9/23/08 News You Can Use

What style is your house?

There was a lot of discussion during the debate on the ADVOCAP house of what constitutes a Victorian architecture versus say a Bungalow. Do you know?

The Oshkosh Landmarks Commission has put together a wonderful resource for you to use to get an idea of the difference between a round column or a square. http://www.ci.oshkosh.wi.us/Landmarks_Commission/Architecture_Overview.htm They give you local examples for a variety of styles and periods in Oshkosh history.

Use this as a great opportunity to expand your knowledge, so the next time a city council member wants to know the difference between that bungalow the city build with square columns and the victorian ADVOCAP wanted to use square columns on, you can use your five minutes and answer him. Then direct him to the city council website.

6/10/08 News You Can Use

How to rent out your house
By Marilyn Lewis, MSN Real Estate

Ask yourself, among other things:

* Is it worth hanging onto this property?
* How will you feel about strangers moving into your beloved home?
* Can you, a novice with a day job, turn a dime on a real-estate rental while avoiding the Tenants from Hell?

The answer to these questions depends partly on the place itself. Ideally, it's in good repair, in a safe part of town and the mortgage is cheap or paid off. The more your place departs from this ideal, the more closely you should look at selling if you can. That's because, whatever your reason for holding and renting out a spare house -- and there are many -- it won't work if you don't treat it like a business.

Can you do it? Should you?

The biggest criterion for whether you should even attempt this may be whether your temperament is suited to being a landlord. "You first have to look yourself in the mirror and ask if you have the time and the skill set to do this properly," says Robert S. Griswold, who owns Griswold Real Estate Management in San Diego and writes the nationally syndicated "Rental Forum" column for InmanNews. Griswold also wrote "Property Management for Dummies."

In addition to your obligation to yourself to keep the business afloat, your landlord responsibilities include:

* Providing a safe, smoothly functioning home for your tenants. That means, for example, making sure plumbing, wiring and appliances function, outdoor areas and stairways are safe. It means quickly responding to a tenant's report of the inevitable malfunction or problem.
* Advertising the rental, selecting tenants and evicting them if you must -- all of which are governed by law.

5/15/08 News You Can Use

1 in 4 Homeowners Consider Spending Their Tax Rebate Checks on Home Improvement Projects

Resilient American homeowners intend to shake off concerns about the slumping real estate market and plant the money they receive as part of the federal economic stimulus package into what for many is their most important financial asset: their homes.

A national consumer opinion survey released today found that 24% of U.S. homeowners are “considering using” the money they will receive as part of the federal economic stimulus package to upgrade or improve their homes. In addition, roughly one in five respondents, or 19%, said they would “definitely use” their rebate money for a home improvement project. The survey was conducted in April by Johns Manville (JM), a building and specialty products manufacturer, and Opinion Research Corp., a market research firm.

Among respondents who said they are not considering using their rebate check for a home improvement, the most common intended uses were saving it (45%), paying down debt (40%), taking a vacation (14%), purchasing a luxury item (9%), or something else (5%).
RISMedia 5/1/08

5/2/08 News You Can Use

How to cultivate a 'green mortgage'
By Gayle B. Ronan

“What many people don’t realize is that homes account for about 21 percent of our greenhouse emissions,” says Steve Baden, executive director of Residential Energy Services Network, which maintains certification standards for home energy ratings.

This is why improving home energy efficiency matters. And given the rising cost of heating and cooling homes, it can also matter to household finances.

Brian Berg, vice president for corporate communications at ShoreBank in Chicago, says consumers can save up to 45 percent off their monthly utility bills with an investment of just a few thousand dollars.

"This is why when someone comes to us for a mortgage or home improvement loan, we talk to them about how adding a ‘green’ element to their request might make more financial sense over the long run," says Joel Freehling, ShoreBank’s manager of "triple bottom line innovation."
MSNBC

4/23/08 News You Can Use

Survey shows owning a home still within reach for most Americans
Birmingham Business Journal

In AOL Real Estate and Zogby International's latest survey, more than 6,500 Americans were asked about an array of real estate issues - from home ownership to housing costs, financial woes and house-hunting tactics.

Respondents said realizing the dream of owning a house comes at a hefty price. Forty-three percent said they spend more than 30 percent of their household budget on housing, which according to the U.S. Department of Housing and Urban Development indicates they are "cost burdened."

Staging the key to success?

The average home staging begins at $350 for a 2 1/2 hour consulting and a 30-55 page analysis. More intensive staging can lead to bills topping out at $5,000 for painting and furniture moving.

Staged homes are on the market an average of 33 days less than non-staged homes, according to Barbara Schwartz, found of the International Association of Home Staging Professionals. She now estimates that 20 percent of homes go through some staging changes before hitting the market.

A well staged home may cost a little on the front end, but it is much cheaper than a price reduction.

Real Trends 2/08

Want to help the Economy? Buy a home.

Who will you call upon during your home buying - how much money will they then spend?
• Buyer's Agent
• home inspector
• pest inspector
• mortgage lenders
• appraisers
• title companies
• insurance companies
• handyman to do fix-ups
• moving company

Then when you move in it is estimated you will spend more than $6500 on home-related items in the first year.

How's that for a stimulus plan?

2/22/08 News You Can Use

30-Year Rates Inch Above 6 Percent

Fueled primarily by inflation concerns, interest on long-term mortgage rates moved higher for the week. Freddie Mac reported a rise to 6.04 percent from 5.72 percent last week on 30-year fixed loans, which broke the 6-percent threshold for the first time in seven weeks.

Rates on 15-year loans, which are popular in refinance deals, bumped up to 5.64 percent from 5.25 percent; while five-year adjustable-rate mortgages settled at 5.37 percent, up from 5.19 percent.

One-year ARMs, however, resisted the downward trend and slipped to 4.98 percent from 5.03 percent in the week-to-week survey. Source: Baltimore Sun (02/22/08) © Copyright 2008

Fed Hints at More Rate Cuts

Minutes from the Federal Reserve meeting in January that were released Thursday suggest that more rate cuts could be in the offing.

The minutes show that at the Jan. 29-30 meeting, the most recent, Fed officials decided that keeping interest rates low “appeared appropriate for a time to counter the factors that were restraining economic growth."

But officials also seemed to be concluding that more cuts could be necessary. The minutes said: "Still, with no signs of stabilization in the housing sector and with financial conditions not yet stabilized, the … downside risks to growth would remain even after this action." Source: The Wall Street Journal, Greg Ip (02/02/08)

Top Officials See Bleaker Outlook for the Economy

"With the credit markets once again deteriorating, the nation’s two top economic policy makers acknowledged Thursday that the outlook for the economy had worsened, as both came under criticism for being overtaken by events and failing to act boldly enough."

The Next Slum By Christopher B. Leinberger

Arthur C. Nelson, director of the Metropolitan Institute at Virginia Tech, has looked carefully at trends in American demographics, construction, house prices, and consumer preferences. In 2006, using recent consumer research, housing supply data, and population growth rates, he modeled future demand for various types of housing. The results were bracing: Nelson forecasts a likely surplus of 22 million large-lot homes (houses built on a sixth of an acre or more) by 2025—that’s roughly 40 percent of the large-lot homes in existence today.
Pent-up demand for urban living is evident in housing prices. Twenty years ago, urban housing was a bargain in most central cities. Today, it carries an enormous price premium. Per square foot, urban residential neighborhood space goes for 40 percent to 200 percent more than traditional suburban space in areas as diverse as New York City; Portland, Oregon; Seattle; and Washington, D.C.
It’s crucial to note that these premiums have arisen not only in central cities, but also in suburban towns that have walkable urban centers offering a mix of residential and commercial development. For instance, luxury single-family homes in suburban Westchester County, just north of New York City, sell for $375 a square foot. A luxury condo in downtown White Plains, the county’s biggest suburban city, can cost you $750 a square foot. This same pattern can be seen in the suburbs of Detroit, or outside Seattle. People are being drawn to the convenience and culture of walkable urban neighborhoods across the country—even when those neighborhoods are small.