INFO THAT HITS US WHERE WE LIVE...Those of us who think we can participate in a housing market recovery sooner rather than later just got welcome support from some industry experts. As reported by Fortune on CNNMoney.com, "After four years of plunging home prices, the most attractive asset class in America is housing." Research firm Metrostudy, which tracks new-home inventories for 65% of the U.S. market, reports that the steep drop in construction over the last few years has reversed the supply glut, with starts now well below closings. The firm believes the low inventory should eventually lead to higher prices.
The Fortune posting also cited a new study from a major bank that found homeowners now pay only 9.8% of their income in after-tax mortgage, tax and insurance payments, down from 17.2% at the 2007 peak. This means it's now cheaper to pay a mortgage and the other major homeowner costs than it is to rent the same house in 28 out of 54 major markets.
Fortune further reports that where existing home inventories average close to seven months, a modest boost in demand will result in solid gains in home prices and new construction. This could happen quickly in markets now showing good job growth. Moody's Analytics forecasts prices going up three to four points faster than inflation over the next few years in virtually all such markets. They see home prices rising with rents, with apartments in short supply. Of course, the housing recovery still requires job creation and consumer confidence back to normal, but we finally seem headed in that direction.
Monday, April 11, 2011
Tuesday, March 8, 2011
Interest Rates Up Slightly On Stock News
Interest Rates for most Loan Products rose slightly today, as the Stock market bounced up from its lows of yesterday.
Still boucing around at 2-month lows, the 30-year Fixed moved up by about .125% to 4.75% (4.98% APR).
This is still well under the 5% Rate that was available 3 weeks ago.
Rate should bounce around in this area (4.625% - 5%) for the foreseeable future, as world events continue to play havoc with the markets.
Still boucing around at 2-month lows, the 30-year Fixed moved up by about .125% to 4.75% (4.98% APR).
This is still well under the 5% Rate that was available 3 weeks ago.
Rate should bounce around in this area (4.625% - 5%) for the foreseeable future, as world events continue to play havoc with the markets.
Tuesday, February 15, 2011
Six Do-It-Yourself Updates that can Increase Your Homes Value
Simple, affordable do-it-yourself projects such as cleaning and decluttering and just adding lighting can help increase a home’s resale value, according to HomeGain’s annual home improvement and staging survey.
HomeGain, an online real estate marketing resource, surveyed nearly 600 real estate professionals in creating a list of the top do-it-yourself home improvement projects that offer the biggest return for your buck.
Overall, the home improvement projects that boasted the highest price returns were updates to the kitchen and bathroom–an estimated $3,435 price increase for resale. Painting the outside of the home ($2,222 price increase) also offered one of the highest returns, according to HomeGain’s Home Sale Maximizer study.
Here are six do-it-yourself projects–all under $1,000–that made HomeGain’s list, as well as the estimated increase to the home’s price at resale for each project.
1. Cleaning and decluttering: Remove any personal items, unclutter countertops, organize closets and shelves, and make the home sparkling clean.
Cost: $290
Estimated return: $1,990
2. Light and bright: Clean all windows inside and out, replace old curtains, update lighting fixtures, and remove anything that blocks light from the windows.
Cost: $375 cost
Estimated return: $1,550
3. Staging: Rearrange furniture, bring in new accessories and furnishings to enhance rooms, including artwork and playing soft music in the background.
Cost: $550 cost
Estimated return: $2,194
4. Landscaping: Punch up the home’s curb appeal in the front and backyards by adding bark mulch, bushes and flowers, and ensuring current plants and grass are well-cared for and manicured.
Cost: $540
Estimated return: $1,932
5. Repair electrical or plumbing: Repair any leaks under the bathroom or kitchen sinks, remove any mildew stains, and ensure all plumbing is in good working condition. Update the home’s electrical with new wiring for modern appliances, fix any lights or outlets that don’t work, and replace old plug points with new safety fixtures.
Cost: $535
Estimated return: $1,505
6. Replace or shampoo dirty carpets: Steam-clean carpets, replace any worn carpets, and repair any floor creaks.
Cost: $647
Estimated return: $1,739
HomeGain, an online real estate marketing resource, surveyed nearly 600 real estate professionals in creating a list of the top do-it-yourself home improvement projects that offer the biggest return for your buck.
Overall, the home improvement projects that boasted the highest price returns were updates to the kitchen and bathroom–an estimated $3,435 price increase for resale. Painting the outside of the home ($2,222 price increase) also offered one of the highest returns, according to HomeGain’s Home Sale Maximizer study.
Here are six do-it-yourself projects–all under $1,000–that made HomeGain’s list, as well as the estimated increase to the home’s price at resale for each project.
1. Cleaning and decluttering: Remove any personal items, unclutter countertops, organize closets and shelves, and make the home sparkling clean.
Cost: $290
Estimated return: $1,990
2. Light and bright: Clean all windows inside and out, replace old curtains, update lighting fixtures, and remove anything that blocks light from the windows.
Cost: $375 cost
Estimated return: $1,550
3. Staging: Rearrange furniture, bring in new accessories and furnishings to enhance rooms, including artwork and playing soft music in the background.
Cost: $550 cost
Estimated return: $2,194
4. Landscaping: Punch up the home’s curb appeal in the front and backyards by adding bark mulch, bushes and flowers, and ensuring current plants and grass are well-cared for and manicured.
Cost: $540
Estimated return: $1,932
5. Repair electrical or plumbing: Repair any leaks under the bathroom or kitchen sinks, remove any mildew stains, and ensure all plumbing is in good working condition. Update the home’s electrical with new wiring for modern appliances, fix any lights or outlets that don’t work, and replace old plug points with new safety fixtures.
Cost: $535
Estimated return: $1,505
6. Replace or shampoo dirty carpets: Steam-clean carpets, replace any worn carpets, and repair any floor creaks.
Cost: $647
Estimated return: $1,739
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