Experts aren’t saying the end of falling house prices is over; however, market activity is increasing in some areas and affordability continues to be the key critical factor for those wanting to buy a home.
“We are seeing the resale sales volume in a lot of markets is rebounding. In California, some of the volume is coming back pretty strongly but most of that is attributable to distressed sales,” says Wayne Yamano Senior Manager at John Burns Real Estate Consulting.
The Los Angeles Times recently reported that some markets such as Phoenix have increased activity resulting in bidding wars over foreclosures and short sales. Some are even calling it a quasi-boom there. But is this a real sign of improvement? Is a national housing recovery going to look like what some say is happening in Phoenix? “There are a lot of things that we look at and we certainly wouldn’t call it a turn-around until we see some kind of stability in price and we’re not seeing that yet,” says Yamano.
Reports indicate that more homes are selling in Phoenix than at any time since 2006 and prices are appearing to be on the path to stabilizing. But the foreclosed and distressed properties are being sold at big discounts, which, say agents, in that market is bringing out buyers.
But for much of the nation, home prices are still declining; however, it’s signs like these that breathe life and hope into the national real estate market.
“The silver lining is that the pace of decline in a lot the measures that we have been looking at like job growth, which has turned negative, and price declines… are not falling as quickly as they used to, so certainly that’s promising,” says Yamano.
The key factor these days is how affordable houses are becoming in many areas. “Affordability is the big story right now. And affordability all across the country is a lot better than it has been in any time in the last few years for sure. In markets like Phoenix, it’s the best time ever,” says Yamano.
“The way we’re looking at that is we compare housing costs to income. All across history, we’re finding that that ratio is the most favorable now. In markets like Phoenix, it actually is cheaper to buy a home (if you consider the tax benefits of buying a home) than it is to rent the median apartment out there,” he says.
It’s not exactly comparing apples to apples because you may not rent the same size home that you would buy but the point here is that the gap between buying a home and renting has significantly decreased. “During the boom when prices were high that gap was pretty large,” says Yamano. But now, says Yamano, “In a lot of markets, we’ve crossed that threshold, so it’s cheaper to own a home than to rent.” “Our sources at RealtyTrac tell us that 70 percent of REOs at the end of last year weren’t listed for sale, so that doesn’t show up in the supply numbers. So, that’s definitely going to put some downward pressure on price,” says Yamano.
Of course, this opportunity is even more intriguing because of the still-low interest rates for home loans. Yamano says timing the market is very difficult. “If you’re making a decision for your family, maybe you need a larger house because you have a baby on the way—you shouldn’t really try to time the market—you should buy a house for what it is—for shelter rather than an investment.” If you’re waiting for further decline you could find that house prices drop but interest rates rise. “The interest rates are at very historically low levels and we don’t think that they’ll stay there for very long. We actually even saw a pretty [significant] jump over the last couple of weeks. Maybe prices will come down a little bit, but if you see interest rates go up as well then it’s kind of wash—your home payment ends up being the same,” says Yamano.
Written by: Phoebe Chongchua / Realty Times on June 12, 2009
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, June 15, 2009
Friday, June 12, 2009
Markets Have Hit Rock Bottom?
Markets May Have Hit Bottom
Three bits of news came across my desk this week that may be pointing out that we may have it the bottom on the slumbering real estate market.
Sales of new single-family homes jumped 16.2 percent in April -- the largest increase in 14 years (Commerce Department)
This obviously reflects what's happening; we're in a buyers market. I hear the concern for buyers wondering if the prices of houses are going to fall further. They might -- and they might not. Nevertheless, buyers are taking advantage of several aspects of the market that make it favorable to purchase:
*Lower prices
*Low interest rates
*Seller contribution to closing (tens of thousands of dollars)
*Free upgrades, i.e., finished basements, decks, finer appointments, etc.
Some buyers continue to wait for prices to move upward to signal the sign of the end of depreciating real estate; they'll also wait and miss out on the add-ons that are being thrown in at the base pricing. Instead of getting the $15,000 in closing and a $25,000 mortgage, they'll pay a little more for the house with a security that the prices have stopped falling. Their confidence in a recovering market outstrips their desire for free upgrades and cash at the table.
Keep in mind that as the market starts to turn, so will the offers of seller subsidies.
A second bit of news is:
More than half of the nation's housing markets are appreciating or have at least stabilized (HousingPredictor.com).
The trending out there is showing that where a year ago more than two-thirds of the major metropolitan housing markets were faltering, now the trend is upward -- meaning that while some may still be in a negative range, it's less negative than before, i.e., moving from -5 percent to -1 percent -- could we soon be in positive territory? The trend is upward. Buyers take notice and get in now while you can. Once prices begin their move upward, if coupled with a continuing growing economy, the interest rates may start moving upward alongside the upwardly mobile house prices, meaning more money per month.
The forward-looking index for the commercial real estate market rose in the first quarter to the highest level on record. The index has risen for eight consecutive quarters (National Association of Realtors)
Why is commercial real estate important to the residential buyer? Commercial development signals job growth. With job growth comes more pressure on the number of houses available to those taking the jobs.
Meanwhile, the Office of Federal Housing Enterprise Oversight released the first quarter numbers for 2007. Average home prices nationally were 4.3 percent higher in the first quarter of 2007 than in the same period in 2006.
Not taking away the pain many homeowners felt during this latest downturn and many of the foreclosures that hit with sub-prime market -- there was no bubble burst. In fact, it WAS a soft landing as many had predicted.
Here's another concern fence-sitting buyers should take into account -- interest rates. They're heading upward again. Buoyed by strong economic gains and growing corporate profits, the stock market keeps heading upward. Thus, the bonds move upward as well (I'm simplifying it, of course.) and the interest rates for real estate mortgages follow suit.
In the last few months average mortgage rates have crept up to 6.35 percent from 6.03 in March, costing home shoppers buying power as the cost of money increases along with the average cost of the price of a house.
Thus if the prices continue their upward climb, let's say at a mere 4 percent over the coming months, the average priced home (nationally) at $220,500, according to the National Association of Realtors, would then be priced $8,820 more at $229,320. Thus, the average house requires a higher mortgage. With just the interest rate jump since March, that money will now cost even more with a higher interest rate coupled with a higher price.
Waiting, while making sense in the short-term, could come back to bite a buyer in the long haul.
Published in Realty Times Newsletter
Written by M. Anthony Carr
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Three bits of news came across my desk this week that may be pointing out that we may have it the bottom on the slumbering real estate market.
Sales of new single-family homes jumped 16.2 percent in April -- the largest increase in 14 years (Commerce Department)
This obviously reflects what's happening; we're in a buyers market. I hear the concern for buyers wondering if the prices of houses are going to fall further. They might -- and they might not. Nevertheless, buyers are taking advantage of several aspects of the market that make it favorable to purchase:
*Lower prices
*Low interest rates
*Seller contribution to closing (tens of thousands of dollars)
*Free upgrades, i.e., finished basements, decks, finer appointments, etc.
Some buyers continue to wait for prices to move upward to signal the sign of the end of depreciating real estate; they'll also wait and miss out on the add-ons that are being thrown in at the base pricing. Instead of getting the $15,000 in closing and a $25,000 mortgage, they'll pay a little more for the house with a security that the prices have stopped falling. Their confidence in a recovering market outstrips their desire for free upgrades and cash at the table.
Keep in mind that as the market starts to turn, so will the offers of seller subsidies.
A second bit of news is:
More than half of the nation's housing markets are appreciating or have at least stabilized (HousingPredictor.com).
The trending out there is showing that where a year ago more than two-thirds of the major metropolitan housing markets were faltering, now the trend is upward -- meaning that while some may still be in a negative range, it's less negative than before, i.e., moving from -5 percent to -1 percent -- could we soon be in positive territory? The trend is upward. Buyers take notice and get in now while you can. Once prices begin their move upward, if coupled with a continuing growing economy, the interest rates may start moving upward alongside the upwardly mobile house prices, meaning more money per month.
The forward-looking index for the commercial real estate market rose in the first quarter to the highest level on record. The index has risen for eight consecutive quarters (National Association of Realtors)
Why is commercial real estate important to the residential buyer? Commercial development signals job growth. With job growth comes more pressure on the number of houses available to those taking the jobs.
Meanwhile, the Office of Federal Housing Enterprise Oversight released the first quarter numbers for 2007. Average home prices nationally were 4.3 percent higher in the first quarter of 2007 than in the same period in 2006.
Not taking away the pain many homeowners felt during this latest downturn and many of the foreclosures that hit with sub-prime market -- there was no bubble burst. In fact, it WAS a soft landing as many had predicted.
Here's another concern fence-sitting buyers should take into account -- interest rates. They're heading upward again. Buoyed by strong economic gains and growing corporate profits, the stock market keeps heading upward. Thus, the bonds move upward as well (I'm simplifying it, of course.) and the interest rates for real estate mortgages follow suit.
In the last few months average mortgage rates have crept up to 6.35 percent from 6.03 in March, costing home shoppers buying power as the cost of money increases along with the average cost of the price of a house.
Thus if the prices continue their upward climb, let's say at a mere 4 percent over the coming months, the average priced home (nationally) at $220,500, according to the National Association of Realtors, would then be priced $8,820 more at $229,320. Thus, the average house requires a higher mortgage. With just the interest rate jump since March, that money will now cost even more with a higher interest rate coupled with a higher price.
Waiting, while making sense in the short-term, could come back to bite a buyer in the long haul.
Published in Realty Times Newsletter
Written by M. Anthony Carr
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Wednesday, June 10, 2009
May Round Up: Rates Tick Upward
In Freddie Mac's results of its Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.91 percent with an average 0.7 point for the week ending May 28, 2009, up from the previous week when it averaged 4.82 percent. Last year at this time, the 30-year FRM averaged 6.08 percent.
The 15-year FRM averaged 4.53 percent with an average 0.7 point, up from the previous week when it averaged 4.50 percent. A year ago at this time, the 15-year FRM averaged 5.66 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.82 percent, with an average 0.6 point, up from the previous week when it averaged 4.79 percent. A year ago, the 5-year ARM averaged 5.62 percent.
One-year Treasury-indexed ARMs averaged 4.69 percent with an average 0.6 point, down from the previous week when it averaged 4.82 percent. At this time last year, the 1-year ARM averaged 5.22 percent. The 1-year ARM has not been lower since the week ending September 29, 2005, when it averaged 4.68 percent.
"Fixed-rate mortgage rates followed long-term bond yields higher this week as financial markets try to discern the state of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist. "Consumer confidence rose again in May and represented the largest two-month rally since records began in 1967. According to the National Association for Business Economics, the consensus of a recent survey of 45 professional forecasters called for the recession to end in the second half of this year, but the recovery is to be more moderate than the previous survey.
"Housing continues to be a drag on the economy, however. Although single-family existing home sales rose 2.5 percent in April, inventories of homes for sale also rose to 9.6 months from 9.0 in March, according to the National Association of Realtors® (NAR). Moreover, the NAR noted that sales of distressed homes made up 45 percent of the purchases in April. Such types of sales mixed with a large supply of unsold homes keep depressing house prices. For example, a new research report from the Federal Housing Finance Agency found that sales of distressed homes accelerated the measured decline in California's home values by 5.3% from the peak in 2006 through the first quarter of 2009."
Fast Fixes Can Help Sell a Home
* It's not rocket science: Houses that look fresh and attractive sell faster than beat-up homes.
* Here are some cheap tricks from Money Magazine for boosting appeal:
* Buy a new mailbox, house numbers, doorbell, and knocker .
* Green the grass with nitrogen-rich fertilizer.
* Edge and mulch the flowerbeds.
* Replace the bathroom faucet.
* Install beadboard over dated bathroom tile.
* New paint.
* Replace switchplates and outlet covers.
* Install stone tile over existing Formica countertops.
Big Wins for Move-Up Buyers
Potential home buyers who aren’t eligible for the $8,000 first-time home buyer tax credit because they currently own a home actually have what could be an even bigger advantage - the opportunity to buy a new home that is bigger and better than they could have just a year or two before.
"Now may be an ideal time for any family looking to upgrade from their starter home to one more suited to their current or future needs," said Joe Robson, chairman of the National Association of Home Builders and a home builder from Tulsa, Okla. "Buyers are able to get more home for their money by taking advantage of current prices and interest rates, along with the bargaining power that comes from the large number of homes on the market."
Here are the top five reasons current home owners should consider upgrading to their dream home:
1. Interest rates are at historic lows, which means you can buy more house than you could a year ago - for the same monthly mortgage payment.
2. Prices have come down. Even if your current home is worth less than during the last housing market peak, your dream home is likely more affordable too.
3. There are plenty of homes on the market right now, both new construction and existing, giving you lots of choice - and negotiating power.
4. You can move in to your new home faster, as many builders either have completed homes in inventory or they can start work right away due to the production slowdown.
5. You may have outgrown your home, but it’s probably someone else’s ideal starter home. With the $8,000 tax credit expiring Nov. 30, now is the time to market your home to first-time buyers.
The current housing market offers unprecedented opportunities for first-time and move-up buyers alike.
Do You Marry the Credit Score?
Some think that the good credit will outweigh the bad credit. Or some hear that lenders average everyone's credit scores together. If Jane has an 800 credit score and John has a 400 credit, score, their combined score would be 800 + 400 = 1200 divided by two, giving a not-so-terrible-after-all score of 600. Okay, close to terrible but certainly nothing near 400.
Of course, that's not so. In either case. Good credit doesn't erase bad credit. In fact, bad credit will kill the deal altogether. And scores aren't averaged, they're examined independently and the 400 score would render the 800 score impotent.
If a spouse or joint borrower has bad credit, and the person with good credit can qualify on her own, then leave the person with bad credit off the mortgage and simply include him on the title.
Written by: Realty Times Staff
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
The 15-year FRM averaged 4.53 percent with an average 0.7 point, up from the previous week when it averaged 4.50 percent. A year ago at this time, the 15-year FRM averaged 5.66 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.82 percent, with an average 0.6 point, up from the previous week when it averaged 4.79 percent. A year ago, the 5-year ARM averaged 5.62 percent.
One-year Treasury-indexed ARMs averaged 4.69 percent with an average 0.6 point, down from the previous week when it averaged 4.82 percent. At this time last year, the 1-year ARM averaged 5.22 percent. The 1-year ARM has not been lower since the week ending September 29, 2005, when it averaged 4.68 percent.
"Fixed-rate mortgage rates followed long-term bond yields higher this week as financial markets try to discern the state of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist. "Consumer confidence rose again in May and represented the largest two-month rally since records began in 1967. According to the National Association for Business Economics, the consensus of a recent survey of 45 professional forecasters called for the recession to end in the second half of this year, but the recovery is to be more moderate than the previous survey.
"Housing continues to be a drag on the economy, however. Although single-family existing home sales rose 2.5 percent in April, inventories of homes for sale also rose to 9.6 months from 9.0 in March, according to the National Association of Realtors® (NAR). Moreover, the NAR noted that sales of distressed homes made up 45 percent of the purchases in April. Such types of sales mixed with a large supply of unsold homes keep depressing house prices. For example, a new research report from the Federal Housing Finance Agency found that sales of distressed homes accelerated the measured decline in California's home values by 5.3% from the peak in 2006 through the first quarter of 2009."
Fast Fixes Can Help Sell a Home
* It's not rocket science: Houses that look fresh and attractive sell faster than beat-up homes.
* Here are some cheap tricks from Money Magazine for boosting appeal:
* Buy a new mailbox, house numbers, doorbell, and knocker .
* Green the grass with nitrogen-rich fertilizer.
* Edge and mulch the flowerbeds.
* Replace the bathroom faucet.
* Install beadboard over dated bathroom tile.
* New paint.
* Replace switchplates and outlet covers.
* Install stone tile over existing Formica countertops.
Big Wins for Move-Up Buyers
Potential home buyers who aren’t eligible for the $8,000 first-time home buyer tax credit because they currently own a home actually have what could be an even bigger advantage - the opportunity to buy a new home that is bigger and better than they could have just a year or two before.
"Now may be an ideal time for any family looking to upgrade from their starter home to one more suited to their current or future needs," said Joe Robson, chairman of the National Association of Home Builders and a home builder from Tulsa, Okla. "Buyers are able to get more home for their money by taking advantage of current prices and interest rates, along with the bargaining power that comes from the large number of homes on the market."
Here are the top five reasons current home owners should consider upgrading to their dream home:
1. Interest rates are at historic lows, which means you can buy more house than you could a year ago - for the same monthly mortgage payment.
2. Prices have come down. Even if your current home is worth less than during the last housing market peak, your dream home is likely more affordable too.
3. There are plenty of homes on the market right now, both new construction and existing, giving you lots of choice - and negotiating power.
4. You can move in to your new home faster, as many builders either have completed homes in inventory or they can start work right away due to the production slowdown.
5. You may have outgrown your home, but it’s probably someone else’s ideal starter home. With the $8,000 tax credit expiring Nov. 30, now is the time to market your home to first-time buyers.
The current housing market offers unprecedented opportunities for first-time and move-up buyers alike.
Do You Marry the Credit Score?
Some think that the good credit will outweigh the bad credit. Or some hear that lenders average everyone's credit scores together. If Jane has an 800 credit score and John has a 400 credit, score, their combined score would be 800 + 400 = 1200 divided by two, giving a not-so-terrible-after-all score of 600. Okay, close to terrible but certainly nothing near 400.
Of course, that's not so. In either case. Good credit doesn't erase bad credit. In fact, bad credit will kill the deal altogether. And scores aren't averaged, they're examined independently and the 400 score would render the 800 score impotent.
If a spouse or joint borrower has bad credit, and the person with good credit can qualify on her own, then leave the person with bad credit off the mortgage and simply include him on the title.
Written by: Realty Times Staff
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, June 8, 2009
Kids Camps in Incline Village
While there is plenty to do with the whole family in Lake Tahoe this Spring and Summer including an array of outdoor activities such as water sports, river rafting, hiking, biking, tennis, golf or just plain old sightseeing just to name a few - There are also several “camps” that are just kids – no grown ups allowed! You will benefit from some time off and will be thrilled to know your kids are having the time of their life.
Summer Camp XTREME for kids 5-12 years is hosted by the Incline Village General Improvement District (IVGID). There are 7 weeks of camps that run from June 16 through August 15. Campers will enjoy weekly theme field trips that include the Shakespeare Festival, Environmental Science Day, the Planetarium, kayaking, the Nevada Museum of Art, miniature golf, beaches around Tahoe, Wild Waters (water park) and many more. Mixed in with these adventures are activities which include arts & crafts, games, sports and contests. Camp times are from 7:30 AM – 5:30 PM. Resident and nonresident rates apply. For more information on all IVGID camps call (775) 832-1310. Ask about other youth and teen programs too. www.inclinevillage-nv.gov/news_events/view/summer_camp_xtreme_for_kids_5_12_years
Camp Invention is for kids entering grades 1-6. The Camp runs July 13 - 17 from 9AM-4PM and includes lunch and snacks. Camp Invention encourages children to create exciting new games and transform ordinary household items into extraordinary inventions. Children participate daily in five activity oriented modules focused on science literacy, math, history and the arts. For registration and more info visit www.campinvention.org
Day & Week Camps for kids from 6-14 years. Hosted by Incline Village’s Lake Tahoe School, these camps begin July 13 and run through July 30. Depending on the age and interests of your child, they can choose either half-day or full-day camps. The indoor events they are offering this year include Drama, Spanish Immersion, Wet and Wild Watercolor, Computer Animation, Photography, Rock and Roll, Jazz Band and Rockets.
Four day outdoor adventures include Hiking, River Rafting, Biking, Kayaking, Sailing and Rock Climbing. www.laketahoeschool.org/downloads/summer09.pdf
Overnight Camps & Backpacking in Desolation Wilderness for ages 10 - 14. Limited to 8 campers, this trip is scheduled for July 27 - 30. Your kids will learn to thrive in the wilderness. Hike, swim, cook, backpack & ferry across Echo Lake are just a few of the
fun activities during this 3 day adventure! www.laketahoeschool.org/downloads/summer09.pdf
Kids Tennis Camps for kids 5-12 years. Incline Tennis Center is a beautiful facility surrounded by towering Pines. IVGID’s week long youth tennis programs are 4 hours per day and are taught by USPTA Certified Professionals. The kids walk to the nearby Rec Center pool for their 1/2 day break, so don’t forget to pack their swim suit and towel! Sessions begin June 22 and run through August 21. Resident and non-resident rates apply. Check out the fun at www.inclinerecreation.com/tennis/youth
Kids Tennis Camps for kids 3 - 12 years. For your children that are just now trying their hand at tennis, there are 3 week camps that meet twice a week, either Monday & Wednesday or Tuesday & Thursday. This is a great way for your kids to learn proper
tennis skills. Drop ins are welcome. www.inclinerecreation.com/tennis/youth
Camp Hyatt for kids 3-12 years. Camp Hyatt is an exciting year-round program offered to registered hotel guests only. It’s a fun way to discover the culture, history & environment of Lake Tahoe. Summer activities include: Nighttime Astronomy; Swimming; Exploring Lake Tahoe & Outdoor Summer Drive - In Movies. For questions or reservations contact Camp Hyatt 775-832-1234 (x6714) Concierge Desk (x51)
This article appeared in the May/June issue of the Coldwell Banker E-Newsletter
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Summer Camp XTREME for kids 5-12 years is hosted by the Incline Village General Improvement District (IVGID). There are 7 weeks of camps that run from June 16 through August 15. Campers will enjoy weekly theme field trips that include the Shakespeare Festival, Environmental Science Day, the Planetarium, kayaking, the Nevada Museum of Art, miniature golf, beaches around Tahoe, Wild Waters (water park) and many more. Mixed in with these adventures are activities which include arts & crafts, games, sports and contests. Camp times are from 7:30 AM – 5:30 PM. Resident and nonresident rates apply. For more information on all IVGID camps call (775) 832-1310. Ask about other youth and teen programs too. www.inclinevillage-nv.gov/news_events/view/summer_camp_xtreme_for_kids_5_12_years
Camp Invention is for kids entering grades 1-6. The Camp runs July 13 - 17 from 9AM-4PM and includes lunch and snacks. Camp Invention encourages children to create exciting new games and transform ordinary household items into extraordinary inventions. Children participate daily in five activity oriented modules focused on science literacy, math, history and the arts. For registration and more info visit www.campinvention.org
Day & Week Camps for kids from 6-14 years. Hosted by Incline Village’s Lake Tahoe School, these camps begin July 13 and run through July 30. Depending on the age and interests of your child, they can choose either half-day or full-day camps. The indoor events they are offering this year include Drama, Spanish Immersion, Wet and Wild Watercolor, Computer Animation, Photography, Rock and Roll, Jazz Band and Rockets.
Four day outdoor adventures include Hiking, River Rafting, Biking, Kayaking, Sailing and Rock Climbing. www.laketahoeschool.org/downloads/summer09.pdf
Overnight Camps & Backpacking in Desolation Wilderness for ages 10 - 14. Limited to 8 campers, this trip is scheduled for July 27 - 30. Your kids will learn to thrive in the wilderness. Hike, swim, cook, backpack & ferry across Echo Lake are just a few of the
fun activities during this 3 day adventure! www.laketahoeschool.org/downloads/summer09.pdf
Kids Tennis Camps for kids 5-12 years. Incline Tennis Center is a beautiful facility surrounded by towering Pines. IVGID’s week long youth tennis programs are 4 hours per day and are taught by USPTA Certified Professionals. The kids walk to the nearby Rec Center pool for their 1/2 day break, so don’t forget to pack their swim suit and towel! Sessions begin June 22 and run through August 21. Resident and non-resident rates apply. Check out the fun at www.inclinerecreation.com/tennis/youth
Kids Tennis Camps for kids 3 - 12 years. For your children that are just now trying their hand at tennis, there are 3 week camps that meet twice a week, either Monday & Wednesday or Tuesday & Thursday. This is a great way for your kids to learn proper
tennis skills. Drop ins are welcome. www.inclinerecreation.com/tennis/youth
Camp Hyatt for kids 3-12 years. Camp Hyatt is an exciting year-round program offered to registered hotel guests only. It’s a fun way to discover the culture, history & environment of Lake Tahoe. Summer activities include: Nighttime Astronomy; Swimming; Exploring Lake Tahoe & Outdoor Summer Drive - In Movies. For questions or reservations contact Camp Hyatt 775-832-1234 (x6714) Concierge Desk (x51)
This article appeared in the May/June issue of the Coldwell Banker E-Newsletter
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Friday, June 5, 2009
Going Green May Help Sell Your Home
It's becoming the buzz word in housing -- "green" homes are what many buyers are interested in these days. According to the National Association of Home Builders (NAHB), as much as 90 percent of home buyers think that energy efficiency is a very important factor when shopping for a home. These same buyers are also very interested in environment-friendly features including having housing close to parks, public transportation, and well-designed neighborhoods with sidewalks.
The National Association of Home Builders Remodelers (NAHBR) -- a council of NAHB -- says that most homeowners choose green remodeling projects to help conserve energy. NAHBR recommends the following top ways to increase energy efficiency.
Install appropriate insulation in area to be remodeled.
Install high-efficiency windows instead of those that minimally meet the energy code.
Seal all exterior penetrations in areas being remodeled.
Purchase only Energy Star®-rated appliances.
Install only low-flow water fixtures.
Upgrade to at least an Energy Star®-rated water heater, or better yet, a tankless water heater.
Purchase the highest efficiency HVAC system you can afford and make sure it is correctly sized for the area you want to condition.
But going green can seem like a huge challenge. There are so many products and things to consider. And if you're selling your home you may wonder if going green is going to give you more or less green in your bank account. NAHBR says that "72 percent of consumers report energy-efficient features in a home would influence their purchase decision." The council also adds that "61 percent of consumers would spend more than $5,000 upfront to save on utility costs." And, consider this, there are approximately 125 million single-family homes in the U.S. but most were built before energy-efficiency developments, which means if your home has newly renovated green remodeling, it can be a buyer's dream. Featuring your green renovations when you list your home for sale could give you that added value and unique market advantage.
How to get started. Deciding to make your home green doesn't have to be overwhelming nor do you have to make the entire house eco-friendly. Try things like installing energy-efficient lighting such as compact fluorescents. Also, change out any old appliances that are using up lots of energy.
Once you've done this, compare your utility bills so that you can show the reduction to your real estate agent. Your agent can then point out the energy-savings to potential buyers. With utility bills on the rise, any savings can be a major influence on buyers. If they see that similar homes cost more to operate than yours, you will at the very least grab their attention.
Get rid of energy-hog appliances. Sometimes homeowners don't want to replace an appliance because they are selling their home, but replacing an energy-hog appliance can be a cost-effective way to increase the value of your home. Energy Star-certified appliances use less energy and are more efficient to operate. Many of these appliances are 10 percent to 50 percent more efficient than standard models.
Don't forget to sell what you can't see. Insulation isn't something homeowners often think to promote, but, if your home is well insulated, it can be a big selling point.
Make it a healthy home. Going green isn't just about saving money; it's also about preserving the earth and our lives. Many people suffer from allergies, asthma, and chemical sensitivities. For instance, if you have placed pollen screens on your home, be sure to promote that feature. It will likely be considered an added bonus.
Published in Realty Times
The National Association of Home Builders Remodelers (NAHBR) -- a council of NAHB -- says that most homeowners choose green remodeling projects to help conserve energy. NAHBR recommends the following top ways to increase energy efficiency.
Install appropriate insulation in area to be remodeled.
Install high-efficiency windows instead of those that minimally meet the energy code.
Seal all exterior penetrations in areas being remodeled.
Purchase only Energy Star®-rated appliances.
Install only low-flow water fixtures.
Upgrade to at least an Energy Star®-rated water heater, or better yet, a tankless water heater.
Purchase the highest efficiency HVAC system you can afford and make sure it is correctly sized for the area you want to condition.
But going green can seem like a huge challenge. There are so many products and things to consider. And if you're selling your home you may wonder if going green is going to give you more or less green in your bank account. NAHBR says that "72 percent of consumers report energy-efficient features in a home would influence their purchase decision." The council also adds that "61 percent of consumers would spend more than $5,000 upfront to save on utility costs." And, consider this, there are approximately 125 million single-family homes in the U.S. but most were built before energy-efficiency developments, which means if your home has newly renovated green remodeling, it can be a buyer's dream. Featuring your green renovations when you list your home for sale could give you that added value and unique market advantage.
How to get started. Deciding to make your home green doesn't have to be overwhelming nor do you have to make the entire house eco-friendly. Try things like installing energy-efficient lighting such as compact fluorescents. Also, change out any old appliances that are using up lots of energy.
Once you've done this, compare your utility bills so that you can show the reduction to your real estate agent. Your agent can then point out the energy-savings to potential buyers. With utility bills on the rise, any savings can be a major influence on buyers. If they see that similar homes cost more to operate than yours, you will at the very least grab their attention.
Get rid of energy-hog appliances. Sometimes homeowners don't want to replace an appliance because they are selling their home, but replacing an energy-hog appliance can be a cost-effective way to increase the value of your home. Energy Star-certified appliances use less energy and are more efficient to operate. Many of these appliances are 10 percent to 50 percent more efficient than standard models.
Don't forget to sell what you can't see. Insulation isn't something homeowners often think to promote, but, if your home is well insulated, it can be a big selling point.
Make it a healthy home. Going green isn't just about saving money; it's also about preserving the earth and our lives. Many people suffer from allergies, asthma, and chemical sensitivities. For instance, if you have placed pollen screens on your home, be sure to promote that feature. It will likely be considered an added bonus.
Published in Realty Times
Written by Phoebe Chongchua
June 5, 2009
June 5, 2009
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Wednesday, June 3, 2009
The Waiting Game
A recent study by John Burns Real Estate shows that real estate is now as affordable as it's been in the past 38 years. The study tells us that median home prices, when viewed against median mortgage rates and incomes, are wildly affordable.
The peak of unaffordability was in 2006, when an average family in the US needed to spend 44% of their income to purchase an average single family home. These numbers are fine and dandy, but they're obviously a national average, which means certain areas are more affordable, and many more areas less affordable. What's most interesting to me in the study isn't the affordability index, it's the information that homeowners revealed by another survey mentioned in this Wall Street Journal story.
The American Institute of Certified Public Accountants released their own ironic study that reveals 79% of Americans have no intention of buying or selling a home anytime soon. No word from the detail oriented CPA's on what the definition of "anytime soon" may be. In their study, the brilliant, financially savvy American public made comments that forced the CPA's to come to this mind numbing conclusion " Two-thirds of those who plan to sell are waiting for home values to come back up before putting their homes on the market".
American public, lean in a little, because I'm only going to tell you this once. If you're waiting for values to come back up before selling your home, you had better be prepared to wait. And wait. When you're done waiting, go grab a water and take a bathroom break, and then wait some more. The thing about home values is that this Realtor just doesn't see them coming back to where they were for a long, long time. Values were so very high, so very artificially inflated in several markets in this country, that values will not return to those levels for several years to come.
By several I mean 5-8. By 5-8 I might mean a decade. It's the cold hard truth of the revised attitude our nation has towards housing. We're smack dab in the middle of a period where housing prices might rise a little one quarter, and fall a little the next. We're in a sideways market, and that's going to be the new reality of housing for several years to come. While that might not excite you, it's not entirely a bad thing either.
I've long been saying that a rebound in the housing market will mean a rebound in liquidity first, and a possible rebound in pricing later. The 40% that many national markets have lopped off in mere months, might very well take 5-8 years to rebuild. So homeowners who are waiting out the bad times, you really need to assess your situation. Really take a look at why you're wanting to sell in the first place. Are you selling to cash out and retire? If you are, you probably don't have 5-10 years to wait. Are you selling to move up to a larger, nicer home? If so, selling low and buying low is the same as selling high and buying high. Value a dollar at a dollar, and movement, whether it's up, down, or lateral, doesn't make a difference. Selling a home you think is worth $500k for $400k and buying a home that another seller thinks is worth $500k for $400k isn't any different than selling and buying for the perceived some day value. Are you selling to move to a tropical island because you love coconuts and automatic weapon yielding natives? Sell now, because even 80 cents on your US housing dollar will last you a long time in Honduras.
I think people are waiting for the wrong reasons. Then again, I think people generally buy and sell real estate when they do for the wrong reasons anyway. If you're a buyer, buy because you love what you're buying. Buy because the lifestyle you're looking to live can more easily be accomplished with the purchase than without. If you're selling, sell because you want to sell. Sell because you need to sell. Sell because your neighbor is driving you crazy. Sell because the house you've always had your eye on just hit the market. Sell to move up in the market. Sell to downsize. Sell to liquidate, but if you really want to sell, just sell already. If you're waiting to sell until markets rebound, please realize that doesn't mean to list in October. That means you'll be listing several years down the road, and the reason you were planning on selling in the first place might not exist at that magical time in the future. None of us are promised today, let alone tomorrow. Let alone 6 years from now when you can possibly sell your home for 15% more money.
If you're in no hurry to sell, do your neighbors a favor and take your home off the open market. If you're wanting to sell, be realistic in your asking price and aggressive in your hunt for a buyer. If you're a buyer, John Burns seems to be telling you that it's a pretty good time to buy. I'm telling you it's a good time to buy, and my reasons are not the same as Mr. Burns'. Buy because you want to. Buy because you can. Buy because you know the purchase will make you look like a real estate savant 15 years from now. Welcome to 2009 and the new rules of real estate. Sell low, hopefully buy lower.
This article was written by: David Curry and appeared in Realty Times on June 3, 2009
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
The peak of unaffordability was in 2006, when an average family in the US needed to spend 44% of their income to purchase an average single family home. These numbers are fine and dandy, but they're obviously a national average, which means certain areas are more affordable, and many more areas less affordable. What's most interesting to me in the study isn't the affordability index, it's the information that homeowners revealed by another survey mentioned in this Wall Street Journal story.
The American Institute of Certified Public Accountants released their own ironic study that reveals 79% of Americans have no intention of buying or selling a home anytime soon. No word from the detail oriented CPA's on what the definition of "anytime soon" may be. In their study, the brilliant, financially savvy American public made comments that forced the CPA's to come to this mind numbing conclusion " Two-thirds of those who plan to sell are waiting for home values to come back up before putting their homes on the market".
American public, lean in a little, because I'm only going to tell you this once. If you're waiting for values to come back up before selling your home, you had better be prepared to wait. And wait. When you're done waiting, go grab a water and take a bathroom break, and then wait some more. The thing about home values is that this Realtor just doesn't see them coming back to where they were for a long, long time. Values were so very high, so very artificially inflated in several markets in this country, that values will not return to those levels for several years to come.
By several I mean 5-8. By 5-8 I might mean a decade. It's the cold hard truth of the revised attitude our nation has towards housing. We're smack dab in the middle of a period where housing prices might rise a little one quarter, and fall a little the next. We're in a sideways market, and that's going to be the new reality of housing for several years to come. While that might not excite you, it's not entirely a bad thing either.
I've long been saying that a rebound in the housing market will mean a rebound in liquidity first, and a possible rebound in pricing later. The 40% that many national markets have lopped off in mere months, might very well take 5-8 years to rebuild. So homeowners who are waiting out the bad times, you really need to assess your situation. Really take a look at why you're wanting to sell in the first place. Are you selling to cash out and retire? If you are, you probably don't have 5-10 years to wait. Are you selling to move up to a larger, nicer home? If so, selling low and buying low is the same as selling high and buying high. Value a dollar at a dollar, and movement, whether it's up, down, or lateral, doesn't make a difference. Selling a home you think is worth $500k for $400k and buying a home that another seller thinks is worth $500k for $400k isn't any different than selling and buying for the perceived some day value. Are you selling to move to a tropical island because you love coconuts and automatic weapon yielding natives? Sell now, because even 80 cents on your US housing dollar will last you a long time in Honduras.
I think people are waiting for the wrong reasons. Then again, I think people generally buy and sell real estate when they do for the wrong reasons anyway. If you're a buyer, buy because you love what you're buying. Buy because the lifestyle you're looking to live can more easily be accomplished with the purchase than without. If you're selling, sell because you want to sell. Sell because you need to sell. Sell because your neighbor is driving you crazy. Sell because the house you've always had your eye on just hit the market. Sell to move up in the market. Sell to downsize. Sell to liquidate, but if you really want to sell, just sell already. If you're waiting to sell until markets rebound, please realize that doesn't mean to list in October. That means you'll be listing several years down the road, and the reason you were planning on selling in the first place might not exist at that magical time in the future. None of us are promised today, let alone tomorrow. Let alone 6 years from now when you can possibly sell your home for 15% more money.
If you're in no hurry to sell, do your neighbors a favor and take your home off the open market. If you're wanting to sell, be realistic in your asking price and aggressive in your hunt for a buyer. If you're a buyer, John Burns seems to be telling you that it's a pretty good time to buy. I'm telling you it's a good time to buy, and my reasons are not the same as Mr. Burns'. Buy because you want to. Buy because you can. Buy because you know the purchase will make you look like a real estate savant 15 years from now. Welcome to 2009 and the new rules of real estate. Sell low, hopefully buy lower.
This article was written by: David Curry and appeared in Realty Times on June 3, 2009
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, June 1, 2009
Real Estate Outlook: Recovery Underway
The pattern gets clearer week after week: We are looking at a slow-motion housing recovery that is itself feeding into a broader economic recovery that should have us out of recession later this year.
Now that's not to ignore the fact that there are markets in the country that still face very challenging economic dynamics - with no real turnaround in view yet on housing sales, prices and unemployment.
But the national numbers are telling us something important, and they increasingly look positive.
Take the last new home construction starts and permits reports. Your local paper or the network news may have said housing starts dropped again, but that was misleading.
The facts are that the Commerce Department found that apartment starts - new multifamily units - took a drop in April, but starts of new single family homes were up by 3 percent, and permits for future construction of detached single family homes jumped by nearly 4 percent.
That's the second straight month of increases . Home builders themselves are seeing a turnaround - more shoppers in their models and showrooms, more contracts, fewer cancellations.
The latest survey of builder confidence - released last week by Wells Fargo and the National Asociation of Home Builders - found sentiment up again for the second straight month. So this is for real.
Consumer confidence in the economic outlook also continues to get better and better. The latest University of Michigan consumer sentiment poll took a three point jump overall…and a 6 percent jump in terms of consumers' expectations for economic improvements ahead.
There are other, less widely publicized signs that we've digging out of the recession as well. For example, economists at Northwestern University say the fact that new weekly claims for unemployment insurance peaked last month - and have been dropping ever since - is a sign that the national economy is past the worst.
Treasury Secretary Timothy Geithner told a congressional panel about other, more technical indicators of growth ahead -- such as narrowing spreads on corporate and municipal bonds, smaller risk premiums on short-term inter-bank loans and decreased credit protection costs at the largest U.S. banks.
Finally, consumer interest rates continue to be about as stimulative for economic expansion as they possibly could: Mortgage rates dropped last week by a tenth of a percent -- 30-year fixed rate mortgages are at 4,7 percent with an average one point, and 15-year rates are at 4.4 percent.
Remember back to how you felt last September and October when the global financial system was falling apart? Now think about how you feel about the economy today.
It's a refreshing comparison.
Written by: Ken Harney / Realty Times
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Now that's not to ignore the fact that there are markets in the country that still face very challenging economic dynamics - with no real turnaround in view yet on housing sales, prices and unemployment.
But the national numbers are telling us something important, and they increasingly look positive.
Take the last new home construction starts and permits reports. Your local paper or the network news may have said housing starts dropped again, but that was misleading.
The facts are that the Commerce Department found that apartment starts - new multifamily units - took a drop in April, but starts of new single family homes were up by 3 percent, and permits for future construction of detached single family homes jumped by nearly 4 percent.
That's the second straight month of increases . Home builders themselves are seeing a turnaround - more shoppers in their models and showrooms, more contracts, fewer cancellations.
The latest survey of builder confidence - released last week by Wells Fargo and the National Asociation of Home Builders - found sentiment up again for the second straight month. So this is for real.
Consumer confidence in the economic outlook also continues to get better and better. The latest University of Michigan consumer sentiment poll took a three point jump overall…and a 6 percent jump in terms of consumers' expectations for economic improvements ahead.
There are other, less widely publicized signs that we've digging out of the recession as well. For example, economists at Northwestern University say the fact that new weekly claims for unemployment insurance peaked last month - and have been dropping ever since - is a sign that the national economy is past the worst.
Treasury Secretary Timothy Geithner told a congressional panel about other, more technical indicators of growth ahead -- such as narrowing spreads on corporate and municipal bonds, smaller risk premiums on short-term inter-bank loans and decreased credit protection costs at the largest U.S. banks.
Finally, consumer interest rates continue to be about as stimulative for economic expansion as they possibly could: Mortgage rates dropped last week by a tenth of a percent -- 30-year fixed rate mortgages are at 4,7 percent with an average one point, and 15-year rates are at 4.4 percent.
Remember back to how you felt last September and October when the global financial system was falling apart? Now think about how you feel about the economy today.
It's a refreshing comparison.
Written by: Ken Harney / Realty Times
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
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