Written by: Kenneth R. Harney / Realty Times
December 12, 2008
Here's some potentially good news for investors from the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac.
James Lockhart, who runs the agency, says there's been some "re-thinking" underway on the controversial limits on the numbers of rental properties investors can own if they're seeking new financing.
Both Fannie Mae and Freddie Mac have imposed a four-unit limit, reversing their previous investor maximum of ten units.
The rationale for the change, according to the agencies, was their belief that investors who own higher numbers of rental condos and houses pose a greater risk of default, foreclosure and loss for the companies.
The restriction effectively shut out many small investors from Fannie's and Freddie's standard programs -- and pushed them into much higher-cost financing from so-called "hard money" lenders.
In a letter to Charles McMillan, president of the National Association of Realtors, Lockhart said, "While no final decisions have been made, I can share with you the fact that the issue of raising the selling guide ceiling on investors loans is under active consideration at one of the (corporations), and reflects an appreciation of the role for investors in the housing recovery."
Realty Times obtained a copy of Lockhart's letter to McMillan, which was intended to respond to issues raised at the Realtors' annual convention in Orlando in November, where Lockhart spoke to two sessions. Lockhart did not disclose which company may soften its rule, but when one changes its standards, the other typically follows suit.
Lockhart addressed another issue of concern to investors and other buyers of condo units: The negative impacts of growing numbers of foreclosed units and bank-owned REO in condo projects.
Under current rules, Fannie and Freddie generally avoid loans in condominium developments where less than 51 percent of the units are owner-occupied. The problem is that both companies define REO and foreclosed units as non-owner-occupied, even though they are temporarily vacant and not owned by investors.
Lockhart said in his letter that "at least one" of the two corporations -- either Fannie or Freddie -- "is considering a clarification of the 51 percent (rule) that would exclude REO units from being counted as investor units … in the owner-occupancy ratio."
Lockhart offered no timetables for either of these key potential policy improvements, but investors may well see one or both changes within weeks.
At the very least, it's good news that the top executive regulating Fannie and Freddie recognizes the significant roles investors can play in helping the industry dig out of the current mortgage mess.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, December 15, 2008
Friday, December 12, 2008
30-Year Rates at it's Lowest in 4 Years
Just in case you haven't seen this press release!! We are seeing a lot of refis coming through driven by lower rates.
30-Year Rates at Lowest in 4 Years
Freddie Mac reports a decline in the 30-year fixed mortgage rate to 5.47 percent during the week ended Dec. 11 from 5.53 percent last week and 6.11 percent a year ago.
Some lenders are locking in even lower rates as they build on momentum started when the Federal Reserve announced plans last month to purchase a substantial number of mortgage-backed securities. HSH Associates and Inside Mortgage Finance are reporting interest on 30-year fixed loans at 5.33 percent and 5.09 percent, respectively.
Freddie Mac chief economist Frank Nothaft says mortgage rates also were driven downward by the recession and rising unemployment.
Source: The Washington Post, Dina ElBoghdady (12/12/08)
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
30-Year Rates at Lowest in 4 Years
Freddie Mac reports a decline in the 30-year fixed mortgage rate to 5.47 percent during the week ended Dec. 11 from 5.53 percent last week and 6.11 percent a year ago.
Some lenders are locking in even lower rates as they build on momentum started when the Federal Reserve announced plans last month to purchase a substantial number of mortgage-backed securities. HSH Associates and Inside Mortgage Finance are reporting interest on 30-year fixed loans at 5.33 percent and 5.09 percent, respectively.
Freddie Mac chief economist Frank Nothaft says mortgage rates also were driven downward by the recession and rising unemployment.
Source: The Washington Post, Dina ElBoghdady (12/12/08)
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Wednesday, December 10, 2008
Making the Holidays Merry and Bright
This article appeared in the North Lake Tahoe Bonanza on December 10, 2008
Written by: Jean Eick, Bonanza Community Editor
Holiday Events Aplenty in Incline/Crystal Bay:
As the holiday season approaches, many in Incline Village hope for something as basic as being able to find food, clothing or shelter for the holiday. The community has always had many traditional ways to share with others and this year is no exception.
“This is an extremely challenging year for the North Tahoe Hebrew Congregation’s Holiday Food and Clothing Project,” said Jeff Corpuel, project coordinator. “With the struggling economy, local families in need are hurting more than ever. Not only are individual families more distressed, but there are a greater number of families in need.What makes this year particularly precarious is that the needs of recipient families are greater yet community members who typically donate money to our event are more stressed financially and therefore have less to give. The end result is that our monetary donations are down from previous years while we face the task of providing food and winter clothing to more families than ever.”
The North Tahoe Hebrew Congregation is conducting its Holiday Food and Clothing Project between 9:30 a.m. and 12:30 p.m. Saturday, Dec. 20, at the North Tahoe Conference Center in Kings Beach. The goal of the project is to distribute food and winter clothing to local families in need and the project is funded by the NTHC, community members as well as local organizations and businesses.
Money is needed to help pay for the food that is purchased for this project. Please make checks payable to: “NTHC Holiday Food and Clothing Project” and mail to: Holiday Food and Clothing Project, North Tahoe Hebrew Congregation, P.O. Box 201, TahoeVista, CA 96148.
Volunteers also are needed to help at the North Tahoe Conference Center from noon to 2 p.m. Sunday, Dec. 14 and from 8 a.m. to 1 p.m. Saturday, Dec. 20.
Donations of warm winter clothing items (in good condition) such as coats, boots, hats and snowsuits are needed. Drop off winter clothing in the lobby of the North Tahoe Hebrew Congregation at 7000 Latone Avenue (off National Avenue) in Tahoe Vista. Call Corpuel with any questions at (775) 831-5513.
If you are in need of a food and clothing distribution or know of a family that is in need of a distribution, please call (530) 584-5855.
Coldwell Banker is in its 29th year of asking for unwrapped, new, good quality toys to be placed in the collection barrels for Toys for Tots around the Village by Dec. 18. This project will provide gifts to local children who otherwise might not receive one.
To donate food, Raley’s sponsors a Food for Families Holiday Bag Program that continues through Wednesday, Dec. 24. To participate, stop at Raley’s and purchase one of the bags available for $10.
The Lions Club sponsors See’s Candy Sale until December 24. From 10 a.m. to 5 p.m. at the Ace Hardware you can purchase boxes of chocolate and specialty items. Proceeds from the purchases are used for local eye exams and glasses, the Lion’s Eye Foundation, Hearing Foundation, Boys and Girls Club, Camp DatSo-La-Lee, Tahoe Women’s Services, Kids and Horses, high school scholarships and many other programs in the Incline community.
The Incline Village General Improvement District Senior Programs and the Social Service Team of the Parasol Tahoe Community Collaboration sponsor the Holiday Giving Program for seniors to reach seniors who are homebound, living alone or in any type of need. Referrals for recipients can be made by calling (775) 832-1310 and the deadline to apply is Dec. 10. To contribute to this program visit the Incline Village Recreation Center by Monday, Dec. 15 and select an angel from the tree. If you want to donate a check instead of selecting an angel, make a check payable to Parasol Tahoe Community Foundation - Seniors and mail to The Donald W. Reynolds Community Non-Profit Center, 948 Incline Way, Incline Village, NV 89451.
Adopt-a-Family program helps local low-income families not only during the holidays but throughout the year. This program is sponsored by The Children’s Cabinet and the Lake Tahoe School. To participate, stop at the Lake Tahoe School by Wednesday, Dec. 17 and select an ornament off the tree in the foyer, then purchase the item on the wish list and return the item, unwrapped to the Lake Tahoe School.
Stop at the Raley’s parking lot to purchase a Christmas Tree or wreath from the Incline-Tahoe Rotary Club.
“Sales this past weekend picked up,” said Alan Castator who is in charge of the project for the club. “Sales from this organization are used to support many different charities in the Incline community. “The Power Hour” at the Boys and Girls Club in Kings Beach is one of the programs we support,” Castator said. This program has more than 50 children enrolled in the after-school program.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Written by: Jean Eick, Bonanza Community Editor
Holiday Events Aplenty in Incline/Crystal Bay:
As the holiday season approaches, many in Incline Village hope for something as basic as being able to find food, clothing or shelter for the holiday. The community has always had many traditional ways to share with others and this year is no exception.
“This is an extremely challenging year for the North Tahoe Hebrew Congregation’s Holiday Food and Clothing Project,” said Jeff Corpuel, project coordinator. “With the struggling economy, local families in need are hurting more than ever. Not only are individual families more distressed, but there are a greater number of families in need.What makes this year particularly precarious is that the needs of recipient families are greater yet community members who typically donate money to our event are more stressed financially and therefore have less to give. The end result is that our monetary donations are down from previous years while we face the task of providing food and winter clothing to more families than ever.”
The North Tahoe Hebrew Congregation is conducting its Holiday Food and Clothing Project between 9:30 a.m. and 12:30 p.m. Saturday, Dec. 20, at the North Tahoe Conference Center in Kings Beach. The goal of the project is to distribute food and winter clothing to local families in need and the project is funded by the NTHC, community members as well as local organizations and businesses.
Money is needed to help pay for the food that is purchased for this project. Please make checks payable to: “NTHC Holiday Food and Clothing Project” and mail to: Holiday Food and Clothing Project, North Tahoe Hebrew Congregation, P.O. Box 201, TahoeVista, CA 96148.
Volunteers also are needed to help at the North Tahoe Conference Center from noon to 2 p.m. Sunday, Dec. 14 and from 8 a.m. to 1 p.m. Saturday, Dec. 20.
Donations of warm winter clothing items (in good condition) such as coats, boots, hats and snowsuits are needed. Drop off winter clothing in the lobby of the North Tahoe Hebrew Congregation at 7000 Latone Avenue (off National Avenue) in Tahoe Vista. Call Corpuel with any questions at (775) 831-5513.
If you are in need of a food and clothing distribution or know of a family that is in need of a distribution, please call (530) 584-5855.
Coldwell Banker is in its 29th year of asking for unwrapped, new, good quality toys to be placed in the collection barrels for Toys for Tots around the Village by Dec. 18. This project will provide gifts to local children who otherwise might not receive one.
To donate food, Raley’s sponsors a Food for Families Holiday Bag Program that continues through Wednesday, Dec. 24. To participate, stop at Raley’s and purchase one of the bags available for $10.
The Lions Club sponsors See’s Candy Sale until December 24. From 10 a.m. to 5 p.m. at the Ace Hardware you can purchase boxes of chocolate and specialty items. Proceeds from the purchases are used for local eye exams and glasses, the Lion’s Eye Foundation, Hearing Foundation, Boys and Girls Club, Camp DatSo-La-Lee, Tahoe Women’s Services, Kids and Horses, high school scholarships and many other programs in the Incline community.
The Incline Village General Improvement District Senior Programs and the Social Service Team of the Parasol Tahoe Community Collaboration sponsor the Holiday Giving Program for seniors to reach seniors who are homebound, living alone or in any type of need. Referrals for recipients can be made by calling (775) 832-1310 and the deadline to apply is Dec. 10. To contribute to this program visit the Incline Village Recreation Center by Monday, Dec. 15 and select an angel from the tree. If you want to donate a check instead of selecting an angel, make a check payable to Parasol Tahoe Community Foundation - Seniors and mail to The Donald W. Reynolds Community Non-Profit Center, 948 Incline Way, Incline Village, NV 89451.
Adopt-a-Family program helps local low-income families not only during the holidays but throughout the year. This program is sponsored by The Children’s Cabinet and the Lake Tahoe School. To participate, stop at the Lake Tahoe School by Wednesday, Dec. 17 and select an ornament off the tree in the foyer, then purchase the item on the wish list and return the item, unwrapped to the Lake Tahoe School.
Stop at the Raley’s parking lot to purchase a Christmas Tree or wreath from the Incline-Tahoe Rotary Club.
“Sales this past weekend picked up,” said Alan Castator who is in charge of the project for the club. “Sales from this organization are used to support many different charities in the Incline community. “The Power Hour” at the Boys and Girls Club in Kings Beach is one of the programs we support,” Castator said. This program has more than 50 children enrolled in the after-school program.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, December 8, 2008
Should I Take My Home Off the Market During the Holidays?
Written by: Blanche Evans / Realty Times
When you look at your calendar you may find the months already overloaded with seasonal obligations -- shopping, entertaining, children's pageants, charity work, decorating the house, and so much more. If you are also trying to sell your home, you are under extra pressure to keep your home in "showtime" condition. And that could be the last thing you need before the holiday spirit is broken.
It is understandable why you would be tempted to take your home off the market during the holidays. And the list of justifications is long. If you are too busy, buyers may be also, and you may find your efforts unrewarded with not enough showings. And what if you do get an offer? You may be faced with the possibility of packing and moving during the busiest time of the year. Besides, you can give your house a rest, and it will have better momentum after the holidays. Better to just pack it in and start fresh in January, right?
But wait! Most top Realtors agree that taking your home off the market during the Christmas season is a mistake. The house surely isn't going to sell off the market! What is the advantage of that? So you're busy. Let your Realtor do the work. You can leave in the morning, go to work, go shopping, and let your Realtor take care of things.
The holidays are a wonderful selling period. Why? Because most people take off work sometime during the season. The husband and wife are both off and want to see houses. Most agents like the holidays because the buyers have more time, and they can look at homes together.
Before you take your home off the market, consider the following points:
Although buyer activity may appear to slow down, the buyers who are actively looking during the holidays are that much more serious. Agents believe the home market is no more affected at Christmas than during other "busy" periods. If that were so, the market would shut down throughout the year as families concentrate on spring weddings, June graduations, summer vacations, and autumn back-to-school activities.
Many buyers deliberately choose to shop for a home after the busy spring and summer rush. They know that it will be easier to look, and that negotiations will be less stressful. They may not have children, or they may have grown children, so moving to accommodate the school year isn't a consideration. Finding the right home at the right price, however, is.
Relocating families often don't have a choice when they can leave for their new destination. Although 68% of transferring families have children, many families have to transfer during the middle of the school year. These families are that much more motivated to get their families settled in before either the January semester begins, or to arrange for the move during spring break in March. If you sign a contract by New Year's Eve, the timing couldn't be more perfect.
At Christmas time, our culture focuses on family and the home. Preparing for the indoor activities of winter is one of the most enjoyable periods of family life. Allowing buyers to view your home during this most hospitable of seasons lets them better picture their own family life in the attractive environment you have created.
When is your home ever more beautiful and inviting? You have cleaned and decorated, and your home looks like a picture postcard. If the results are good enough for family and friends, they will surely be good enough to impress your buyers. Get the family team on board to do a five-minute blitz pick-up every morning to keep holiday messes to a minimum.
With reduced inventories and motivated buyers, you will have all the members of the MLS on your team. You may find you have more showings than you would if you marketed your home during a busier time of the year.
If you do get a contract, you can arrange the terms to suit your needs. If moving during the holidays isn't an option, you can put in the closing date of your choice. Most people can close 30 to 60 days after a contract is written, so there is plenty of time. Possession and closings are very negotiable.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
When you look at your calendar you may find the months already overloaded with seasonal obligations -- shopping, entertaining, children's pageants, charity work, decorating the house, and so much more. If you are also trying to sell your home, you are under extra pressure to keep your home in "showtime" condition. And that could be the last thing you need before the holiday spirit is broken.
It is understandable why you would be tempted to take your home off the market during the holidays. And the list of justifications is long. If you are too busy, buyers may be also, and you may find your efforts unrewarded with not enough showings. And what if you do get an offer? You may be faced with the possibility of packing and moving during the busiest time of the year. Besides, you can give your house a rest, and it will have better momentum after the holidays. Better to just pack it in and start fresh in January, right?
But wait! Most top Realtors agree that taking your home off the market during the Christmas season is a mistake. The house surely isn't going to sell off the market! What is the advantage of that? So you're busy. Let your Realtor do the work. You can leave in the morning, go to work, go shopping, and let your Realtor take care of things.
The holidays are a wonderful selling period. Why? Because most people take off work sometime during the season. The husband and wife are both off and want to see houses. Most agents like the holidays because the buyers have more time, and they can look at homes together.
Before you take your home off the market, consider the following points:
Although buyer activity may appear to slow down, the buyers who are actively looking during the holidays are that much more serious. Agents believe the home market is no more affected at Christmas than during other "busy" periods. If that were so, the market would shut down throughout the year as families concentrate on spring weddings, June graduations, summer vacations, and autumn back-to-school activities.
Many buyers deliberately choose to shop for a home after the busy spring and summer rush. They know that it will be easier to look, and that negotiations will be less stressful. They may not have children, or they may have grown children, so moving to accommodate the school year isn't a consideration. Finding the right home at the right price, however, is.
Relocating families often don't have a choice when they can leave for their new destination. Although 68% of transferring families have children, many families have to transfer during the middle of the school year. These families are that much more motivated to get their families settled in before either the January semester begins, or to arrange for the move during spring break in March. If you sign a contract by New Year's Eve, the timing couldn't be more perfect.
At Christmas time, our culture focuses on family and the home. Preparing for the indoor activities of winter is one of the most enjoyable periods of family life. Allowing buyers to view your home during this most hospitable of seasons lets them better picture their own family life in the attractive environment you have created.
When is your home ever more beautiful and inviting? You have cleaned and decorated, and your home looks like a picture postcard. If the results are good enough for family and friends, they will surely be good enough to impress your buyers. Get the family team on board to do a five-minute blitz pick-up every morning to keep holiday messes to a minimum.
With reduced inventories and motivated buyers, you will have all the members of the MLS on your team. You may find you have more showings than you would if you marketed your home during a busier time of the year.
If you do get a contract, you can arrange the terms to suit your needs. If moving during the holidays isn't an option, you can put in the closing date of your choice. Most people can close 30 to 60 days after a contract is written, so there is plenty of time. Possession and closings are very negotiable.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Friday, December 5, 2008
Top Ways To Boost Curb Appeal
Whether selling or staying, first impression makes world of difference
By Paul Bianchina, Inman News
You've no doubt heard the term "curb appeal," which is the first impression that your home makes when a visitor arrives. Whether you have your home up for sale or just want things to look a little nicer when you or someone else pulls up out in front, the best place to start is by giving the front of your home a critical examination.
Driveway: A driveway, by necessity, tends to be a fairly dominant feature, and it is often one of the first things that a person sees when they arrive at your home. If you have a concrete driveway that is oil-stained, check with your local home center for cleaners that can spruce it up. While you're there, get a crack repair compound and take care of smaller cracks before they become larger. For asphalt driveways, a seal-coat can often make a big difference in appearance and help prolong the asphalt as well.
For concrete or asphalt that is badly damaged, it's time to be thinking about replacement. You can replace the driveway with the same material as before, or consider an updated look by using paving stones instead -- they hold up well in all types of weather, and can even be a very satisfying do-it-yourself project.
Walkways: When someone arrives, is there a clear and safe path to your front door? You may not mind walking across your front lawn, but guests and prospective buyers would definitely prefer a walkway. There are lots of options for creating a new front walkway or replacing an existing one, so check out your home center or some landscaping magazines for ideas.
Landscaping: Speaking of landscaping, do you actually have any? Is it well maintained? Few things look worse out front than an overgrown or neglected yard, and you can often remedy things with a little hard work and some minimal expense. Cut back or remove trees and bushes that have gotten out of control. Feed the lawn to get it to green up again, or consider removing all or part of it and replacing it with low-maintenance materials.
If you have planter beds, be sure they're weeded and have fresh bark in them. Plan your landscaping to create a visual appeal by not having all the same type of plant. Intersperse some plants that provide spots of color at different times of the year, and mix plants for different heights as well.
Shade Trees: Consider adding a couple of new shade trees in front. Trees are good for the environment in general; they help a home look more established and appealing; and they can help lower your summer cooling costs as well. Trees look best planted in odd numbers -- a grouping of three or five, for example -- and the folks at your local nursery can help you with proper spacing.
Exterior Paint: There is probably nothing that will help or hurt the outside of your home as much as how your paint job looks. A fresh coat of paint in up-to-date colors works wonders, while old, peeling paint in a color scheme that went out of style when Eisenhower was president can really ruin a first impression.
If the paint is in generally good condition and just has a few bad spots, spend a couple of hours with a paint scraper and a can of exterior primer to get things ready for touch up, then have your local paint store match you up a gallon of paint and touch up the primed areas so they blend in. You might also want to consider repainting the eaves or window trim in a fresh new color to liven things up a little.
A New Entrance: Your front door is one spot that every visitor has to pass though, and it can make a lasting impression. A fresh coat of paint or stain can sometimes do the trick, but if your door is badly beat up you should consider replacing it. Check with a local company that specializes in doors (not a home center) and see about having a new door matched to your existing frame. The door company will cut the door, mortise the hinges, and drill for the locks using your old door as a pattern, so you can slip the new door right into place without expensive frame alterations or extensive carpentry.
Whether you're getting a new door or working with your old one, make sure that there are no squeaks or groans when it opens, and that it fits well in the frame without binding. Check the operation of the door handle and deadbolt; check the condition of the weatherstripping; and don't forget the operation of any screen and storm doors.
Cleaning: Last but far from least, clean things up a little. Pick up any trash that's accumulated, including dead leaves, cigarette butts and other small debris. Wash the siding to remove dirt, dust and cobwebs, and wash the windows. Hose off the walkways periodically, and make sure that all exterior lighting is operational. Finally, clean off the front porch -- including porch furniture and knick-knacks -- so that that area is clean and inviting as well.
Seasons Greetings!
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
By Paul Bianchina, Inman News
You've no doubt heard the term "curb appeal," which is the first impression that your home makes when a visitor arrives. Whether you have your home up for sale or just want things to look a little nicer when you or someone else pulls up out in front, the best place to start is by giving the front of your home a critical examination.
Driveway: A driveway, by necessity, tends to be a fairly dominant feature, and it is often one of the first things that a person sees when they arrive at your home. If you have a concrete driveway that is oil-stained, check with your local home center for cleaners that can spruce it up. While you're there, get a crack repair compound and take care of smaller cracks before they become larger. For asphalt driveways, a seal-coat can often make a big difference in appearance and help prolong the asphalt as well.
For concrete or asphalt that is badly damaged, it's time to be thinking about replacement. You can replace the driveway with the same material as before, or consider an updated look by using paving stones instead -- they hold up well in all types of weather, and can even be a very satisfying do-it-yourself project.
Walkways: When someone arrives, is there a clear and safe path to your front door? You may not mind walking across your front lawn, but guests and prospective buyers would definitely prefer a walkway. There are lots of options for creating a new front walkway or replacing an existing one, so check out your home center or some landscaping magazines for ideas.
Landscaping: Speaking of landscaping, do you actually have any? Is it well maintained? Few things look worse out front than an overgrown or neglected yard, and you can often remedy things with a little hard work and some minimal expense. Cut back or remove trees and bushes that have gotten out of control. Feed the lawn to get it to green up again, or consider removing all or part of it and replacing it with low-maintenance materials.
If you have planter beds, be sure they're weeded and have fresh bark in them. Plan your landscaping to create a visual appeal by not having all the same type of plant. Intersperse some plants that provide spots of color at different times of the year, and mix plants for different heights as well.
Shade Trees: Consider adding a couple of new shade trees in front. Trees are good for the environment in general; they help a home look more established and appealing; and they can help lower your summer cooling costs as well. Trees look best planted in odd numbers -- a grouping of three or five, for example -- and the folks at your local nursery can help you with proper spacing.
Exterior Paint: There is probably nothing that will help or hurt the outside of your home as much as how your paint job looks. A fresh coat of paint in up-to-date colors works wonders, while old, peeling paint in a color scheme that went out of style when Eisenhower was president can really ruin a first impression.
If the paint is in generally good condition and just has a few bad spots, spend a couple of hours with a paint scraper and a can of exterior primer to get things ready for touch up, then have your local paint store match you up a gallon of paint and touch up the primed areas so they blend in. You might also want to consider repainting the eaves or window trim in a fresh new color to liven things up a little.
A New Entrance: Your front door is one spot that every visitor has to pass though, and it can make a lasting impression. A fresh coat of paint or stain can sometimes do the trick, but if your door is badly beat up you should consider replacing it. Check with a local company that specializes in doors (not a home center) and see about having a new door matched to your existing frame. The door company will cut the door, mortise the hinges, and drill for the locks using your old door as a pattern, so you can slip the new door right into place without expensive frame alterations or extensive carpentry.
Whether you're getting a new door or working with your old one, make sure that there are no squeaks or groans when it opens, and that it fits well in the frame without binding. Check the operation of the door handle and deadbolt; check the condition of the weatherstripping; and don't forget the operation of any screen and storm doors.
Cleaning: Last but far from least, clean things up a little. Pick up any trash that's accumulated, including dead leaves, cigarette butts and other small debris. Wash the siding to remove dirt, dust and cobwebs, and wash the windows. Hose off the walkways periodically, and make sure that all exterior lighting is operational. Finally, clean off the front porch -- including porch furniture and knick-knacks -- so that that area is clean and inviting as well.
Seasons Greetings!
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Wednesday, December 3, 2008
Real Estate Outlook: Sales Picking Up Tempo
Written by: Kenneth R. Harney / Realty Times
Here's a key question about the current market: Do you look at home prices to figure out where we are in the real estate recovery cycle, or do you focus on sales?
In an economy where an estimated 35 to 40 percent of all home transactions are foreclosures or short sales - distress situations in other words -- prices won't really guide you much beyond the conclusion that: We're still "correcting” the excesses of the boom years, still peeling back those wild and unsustainable hyperinflationary price run ups.
So it's no surprise that median prices are down, year to year, in a majority of large markets across the country.
Sales statistics, on the other hand, tell you how fast buyers are responding to those lower prices -- and greatly improved affordability.
Right now, in market after market, sales are picking up tempo -- especially in places where prices once spiraled out of control.
Third quarter sales of existing homes in the U.S. were up by 2.6 percent over second quarter 2008 levels, according to the National Association of Realtors' latest study.
That's not spectacular -- but let's face it: It's forward movement … and we're in a recession.
In the Western states, sales were up by 13.1 percent in the third quarter! In Florida, sales jumped by 5 percent from year earlier levels, while median selling prices were down by 20 percent.
In a majority of Florida's metropolitan markets, sales were up, year over year. For example, Orlando sales were 10 percent higher this October than the year before. Sales were up strongly as well in hard-hit Ft. Myers and much of the west coast of the state, and Fort Lauderdale, north of Miami.
Similar recent upturns in sales are occurring in many of the California markets where prices have plummeted during the past two years.
No question that a high proportion of these sales are distress situations.
But that's what the bottom of a real estate cycle looks like: Value-savvy buyers see the opportunities, move in and mop up the mess left over after the big party.
Happily, in this cycle, they're getting real help from the capital markets: Mortgage money is at historically-attractive low levels, and is readily available to anyone with a downpayment and reasonable credit.
Rates fell again last week to an average 6.16 percent for 30-year fixed loans, according to the Mortgage Bankers Association, and to 5.87 percent on average for 15 year loans.
If you can spot the opportunities -- and have the resources -- it's not a bad time to be a buyer.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Here's a key question about the current market: Do you look at home prices to figure out where we are in the real estate recovery cycle, or do you focus on sales?
In an economy where an estimated 35 to 40 percent of all home transactions are foreclosures or short sales - distress situations in other words -- prices won't really guide you much beyond the conclusion that: We're still "correcting” the excesses of the boom years, still peeling back those wild and unsustainable hyperinflationary price run ups.
So it's no surprise that median prices are down, year to year, in a majority of large markets across the country.
Sales statistics, on the other hand, tell you how fast buyers are responding to those lower prices -- and greatly improved affordability.
Right now, in market after market, sales are picking up tempo -- especially in places where prices once spiraled out of control.
Third quarter sales of existing homes in the U.S. were up by 2.6 percent over second quarter 2008 levels, according to the National Association of Realtors' latest study.
That's not spectacular -- but let's face it: It's forward movement … and we're in a recession.
In the Western states, sales were up by 13.1 percent in the third quarter! In Florida, sales jumped by 5 percent from year earlier levels, while median selling prices were down by 20 percent.
In a majority of Florida's metropolitan markets, sales were up, year over year. For example, Orlando sales were 10 percent higher this October than the year before. Sales were up strongly as well in hard-hit Ft. Myers and much of the west coast of the state, and Fort Lauderdale, north of Miami.
Similar recent upturns in sales are occurring in many of the California markets where prices have plummeted during the past two years.
No question that a high proportion of these sales are distress situations.
But that's what the bottom of a real estate cycle looks like: Value-savvy buyers see the opportunities, move in and mop up the mess left over after the big party.
Happily, in this cycle, they're getting real help from the capital markets: Mortgage money is at historically-attractive low levels, and is readily available to anyone with a downpayment and reasonable credit.
Rates fell again last week to an average 6.16 percent for 30-year fixed loans, according to the Mortgage Bankers Association, and to 5.87 percent on average for 15 year loans.
If you can spot the opportunities -- and have the resources -- it's not a bad time to be a buyer.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, December 1, 2008
November Round Up: Rates Falling
Written by: Realty Times Staff
In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage averaged 5.97 percent with an average 0.7 point for the week ending November 26, 2008, down from the previous week when it averaged 6.04 percent. Last year at this time, the 30-year FRM averaged 6.10 percent. The 30-year FRM has not been this low since October 9, 2008, when it was 5.94 percent.
The 15-year FRM this week averaged 5.74 percent with an average 0.7 point, up slightly from the previous week when it averaged 5.73 percent. A year ago at this time, the 15-year FRM averaged 5.73 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.86 percent, with an average 0.6 point, down slightly from the previous week when it averaged 5.87 percent. A year ago, the 5-year ARM averaged 5.86 percent.
One-year Treasury-indexed ARMs averaged 5.18 percent with an average 0.5 point, down from the previous week when it averaged 5.29 percent. At this time last year, the 1-year ARM averaged 5.43 percent.
"Interest rates for 30-year fixed-rate mortgages fell for the fourth consecutive week as signs the overall economy is flagging lowered most interest rates market-wide," said Frank Nothaft, Freddie Mac vice president and chief economist. "And economic growth in the third quarter was revised downward this week, led by the first decline in consumer spending since the fourth quarter of 1991 and the largest drop since the second quarter of 1980.
"However, declining house prices and low mortgage rates have raised housing affordability in September to the highest level since February of this year, according to the National Association of Realtors®."
Buyers With Great Credit Scores in Driver's Seat:
Potential home buyers with great credit scores, enough cash for a 20 percent down payment, and some determination can get a very good deal right now.
"There are a lot of hungry mortgage originators, so great credit-quality borrowers are in the driver's seat," says Keith T. Gumbinger, vice-president of HSH, a mortgage market analyst.
Borrowers need a credit score of at least 750 to get the best deals. Keeping credit-card balances below 35 percent of their credit line is very important, but 20 percent is the maximum allowed for a top score.
Buyers in a strong-enough position can ask sellers to agree to a contingency clause that gives them an out if they can't get the best interest rate on a mortgage.
Tax Credits Give Solar Power a Boost:
A series of tax credits for wind, solar, geothermal, tidal energy and others was among the tenets of the October congressional financial rescue legislation.
The law increased the investment credit for solar from $2,000 to $7,500 for a buyer who spends $25,000 to install solar panels on his roof.
In states like California, Connecticut, and New Jersey, where the cost of power is considerable, the pretax compound rate of return on a typical home solar system will be greater than 15 percent per year, says Andy Black, CEO of OnGrid Solar, an industry research firm.
Home builders, including some of the biggest, such as Centex, Lennar, Pulte Homes, and Woodside Homes, are seeing advantages to including solar. All are developing successful communities where all of the homes have solar panels capable of making most if not all power.
More First-Time Buyers Entering the Market:
The 2008 National Association of REALTORS® Profile of Home Buyers and Sellers reveals that the number of first-time buyers have risen as a percentage of the market share and they plan to own their homes longer than buyers in the past.
Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it's a trend he expects to grow.
"First-time buyers are much more flexible in entering the market because they aren't concerned about selling an existing home," he said. "Given low home prices, plentiful supply, and affordable interest rates, it's been an optimal time for entry-level buyers with a long-term view.
"Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves – that, in turn, should free more existing owners to make a trade in 2009."
The number of first-time buyers rose to 41 percent from 39 percent of transactions in last year's survey and 36 percent in 2006. "Although modest, this is a meaningful gain for the 12-month period ending at the close of June, and more recent independent data show a stronger uptrend in first-time buyers who are helping to reduce excess inventory," Yun said.
According to the NAR study, the median age of first-time buyers was 30, down from 31 in 2007, and the median income was $60,600. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years, up from seven years in 2007.
The median down payment by first-time buyers was 4 percent, up from 2 percent in 2007; the number purchasing with no money down fell from 45 percent in 2007 to 34 percent in the current survey.
"The study covers transactions through the middle of 2008, so we can assume the down payment numbers have shifted recently because credit tightened and no-down payment loans all but disappeared around the close of the survey," Yun explained.
Of first-time buyers who made a down payment, 69 percent used savings and 26 percent received a gift from a friend or relative, typically from their parents. Another 7 percent received a loan from a relative or friend, while 16 percent tapped into a 401(k) fund, stocks or bonds. Ninety-two percent chose a fixed-rate mortgage.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage averaged 5.97 percent with an average 0.7 point for the week ending November 26, 2008, down from the previous week when it averaged 6.04 percent. Last year at this time, the 30-year FRM averaged 6.10 percent. The 30-year FRM has not been this low since October 9, 2008, when it was 5.94 percent.
The 15-year FRM this week averaged 5.74 percent with an average 0.7 point, up slightly from the previous week when it averaged 5.73 percent. A year ago at this time, the 15-year FRM averaged 5.73 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.86 percent, with an average 0.6 point, down slightly from the previous week when it averaged 5.87 percent. A year ago, the 5-year ARM averaged 5.86 percent.
One-year Treasury-indexed ARMs averaged 5.18 percent with an average 0.5 point, down from the previous week when it averaged 5.29 percent. At this time last year, the 1-year ARM averaged 5.43 percent.
"Interest rates for 30-year fixed-rate mortgages fell for the fourth consecutive week as signs the overall economy is flagging lowered most interest rates market-wide," said Frank Nothaft, Freddie Mac vice president and chief economist. "And economic growth in the third quarter was revised downward this week, led by the first decline in consumer spending since the fourth quarter of 1991 and the largest drop since the second quarter of 1980.
"However, declining house prices and low mortgage rates have raised housing affordability in September to the highest level since February of this year, according to the National Association of Realtors®."
Buyers With Great Credit Scores in Driver's Seat:
Potential home buyers with great credit scores, enough cash for a 20 percent down payment, and some determination can get a very good deal right now.
"There are a lot of hungry mortgage originators, so great credit-quality borrowers are in the driver's seat," says Keith T. Gumbinger, vice-president of HSH, a mortgage market analyst.
Borrowers need a credit score of at least 750 to get the best deals. Keeping credit-card balances below 35 percent of their credit line is very important, but 20 percent is the maximum allowed for a top score.
Buyers in a strong-enough position can ask sellers to agree to a contingency clause that gives them an out if they can't get the best interest rate on a mortgage.
Tax Credits Give Solar Power a Boost:
A series of tax credits for wind, solar, geothermal, tidal energy and others was among the tenets of the October congressional financial rescue legislation.
The law increased the investment credit for solar from $2,000 to $7,500 for a buyer who spends $25,000 to install solar panels on his roof.
In states like California, Connecticut, and New Jersey, where the cost of power is considerable, the pretax compound rate of return on a typical home solar system will be greater than 15 percent per year, says Andy Black, CEO of OnGrid Solar, an industry research firm.
Home builders, including some of the biggest, such as Centex, Lennar, Pulte Homes, and Woodside Homes, are seeing advantages to including solar. All are developing successful communities where all of the homes have solar panels capable of making most if not all power.
More First-Time Buyers Entering the Market:
The 2008 National Association of REALTORS® Profile of Home Buyers and Sellers reveals that the number of first-time buyers have risen as a percentage of the market share and they plan to own their homes longer than buyers in the past.
Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it's a trend he expects to grow.
"First-time buyers are much more flexible in entering the market because they aren't concerned about selling an existing home," he said. "Given low home prices, plentiful supply, and affordable interest rates, it's been an optimal time for entry-level buyers with a long-term view.
"Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves – that, in turn, should free more existing owners to make a trade in 2009."
The number of first-time buyers rose to 41 percent from 39 percent of transactions in last year's survey and 36 percent in 2006. "Although modest, this is a meaningful gain for the 12-month period ending at the close of June, and more recent independent data show a stronger uptrend in first-time buyers who are helping to reduce excess inventory," Yun said.
According to the NAR study, the median age of first-time buyers was 30, down from 31 in 2007, and the median income was $60,600. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years, up from seven years in 2007.
The median down payment by first-time buyers was 4 percent, up from 2 percent in 2007; the number purchasing with no money down fell from 45 percent in 2007 to 34 percent in the current survey.
"The study covers transactions through the middle of 2008, so we can assume the down payment numbers have shifted recently because credit tightened and no-down payment loans all but disappeared around the close of the survey," Yun explained.
Of first-time buyers who made a down payment, 69 percent used savings and 26 percent received a gift from a friend or relative, typically from their parents. Another 7 percent received a loan from a relative or friend, while 16 percent tapped into a 401(k) fund, stocks or bonds. Ninety-two percent chose a fixed-rate mortgage.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
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