of a director (a recall) cannot be filled by the board. It must be filled by the membership at a special election (Corp. Code §7224(a)). That should be done on the same ballot as the recall.

Death & Resignation. Vacancies created by death or resignation of a director are filled by approval of a majority of the remaining directors, unless the governing documents expressly provide otherwise. (Corp. Code §7224(a), Robert’s Rules, 11th ed., p. 467.) Most bylaws follow the Corporations Code and give the board the authority to fill the seat.

Failure to Appoint. If the board fails or refuses to fill an empty position, the membership can call for a special election. (Corp. Code §7224(b).) The process is initiated by filing a petition with the board for a special meeting to fill the seat.

RECOMMENDATION: Check your articles of incorporation and bylaws to see if they address the subject. If they are silent, then follow the Corporations Code as described above.

courtesy of:  http://www.davis-stirling.com/Newsletters/

Understanding Smart Home Technology

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The Internet of Things is quickly becoming a reality, and there’s no place where this is more obvious than in our homes. According to predictions from market researcher MarketsandMarkets, the global smart home market will grow to about $58.7 billion by 2020, fueling a 17 percent compound annual growth rate and creating a significant consumer market for smart homes. Buyers know the benefits that come with these systems, and they want them in their homes …

Smart Thermostats

Smart thermostats are one of the quickest and cheapest ways to upgrade a home. A smart thermostat like Nest learns from the homeowner’s habits and preferences and adjusts its settings accordingly. It can also pull the weather forecast from the Internet to set the optimal temperature and create monthly reports, all of which help the home be energy-efficient and save the homeowner money.

Homeowners who use a smart thermometer can save between 10 and 12 percent on heating and 15 percent on cooling bills, according to the company website. Show potential buyers an example of the monthly report that Nest generates to demonstrate how much money they can save with this smart device …

Smart Lighting

Being able to control your lights with your mobile device is a wonderful smart home feature. Philips Hue is probably the most popular example of this type of smart lighting. Homeowners can use a smartphone app to turn the lights on and off as well as change the colors and brightness of the lights. If you have a potential buyer with young children, you could light up one of the bedrooms with a bright pink light to make it feel fun and youthful. If you’re trying to show off a home theater experience in the living room, put LED light strips behind the TV and sync them to music or a video for an immersive experience. This is especially great for highlighting a movie or entertainment room …

Smart Appliances

While getting a new appliance is a good way to increase the value of a home, going one step further with smart appliances makes it a selling point. Whirlpool has developed washers, dryers and kitchen appliances that monitor energy costs and delay or start their cycles when it is most energy-efficient time. Users control these appliances with an app, which enables alerts and remote commands from anywhere there is a data connection …

courtesy of:  http://realtytimes.com/consumeradvice/

4 Reasons Why 2016 is a Good Time to Buy a Home

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With 2016 fast approaching, now is the time for renters to get off the sidelines, start organizing their finances and take on the excitement of homeownership.

But given the recent history of the housing market and Americans’ increasing need to stay mobile, it is understandable that it can be nerve-wracking to invest your hard-earned money in a home.

However, unlike years past, all key economic indicators are ripe and there are two major changes to the mortgage process that help make 2016 a good year to buy a home.

1. Rental rates continue to rise

With the on-going low supply and high demand of rental units, rental rates are continuing to rise. In the last 12 months, 88% of property managers have raised their rent prices. And there is no sign of that stopping given that 68% of property managers predict their rental rates will rise again in 2016.

2. Interest rates are historically low

Freddie Mac’s latest survey of lenders shows little change in the 30-year fixed-rate mortgages, which averaged at 3.89% for the month of September compared to 4.16% a year ago. Low interest rates make home buying more affordable.

3. Clear mortgage terms

The recent TRID announcement has mandated clearer terms at the closing table. For first-time homebuyers, this is a huge benefit because it will ensure there are no surprises at the closing table. These clear terms will help homebuyers better understand both their financial commitment and what is expected of them.

4. Down payment protection will be available

Writing a check for a down payment on a home is often one of the largest investments someone will make. Down payment protection is a new option that can give modern homebuyers the flexibility they need to more confidently and securely buy a home. When homebuyers put less than 20% down at closing, this kind of coverage protects their down payment just like private mortgage insurance protects the bank.

Given that the average employee tenure in the U.S. is 4.6 years overall, and 3 years for millennials, it’s understandable that the modern homebuyer may be nervous to commit to living in one location for an extended period of time.

However, the current state of the market and these major mortgage changes will help to ensure that when life happens, the homebuyer won’t be completely out of luck when it comes to protecting their nest egg.

courtesy of:  http://www.housingwire.com/

A Shortage of Residential Housing Lots Suitable for Building

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Home construction is on pace to hit a post-recession high this year, but a fundamental problem is preventing an even sharper ramp-up: a shortage of places to put the units.

Builders are increasingly complaining of a dearth [shortage] of developed lots, a crunch that’s becoming more prominent as housing starts pick up. They blame restrictive regulations, limited financing for lot development and buyers’ growing preference to live in or near cities, where there’s little unused land.

“It’s likely limiting the number of new homes for sale,” says David Crowe, chief economist of the National Association of Home Builders (NAHB). And, he adds, tighter supplies are “raising the price of a house.”

New home sales fell 11.5% in September, the Commerce Department said Monday, but they’re still up 18% for the year and builders’ sales expectations are at a 10-year high. NAHB expects 1.1 million housing starts this year, which is up from 1 million in 2014 and the most since the 2007 real estate crash, but still short of the 1.5 million historical average.

One reason starts aren’t accelerating faster is the shortage of developed lots. Typically, a developer installs infrastructure such as roads, water and sewer lines on a vacant parcel of land and sells the tract to a builder who then constructs a subdivision. Earlier this year, 57% of builders said they expect the cost and availability of developed lots to be among their most significant problems in 2015, up from the 46% who rated it a big issue in 2013.

Among the reasons:  read more —>  http://www.usatoday.com/

Condos Outpacing Single-Family Homes in Appreciation

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Condos are appreciating faster than single-family homes in markets across the U.S., especially where job markets are thriving or urban renewal is underway, according to the third quarter Zillow September Real Estate Market Report. Condos in the U.S. are appreciating at a rate of 5.1 percent, compared to the 3.7 percent appreciation among single-family homes.

Condo values crashed hard during the housing bust that kicked off the Great Recession. From the pre-recession peak to the lowest value, the median U.S. single-family home lost 20 percent of its value; from peak to bottom, the typical U.S. condo lost 33.2 percent of its value.

The housing market has since bounced back, and condos have finally caught up to other homes. In September, according to Zillow’s data, they are appreciating faster than single-family homes in nearly two-thirds of the top 35 most populated housing markets … read more —> http://zillow.mediaroom.com/

Does It Make Sense to Buy Energy-Efficient Appliances?

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4 Tips for Replacing Appliances With Energy-Efficient Models

Buying appliances that use less power can be a smart thing to do, but figuring out when to swap an existing model for what’s often a more expensive version can be tough. The payback for new, energy-saving appliances can vary greatly depending on the age of existing models and your usage habits, as well as the cost of electricity in your area.
The National Resources Defense Council suggests you consider a more efficient model for any appliance that’s more than 12 years old. Here are some shopping guidelines to help you do that:
Choose certified appliances. If you remember only one thing when you shop, make it this: Look for the government-backed Energy Star label. This blue and white logo indicates models that have been certified as using less energy.
Go beyond purchase price. Price shouldn’t be the only factor you consider. Find the EnergyGuide label — a yellow and black tag required on most appliances — and look for the estimated annual cost of operating the appliance. Use both figures to make your decision.
Buy only as big as you need. Bigger isn’t necessarily better. Extra-large appliances require more energy, and they run at reduced efficiency when they’re not operating at full capacity.
Look for energy-saving features. Some models or features can save you more money. For instance, a top freezer refrigerator will use 10 to 25 percent less energy than a side-by-side or bottom-mount model, and a natural gas-powered water heater will typically cost less to operate than an electric model.
New appliances are not only more efficient, but they’ve also been proven to perform the same as or better than older appliances, so you won’t have to sacrifice performance to gain energy savings.
courtesy of:  BrettMills@CFSonline.biz

Widespread Gains in Home Prices for August, 2015

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Data released by S&P Dow Jones Indices for the S&P/Case-Shiller Home Price Indices for August 2015 show that home prices continued their rise across the country over the last 12 months.

The S&P/Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, recorded a slightly higher year-over-year gain with a 4.7 percent annual increase in August 2015 versus a 4.6 percent increase in July 2015. The 10-City Composite increased 4.7 percent in the year to August compared to 4.5 percent in the prior month. The 20-City Composite’s year-over-year gain was 5.1 percent versus 4.9 percent in the year to July … read more —> https://www.spice-indices.com/

4 Reasons To Buy A Condo… And 4 Reasons Not To

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If you’re buying your first place, moving to a city where high density is the deal, or perhaps moving down and looking for more of a lock-and-leave lifestyle, a condo probably seems like a good bet. And, for many, it is. But is it really right for you?

Condo living is a commitment – to close quarters with your neighbors, to elevator rides to walk the dog if you’re in a high rise, to muddled voice and footsteps from above if you don’t have great insulation. Which might all be a worthy tradeoff for letting someone else handle the maintenance and being able to go from renter to owner. Want to see if condo living is for you? Read on.

4 Reasons TO Buy a Condo

1. It’s less expensive than a house

One of the main draws of condo living is the affordability. Of course, that’s relative to the area, the square footage of the unit, the desirability, and a number of other factors.

“Obviously, the cost of a condo versus a house depends on the size of the home, the property values of the neighborhood and the cost of living in the area,” said US News. “But typically, you’ll spend less on a condo, ‘especially in higher-cost markets where condos can be the only alternative to high-priced, single-family homes,'” says Amy Tierce, a regional vice president with Wintrust Mortgage in Needham, Massachusetts.”

2. Lower maintenance

If you don’t want to have to water the flowers or mow the lawn, condo living can offer a distinct advantage. You generally won’t have outdoor space to worry about unless you purchase a detached condo, and, in most cases, the Homeowner’s Association takes care of any exterior and common area maintenance, including any landscaping in the front of your place.

“For busy home owners, not having to actually deal with the upkeep and looks of their home can be a very good thing,” said Street Directory. “You have the benefits of home ownership, without all the responsibilities that go along with owning property.”

3. It’s all yours

Yes, some condos can feel apartment-like. But it’ll feel much more like a home once you’ve put your personal spin on it. Your landlord may not have let you paint or change out fixtures, but in your own place, you’re only limited by your imagination – and your budget.

4. For the amenities

You may be looking at luxury hotel-like condos that offer a fitness center, doorman, or valet (or all of the above). Or perhaps you’d prefer a large pool, sundeck, and clubhouse. Amenities that are standard in many condos offer buyers the opportunity to enjoy a taste of the resort lifestyle—something they probably wouldn’t find in a single-family neighborhood.

4 Reasons NOT to Buy

1. Traditionally, condos appreciate more slowly than singe-family homes

Real estate buyers aren’t typically drawn to places that don’t offer a great value. But condos may not compare to single-family homes when it comes to building equity.

“Condominiums often appreciate in value much slower than single-family homes,” said Money Crashers. “This is because you don’t own any land, which is the biggest driver for appreciation. Instead, you only own the living space. There’s a big difference.”

2. Common walls

Have kids, dogs, a loud voice, or a late-night TV obsession? You may bug your neighbor to the point that it’s uncomfortable for you both to live there. Or, they may bug you! If you’re worried about common walls, do your research:

  • Listen up – Ask your Realtor to schedule a visit during the dinner hour or on a weekend so you can get a good feel for the noise and activity level
  • Ask around – The neighbors should be honest about the living conditions
  • Inquire within – If it’s a newer community, you may be able to find out from the builder if the insulation is upgraded to your standards

3. You want a yard

You might be able to find a pocket of grass and a mini patio, but if you’re looking for ample outdoor space, single-family is the way to go.

4. It might actually be more expensive

With a condo, you may have higher interest rates depending on your loan, plus monthly HOA fees that can be hundreds of dollars. And, US News warns to beware of condos that don’t have their finances in order.

“Some condos are underfunded and therefore have no money in reserves to pay for capital improvements such as concrete and wood repair, painting or roofing,” they said. That could create a situation where each of the owners is assessed to pay for the repairs.

courtesy of:  http://realtytimes.com/consumeradvice/

Easy Architectural Details You Can Add To Your Home

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Newer homes, especially those geared toward first-time buyers, are often devoid of the level of architectural detail you would find in older or more expensive homes. If you’re not a fan of the big, boring box look, you can easily add in some detail to up the charm factor. And, many of these projects can be done yourself with minimal skill and money.

“Nothing jump-starts design envy more than walking into a home with stunning architectural details like interesting ceilings, textured walls, charming stained glass and more,” said Apartment Therapy. “Don’t despair if you don’t have any built-in architectural details in your home; there are some ideas you can try that just might give your space a similar feel as those bursting with architectural character and charm.”

Arches …

Crown molding …

Ceiling Beams …

Panel moldings …

Tin ceilings …

read more, see pics —>  http://realtytimes.com/consumeradvice/