Archive for the ‘Selling Your Home’ Category
3 News Stories for Real Estate Lovers
3 Short Real Estate News Items of Interest.
- Good news for US Housing. For those of you still searching for a BOTTOM in the real estate market, we hit it in January 2009. A double bottom, in fact. Take a look at the CHART.
- China raised its minimum down payment requirement to 40 percent, in an effort to slow down the overheated housing market in Hong Kong. Conversely, in the US, we still offer financing with NO Money Down, when the tax rebate is combined with FHA or VA financing. Quite startling in light of the lessons we learned from subprime loans.
- Uncle Sam Added 5 Percent to Home Prices. Government interventions in the housing market have inflated home prices at least 5 percent higher than they would have been. Artifically low interest rates, $8000 tax credits, push for loan modifications and efforts to stall foreclosures may have created a false bottom. Since the props won’t last forever, the risk of price decline in the future is significant.
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Friday Good News for Housing!!
The stock market is back to 10,000, the level it reached in 1999. Sales of existing homes were up a whopping 8 percent, to the highest level seen in 2 years. The news is abuzz about an extension of the First Time Buyer Tax Credit….But, is it time to “Party like it’s 1999″???
Here is a snapshot of Friday’s real estate news. You decide.
- A record number of people snapped up bargains in September. The median price of a home sold in the US fell to 174,000, down 9 percent from $191,200 one year ago. Note: The significant price drop could be blamed in part to the First Time Buyer Tax Credit which favors the lower priced homes.
- Keep in mind that the homes counted as “sold” in September were actually purchased in June, July and August. No doubt the push to buy this summer had something to do with the expiring $8000 Tax Credit.
- 70 percent of all homes closed in September were foreclosures or distressed property.
- 80 percent of the homes closed, were sold for less than $250,000. The market above $250,000 has stalled and inventory is rapidly growing. And, the more expensive the home, the slower the market.
- The biggest sales gains (not price gains) were seen in the hard hit cities of Miami and Orlando. Sales in Miami were up 71 percent from last year, Orlando 65 percent. Note: Prices are still falling dramatically in the Sunshine state. In Miami and Orlando prices declined more than 30 percent from last year; Tampa prices fell to $133,000, down 17 percent.
- Sales of existing homes were down nearly 20 percent in Atlanta and Birmingham. Local Realtors blame job loss for lack of activity.
- Prices were flat or up a bit in some cities: Dallas, Houston, San Antonio; Tulsa; Jackson, MS and Washington DC.
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Green Flooring. Marmoleum Natural Linoleum.
If you are considering an update for the old vinyl flooring in your home, go natural. Natural linoleum, made from wood and cork, limestone dust, pine rosin and linseed oil, is a fantastic, green material substitution for the petroleum-based products of old. Natural linoleum is available in either sheets or individual tiles, it offers an endless suppliy of color and pattern choices and is a great product for residential or commercial use.
Why We Like Natural Linoleum
It’s Versatile. Marmoleum is available either sheet or tile forms. It is used in both residential and commercial settings. Great for resturants and offices, too. The product can be used on floors and countertop surfaces. It is sold in a wide range of colors and patterns. Some patterns mimic quarried stone, others are mottled for subtle texture and other options include high tech MRI images. The applications and decorating options are only limited by the owner’s imagination and tastes. A Do-It-Yourselfer can easily install the tiles themselves, just like vinyl. 
It’s Low Maintenance. Manufacturers estimate the lifespan of natural linoleum at 30-40 years, compared to 10-20 for vinyl. Scratches are no problem. The surface is hard, and even becomes harder over time. Additionally, any surface scratch can be buffed out, because the color extends through the entire thickness. For cleaning, a dry mop is recommended for routine maintenance.
It’s Green and Better for the Environment. Natural linoleum is much better for the environment than petroleum based, vinyl products. Vinyl’s are not sustainable and are highly polluting in their manufacturing process. Natural linoleum is made from wood, rosin, limestone and linseed oil. All these materials occur naturally and are sustainable. When it’s time to remodel, natural linoleum can be shredded and turned into compost for the garden versus filling a landfill. Additional bonus, natural linoleum will last and look good for a least least twice as long as vinyl.
Disadvantages. The linseed oil in the products “off gas” and some people are sensitive to its fumes. We advise that you air out the product for a few weeks before you install it, if you have a sensitive reaction to the smell. Like most plant-based products, linoleum doesn’t perform well in area’s with constant moisture. Test the moisture content of floor slabs before installation. Use Caulk to seal edges around tubs and showers where flooring abuts. The only other disadvantage is probably the initial cost of the product. Marmoleum costs around $4.00 per square foot, compared with $1.50 to $2.00 for vinyl flooring.
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Extending Home Buyer Tax Credit. Pro’s and Con’s
Not surprisingly, real estate industry lobbiest are attempting a full court press as they make a final push for extension of the first-time buyer tax credit.
And, it’s little wonder. The IRS estimates that 1.4 million homebuyers have claimed the credit through August, and the Realtors Association estimates the credit was crucial in pushing 355,000 of those buyer’s off the fence.
If the real estate industry gets it’s way and the amendment passes, the $8000 tax credit would be extended to June 30th, 2010 and it would allow more taxpayers to qualify for the subsidy. The amendment would increase the income limit to $150,000 for a single filer and $300,000 for a couple, up from the current limit of 95,000 and $170,000, respectfully.
The Pro’s: Why Vote “Yea”
- Lenders are still in trouble, as more people default or fall behind on their mortgages. Experts predict an additional 1.5 million foreclosures in 2010, increasing supply and further eroding prices and demand.
- Dems and Rep like it. The proposal was introduced by a GA Republican, Johnny Isakson, and it is also supported by Democratic heavy-weights. House speaker Nancy Pelosi and Senate Majority Leader Harry Reid support the extension, President Obama hasn’t taken a position for either side.
- Still too Many Houses. Although the supply of existing homes on the market has fallen from 1-5 months down to 8.5 months, a healthy market has only 5-6 months supply of house.
- Unemployment is Rising. With national unemployment levels at 10 percent, and some states reporting a far higher number, extending the taxpayer subsidy of housing market would likely create and preserve jobs. In addition, people out of work usually means more loan deliquency, foreclosures and further downward pressure on pricing.
The Con’s: Why Vote “NAY”
- The Cost to the Taxpayers. The extension comes with a heavy price tag of $16.7 BILLION over 5 years.
- As bad as Sub-Prime. Opponents argue that the subsidy has artifically propped up the prices of inexpensive homes, targeted by first-time buyer’s, thereby creating another potential mini-bubble in affordable housing.
- Both Opponents and real estate industry admit that most people who claimed the $8000 deduction, would have purchased a home anyway due to historical low rates and steep price declines.
- Fraud. The IRS has identified over 100,000 cases of fraud involving the tax credit. On Thursday, the House Ways and Means Committee is scheduled to take a closer look.
- Did we mention the cost to taxpayers is $16.7 BILLION?
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Poison Drywall of China
Toxic, sulfur laden sheetrock, Made in China, is making people sick, causing electrical wiring to go crazy and is corroding copper, wire and stainless steel in American homes. The problem has affected thousands of homes in 20 states, yet, the US court system is powerless when to hold Chinese manufacturers (most of which are owned by the Chinese government) responsible for problems caused by their products.
The hardest hit area of the country may be the slowly recovering New Orleans area, and the coastal area’s wiped out by Katrina. After enduring floods and mud, this man-made victimization is the last thing these communities need or deserve. For those wondering how bad the problem is….The problem is so bad that local governments, already low on funds, are waiving property taxes for homes rebuilt with the Made in China, toxic sheetrock.
Facts About Toxic Chinese Drywall and Sheetrock:
- The sheetrock may emit a sulfuric odor, which smells a bit like rotten eggs.
- Health Problems are being Reported. The most common health effects from the drywall are skin rashes, blisters and headaches.
- Homeowners insurance does not cover claims due to construction defects. When insurers discover a property has Chinese drywall, they are canceling homeowner policies.
- The gases emitted by the Chinese Drywall eat away at any copper, aluminum or stainless materials inside the home. This means that appliances, wiring, mirrors, computers, toys, plumbing pipes and fixtures, jewelry, HVAC or any systems that contain these component materials will also be damaged, usually beyond repair
- Seller’s of Homes that contain Chinese Sheetrock must disclose that fact, even if all the sheetrock in the home has been replaced.
- If your home contains any Chinese Made Drywall/Sheetrock file a compliant with Consumer Product Protection Council and also check about making a local compliant with your state.
- For updates on the Chinese drywall, multi-district lawsuits (MDL #2047 to to www.laed.uscourts.gov and click on Drywall MDL.
One tell tale sign of toxic sheetrock can be seen in the corners of mirrors
Watch for corrosion in and around plumbing fixtures, refrigerators, ac units, on stainless steel appliances or any area with metal components.
Our two cents: In light of this most recent, very serious, and potentially deadly, problem with cheap imports, all Americans need to reconsider their ongoing love affair with everything cheap and Chinese. If the US government, who allows these imports, can’t force the Chinese manufacturers to stand behind the products they sell, then the retailers, who chose to buy these goods should have to. The cost of uprooting families and replacing all the sheetrock, mechanical systems and personal property in over 60,000 reported homes is overwhelming. If anyone deserves a taxpayer bailout, it’s these innocent homeowners who have been victimized by governments and retailers, alike.
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Latest Home Sales Data and Predictions for 2010
Case Shiller just released its latest report on the state of the residential estate market. The good news is that home prices are falling more slowly. The bad news is that that we have a little ways to go.
What the Numbers Show:
- Through August, 2009, the price of an average home sold in the US fell approximately 13 percent, year over year, from 2008 levels.
- Home prices have now dropped to 2003 valuation levels, wiping out 6 years of home appreciation.
- Since the peak in 2006, average home prices are down 33 percent.
What Do the Numbers Say About the Future??
- Prediction: The “average” home price will likely fall more than 13 percent by year end. Reason: Home prices are always at their highest in the spring and summer. Families move during this time of year and they buy the largest, most expensive properties. As a result, Summer home sales skew the “average” price upward in the fall, but only temporarily.
- Prediction: Home Sales will suffer a downturn due to the expiration of the $8000 First Time Buyer’s Credit. So far this year, 350,000 buyers have been persuaded to purchase because of this incentive. To read more about the success of the 1st Time Home Buyers Tax Credit, CLICK HERE.
Our Crystal Ball: The pace of the fall is slowing, but the expiration of the tax credit and the ”shadow inventory” of another 1.5 Million foreclosures will continue to put downward pressure on the market in 2010. As a result, we predict that 2010 home prices will decline 6-7 percent. The upside is that nearly all buying risk is out of the market. Interest rates are at historical lows. Any increase in rates would erase the possible gain a buyer would achieve from correctly timing the exact bottom…even if the timing were perfect.
Bottom Line: If you plan to buy a home within the next year, now is a great time. Chose the best home, in the best location and the one that you can easily afford. Live and enjoy the home for at least 5 years and you will likely be patting yourself on the back for a job well done.
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Did First Time Buyer Tax Credit Help Sellers?
The $8000 Tax Credit for first time home buyer’s (people who have not owned a home in the last 3 years) expires on November 30, 2009. With the expiration date drawing near, the Realtor and builder lobby groups are pushing lawmakers to extend the program for another 6 months. If they are successful, it will cost taxpayers of nearly $15 BILLION.
“Yea” or “Nay”??? Before we cast our vote, we decided to find out whether the tax incentive successful or not? Specifically, did it persuade people to jump into the market? Would it be a good investment for taxpayers going forward?
According to a poll conducted by Zillow, the tax credit was persuasive.
- 18 percent of home buyers said the tax credit was the main reason they pushed to buy a home before November 30, 2010.
- Based on the number of first time buyer’s in the marketplace, a 6 month extension could persuade another 335,000 (18 percent) buyers to buy a home of their own.
- If the first time buyer credit is extended, home sales would likely increase 5 percent. Without it, sales would be down as much as 2 percent.
- Only 31 percent of first time buyers said the credit had no influence on their decision to purchase.
- 69 percent of buyers said the tax credit was important in motivating them to buy a home this year.
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Foreclosures Up. Home Prices Predicted to Fall Further
In August, InfoTube warned its readers about the New Wave of Foreclosures that would be pounding the market, further driving up inventory and eroding prices. Today, we learn that the Wall Street Journal agree’s with our accessment of the future market conditions for real estate.
Excerpt from the Wall Street Journal:
“The size of this shadow inventory is a source of concern and debate among real-estate agents and analysts who worry that when the supply is unleashed, it could interrupt the budding housing recovery and ignite a new wave of stress in the housing market . . . Analysts who track the shadow market have focused primarily on the gap between the number of seriously delinquent loans and the number of foreclosed homes for sale by mortgage companies. A loan is considered seriously delinquent, which typically means it is headed to foreclosure, if it is 90 days or more past due.
As of July, mortgage companies hadn’t begun the foreclosure process on 1.2 million loans that were at least 90 days past due, according to estimates prepared for The Wall Street Journal by LPS Applied Analytics, which collects and analyzes mortgage data. An additional 1.5 million seriously delinquent loans were somewhere in the foreclosure process, though the lender hadn’t yet acquired the property. The figures don’t include home-equity loans and other second mortgages.
Moreover, there were 217,000 loans in July where the borrower hadn’t made a payment in at least a year but the lender hadn’t begun the foreclosure process. In other words, 17% of home mortgages that are at least 12 months overdue aren’t in foreclosure, up from 8% a year earlier.”
What this means for Home Seller’s: Time is not your friend. The shadow of inventory of distressed property will continue to place downward pressure on home prices. Based upon our years of experience, we predict that home prices will fall an average of 7 percent in 2010.
If you need to sell your home, DO NOT chase the market down. Price your property aggressively, then market the home to as wide an audience as possible. To learn about the best way to reach the mass buying market, CLICK HERE.
Thank you for visiting InfoTube.net. We have been connecting buyers with sellers since 1989. We can help you, too.
Virtually Stage Your Home to Sell
Marketing a vacant home can be difficult challenge, because empty rooms are hard to size up and they don’t stand out in a buyer’s mind. This leaves every vacant home looking like the one next door, with the only difference in a buyer’s mind being, which home has the lowest price.
This problem may have been solved by Krisztina Bell, a smart Atlanta Realtor, who invented and patented a software program that will “virtually” stage any vacant property for around $250. Her company has been heralded by the Chicago Tribune, San Francisco Chronical and other publications as the answer to giving the effect of a professionally staged home at a fraction of the cost.
With 90 percent of home buyers doing their shopping online, and thousands of vacant homes on the market, Ms Bell’s idea is smart and timely. Her technique transforms listing photo’s of vacant homes into homes with professionally designed interiors, using a library of attractive furnishings, accessories and artwork. The resulting “after” photo’s are realistic, authentic and hard to distinguish from a home that has been actually staged with furnishings.
To view the Photo Gallery of some impressive Before and After Pictures, please visit her website VirtuallyStagingProperties.com, by clicking this link. You will be amazed. And, if you have a vacant home to sell, you should seriously consider this inexpensive option and make your home pop.
Thank you for visiting InfoTube.net homes for sale and rent website. If you virtually stage your home, be sure to upload the slideshow to InfoTube.net. Thousands of buyer’s search our site daily for new information on properties.
Just Say No To Wallpaper
One of the things that can turn off buyer’s, stop a sale or detract from a properties resale value is Wallpaper. Why don’t buyer’s like wallpaper?? First, it is usually a real pain to take down. Secondly, it is very taste specific. There is obviously no “standard” or ”popular type” of wallpaper, because there seems to be endless supply and I have never seen the exact same wallpaper, twice. Meaning, the odds of being hit by lightning are probably greater than 2 people liking the same paper.
If you plan to stay in your home a while and you want some wallpaper in your house, well, it is your house. But, please, go sparingly. Avoid busy, colorful and loud types. And, please don’t forget to “size” the wall before you apply it, or you won’t get it off without destroying the wall surface underneath.
Tip for HomeSeller’s: But, if you are trying to sell your home, without success, and it has a lot of wallpaper or busy, dated wallpaper, you can do yourself a big favor by pulling it down and applying a fresh coat of neutral paint. A crisp, freshly painted room never turns off buyers.
The same can never be said about wallpaper. 
Thank you for visiting InfoTube.net FREE homes for sale and rent website. We have been helping seller’s and buyer’s connect since 1988. We can help you, too.
Reface or Tile Over an Ugly Fireplace
A fireplace can be a huge selling point for any home or an eyesore that detracts from the room. If the fireplace in your home is out dated or just plain ugly, you can transform it into a sexy, focal point without spending a lot of money.
Take a look at this brick fireplace. It is a fireplace, but it is doubtful that buyers would conjure images of sipping wine by a roaring fire, in its present condition.
Now, take a look at the transformation, after engineered stone was applied over the old brick and a mantle was added. The fireplace morphs from an eyesore into a floor to ceiling, hearthwarming focal point
In another example, this unattractive, dated fireplace with painted brick got a great makeover. The homeowner correctly felt the fireplace was out of proportion, due to the narrow sides and tall top. The mantle was also too small.
The After. The budget minded homeowner added an “in stock” simple mantel and pilasters from a do-it-yourself center. The design updated the fireplace, hid most of the outdated, painted over brick and brought the fireplace into correct proportion for under $750.
If your fireplace detracts from your home, get your creative genius in gear and simply cover it up. Examples of “coverup” materials that are inexpensive and easy to work with are tile, manufactured stone, granite, marble or wood. Sometimes even painting over old, ugly brick will make a huge improvement.
Thank you for visiting InfoTube.net. We love before and after pictures that we can share with our readers. If you have completed a project and want a pat on the back, email photo’s to tommi@infotube.net
Update the Front Porch Light
If the light fixtures by your front door are over 10 years old, you need to update them. New outdoor fixtures are very inexpensive ($50) and they can be installed by any homeowner in less than 15 minutes. Just make sure to cut off the power before taking the old fixture down.
Your home will not get a second chance to make a good first impression on homebuyers. Any money you spend on staging and updating your entry will be money well spent.
Thank you for visiting InfoTube.net. We have been helping buyers and sellers market their properties since 1989, and we can help you, too.
New Wave of Foreclosures Coming
Bank of America, along with other lenders, report that a huge wave of new foreclosures will flood the market, once again. The second wave in foreclosures is due to the slowing of the loan modification program and the new release of properties that the banks have been holding.
Currently, 1.5 million homes are in foreclosure. More Worrisome…an additional 3.5 – 4 Million home loans are “Seriously” delinquent or are in default. Many of these loans are newer, high quality loans that have fallen into trouble due to job losses. Job losses mean no income, so modifying or saving the loan is not an option for these homeowners.
Buyer Alert: The $8000 Tax Credit for Buying a Home Expires in Only 90 Days. If your loan does not close on or before November 30, 2009, you lose $8000 Grand. Period. With loans currently taking 90 or more days to close, you must buy a home now, in order to qualify.
Thank you for visiting InfoTube.net. We have been in the business of helping buyers and sellers for 20 years. We can help you, too.
How to Handle a Low Appraisal
Low Appraisals and Appraisal problems are causing a lot of headaches for sellers, buyers and agents. For a look at one customer’s problem with an appraisal and some practical solutions to solve the matter, CLICK HERE.
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