Archive for the 'Mortgages and Financing' category

From KCMBlog.com

Posted: 26 Apr 2012 04:00 AM PDT

If you are either buying or selling a home in today’s market, you need a real estate expert. However, we must realize what the term ‘expert’ actually means. An expert in any area cannot give perfect advice as no one can predict the future. But they can give excellent advice based on their insight into their field.

If you go to an attorney with a legal challenge, he/she will look over your case and give you your options. They realize they cannot guarantee the outcome of any of the options. Still, they give the best advice possible and allow you to decide the option with which you feel most comfortable. They then will put together a strategy which hopefully will bring about the most favorable conclusion.

If you go to a doctor with a serious ailment, he/she will give you your options and work with you to develop the best treatment program. They cannot guarantee any program’s success. They will, however, monitor your progress and adjust your treatments or medications. They will stand next to you until the best result is achieved.

Real estate is no different. A true real estate professional will understand your options and simply and effectively explain them to you and your family. Once you chose an option, they will strategize a plan to help you accomplish your goals. They will standby you as the process evolves and will help you make the necessary adjustments if necessary.

They cannot see the future any better than doctors or attorneys and thus their advice will never be perfect. However, just like those other professionals, an expert agent will give you excellent advice that will bring about the best possible outcome.

Article printed from The KCM Blog: http://www.kcmblog.com

URL to article: http://www.kcmblog.com/2012/04/09/what-it-means-to-be-an-expert-in-real-estate/

A simple measure of tightness in a market for owner-occupied housing is the homeowner vacancy rate (number of homes for sale divided by the number either for sale or owner-occupied). Builders are often interested in markets that are tight by this measure, because it indicates prospective buyers will have difficulty finding a suitable home among the available existing units.

Several federal government surveys provide homeowner vacancy rates, but the one with the greatest geographic detail by far is the Census Bureau’s American Community Survey (ACS). In a recent study, NAHB tabulated the most recent (2010) ACS this data for all metropolitan areas in the country.

Overall, the tightest markets tend to be relatively small: Corvallis, Ore. (with a homeowner vacancy rate of 0.23 percent ), Lebanon, Pa. (0.49 percent), Billings, Mont. (0.54 percent), San Angelo, Texas (0.61 percent), and Eau Claire, Wis. (also 0.61 percent).

The two tightest large markets in 2010—Nassau-Suffolk, N.Y. and Santa Ana-Anaheim-Irvine, Calif.—were also the two tightest large markets the last time NAHB looked at the ACS data in 2008.

The NAHB study provides a rundown of the top-10 metros according to nine key measures, including: owner-occupied housing units; homeownership rate; home owner vacancy rate; share of single-family detached homes; value of homes owned; home owner incomes; growth in stock of single-family detached homes; and share of homes built recently. It also has a spreadsheet that shows how more than 350 other metro areas stack up in each category.

Read the original article at the National Association of Home Builder blog, Eye on Housing.

You’ve just moved into your new home—or new to you, at least. But while the congratulations cards are still coming in, you begin to notice a few little flaws you never noticed earlier—like stains in the bathtub, or a dusty chandelier that may not have been cleaned since the day it was installed.

Never fear, say the home repair gurus at Real Simple magazine. Even novice homeowners can make simple repairs with the expertise of a professional. Here are easy fixes for six of common challenges that may face the novice homeowner:
• Bathtub stains – Combine equal parts cream of tartar and baking soda with enough lemon juice to make a paste. Rub the mixture into the stain with your fingers or a soft cloth. Let sit for half an hour, then rinse with warm water.
• Tub decals – Spray the decals and surrounding area with WD-40, lifting the edges to get underneath if possible. Let sit, then gently scrape away the decals using the edge of a credit card. Degrease the tub with liquid dishwashing soap.
• Dirty chandelier - Allow the fixture to cool. Wear a pair of white cotton gloves―one dry, one dampened with glass cleaner. (For crystal, use one part rubbing alcohol to three parts distilled water.) Wipe each prism first with the damp glove, then the dry one.
• Stuck sliding windows - A little silicone spray lubricant, sold at hardware stores, will grease the skids. Spray it onto a rag, then wipe along the tracks, whether they’re metal, wood, or plastic.
• Dried out cutting board - Revive by gently warming a bottle of pure mineral oil (available at drugstores) in a bowl of hot water, then wiping the oil onto the surface with a soft cloth. Wipe off the excess four to six hours later.
• Stuck-in light bulb - Press the center of a foot-long strip of duct tape onto the middle of the bulb. Fold each loose end in half so it sticks to itself. Gripping each end between your thumb and index finger, give a counterclockwise twist to loosen the bulb.

By Barbara Pronin, RISMedia Columnist

Question of the Day

Q:  Is a reverse mortgage good for elderly homeowners?

A:  A reverse mortgage is an increasingly popular option for older Americans to convert home equity into cash. Money can then be used to cover home repairs, everyday living expenses, and medical bills.

Instead of making monthly payments to a lender, the lender makes payments to the homeowner, who continues to own the home and hold title to it.

According to the National Reverse Mortgage Lenders Association, the money given by the lender is tax-free and does not affect Social Security or Medicare benefits, although it may affect the homeowners’ eligibility for certain kinds of government assistance, including Medicaid.

Homeowners must be at least 62 and own their own homes to get a reverse mortgage. No income or medical requirements are necessary to qualify, and they may be eligible even if they still owe money on a first or second mortgage. In fact, many seniors get reverse mortgages to pay off the original loan.

A reverse mortgage is repaid when the property is sold or the owner moves. Should the owner die before the property is sold, the estate repays the loan, plus any interest that has accrued.

Q: Should I always get a permit before making home improvements?

A: To save both time and money, some people avoid getting building permits. But most cities require them. Besides ensuring safety during construction – housing inspectors sometimes stop by to check on the progress of projects at key points – they are also a source of revenue.

Cities charge a fee when a building permit is issued. Also, work done with a building permit can result in an increase in the homeowners’ property taxes because, in general, a home improvement increases the assessed value of the property.

Permits are usually required when any structural work is planned or the basic living space of a home is altered. They generally cover new construction, repairs, alterations, demolition, and additions to a structure. Some jurisdictions require the permit to be posted in a visible spot on the premises while the work is being done.

Besides structural changes, permits also may be needed to cover the installation of foundations for tanks and equipment, as well as the construction or demolition of ducts, sprinkler systems, or standpipe systems.

By law, all buildings must have a building permit and a certificate of occupancy before they can be used.