When Katie Cody bought her first home, she thought she knew everything there was about taking care of one. As a spokesperson for Lowe's, the national home and hardware chain, she was steeped in the ins and outs of home maintenance.
But even she wasn't prepared for everything that comes along with a first home--the work or the hidden costs. "I had no idea how much is involved in yard work, especially during the summer months," she said from her office in Mooresville, N.C. "Besides cutting the lawn every week, you have to mulch, and plant, and trim. There are just so many things I never thought of."
Most first-time homebuyers are focused on saving for a down payment and qualifying for a mortgage, and once they get past those financial hurdles, they think they are home free. But, say experts, as the owner of a first home -- whether it is a newly built home or a charming 1930s bungalow -- you need to think beyond that first mortgage payment when determining how much money you need to have available.
"Most financial experts say to have three to six months worth of mortgage payments in an emergency fund," says Michele Lerner, a real estate expert and author of "Homebuying: Tough Times, First Time, Any Time."
Lerner said that the best way for a first-time homebuyer to become aware of the peripheral costs of owning a home -- expenses beyond the mortgage, taxes and insurance -- is to talk to a few key people before you buy your first home. Your real estate agent, home inspector and the sellers of the home that you are purchasing all have critical information that will help you determine the real cost of owning a home.
"Real estate agents know what goes on in a community in terms of town or housing association fees," Lerner explains. "They can tell you if garbage pickup is provided by the town, and is paid as part of your taxes, or if you will pay a private company. Is the house on a private road? What's the snow-removal policy? These are expenses you need to be aware of."
What else should prospective first home owners know? Lerner suggests that buyers ask the following questions before taking ownership, to understand the true cost of owning a first home.
When were appliances and major systems last repaired or replaced?
Bigger expenses, such as structural repairs and replacement of big-ticket items such as hot water heaters and appliances, are harder to predict. "When you are touring a home, ask the owner how old the appliances are, when the roof was last repaired, how the furnace has been maintained," said Lerner. "If work was recently done, there might be warranties. They are the best source for information like this."
What are the average monthly utility bills?
Ask your real estate agent or the home seller for the average cost of utility bills: that includes gas, electric, water, even cable and Internet. There are many apartment dwellers who have never seen a gas or electric bill. And even for those who have, the costs of heating and cooling your first home might come as a shock.
Who are your repair people?
The seller is also a good source for a list of repair people for you to have. Because when the sink backs up as you are preparing Thanksgiving dinner, you need to know the name of a local, reliable plumber. As a first-time homeowner, it's also helpful to have the names of service people -- think plumber, electrician, landscaper, handyman, appliance repairman -- who are familiar with your home. They can be a good source when you can't find the water shut-off valve, or to tell you how to turn on the furnace that first cold day in October.
Get a home inspection
Not exactly a question, but another source for answers. When you do decide on that first home, be sure to have a home inspection. "These people can tell a lot about the condition of things, such as the heating and air conditioning system, the plumbing, and structural issues of the home," says Lerner. "They can tell you that you will need a new hot water heater and how much it will cost. Attend the home inspection and take notes."
That goes for both new homes and older homes, she said. "With a newly built home, you think you won't have any problems, but you don't know if someone made a mistake. It's better to be prepared, and at least get familiar with the house."
For Cody, buying her first home was "exciting, but overwhelming. There is always something to deal with. You have to become an expert pretty quickly." And the best way to become an expert is to ask the right questions before you buy.
*courtesy of AOL Real Estate
Friday, January 31, 2014
Tuesday, January 21, 2014
FIRST TIME HOME BUYER MAINTENANCE TIPS
First-time buyer Anna Daugherty learned the hard way that home maintenance is a new owner's responsibility. "One thing we completely forgot about was actually very simple. We forgot to get a shovel," says the Lansing, MI, resident. "This weekend, we had seven inches of snow fall in a short amount of time, burying us in snow--and no shovel!"
While going from being a renter to a first-time buyer is a transformative experience, it also brings a whole new set of home maintenance responsibilities. With no more 1-800-Landlord number to call when things go wrong or need repair, you're now fully in charge of maintaining this most important asset.
Just as the joys of home ownership appear in ways large and small, so do home maintenance needs and expenses. Here are tips to help first-time buyers stay on top of home maintenance tasks.
Gear up for every need: Home maintenance is a year-round job, so invest in the tools you'll need to tackle typical projects.
Avoid problems with snow days and other seasonal challenges by gearing up with a set of basic hand tools and an arsenal of lawn and garden implements. And while you're at it, invest in a storage system for home maintenance equipment that keeps everything neat and within reach, whether in your garage or a stand-alone tool shed.
Get to know the pros: First-time buyers can also be prepared by assembling your very own "home team" of contractors and servicepeople well before you ever need them. Find local home maintenance specialists through the recommendations of family and friends, and by connecting with referral services like ServiceMagic. The Realtor who helped you find your new home can also put you in touch with pros whose work quality and ethics can be trusted.
"Put your resources in your Realtor to obtain a list of favorite painters, plumbers, electricians and handymen because then you know you've got referrals from someone you can trust, and typically, that's the kind of person you want to do business with," says Diann Patton, Coldwell Banker Real Estate's consumer specialist and the sales manager/broker/owner in Grass Valley, CA.
Understand your home's operating systems: Understanding the basics of your home's mechanical systems is a must for first-time buyers, even if you call a pro for major home maintenance and repair issues. Know where your main water line is and how to shut it off in an emergency. Get acquainted with the fuse or breaker box, and label essential and non-essential systems for quick reference and energy-saving shutdowns when you're away for extended periods of time. Set a routine for heating and cooling system maintenance, including annual tune-ups by an HVAC contractor, frequent filter changes, and sealing leaky ductwork.
Maintain the exterior: Your home's "envelope" requires care not only for curb appeal but also to protect its structural elements and energy efficiency. Immediately address such regular home maintenance issues as damaged siding, clogged gutters and insufficient grading that keeps water near the structure. Also do a regular, thorough check of your roof's condition so that you can address trouble spots and stay ahead of repair needs.
Make utility bills manageable: Unlike most rental situations, home ownership puts you in charge of covering all utilities. If you're a first-time buyer with sticker shock when you get your power and water bills, take steps to manage your energy dollars as well as home comfort. Budget for foreseeable seasonal fluctuations in energy needs (like summer cooling and winter heating), and check into plans offered by local utility providers that allow you to distribute costs evenly over a 12-month period rather than paying right-now prices. Also look for ways to trim costs with minor energy-saving improvements, like installing a programmable thermostat or fitting the bath with WaterSense-approved fixtures.
Establish a contingency fund: Even if you're in a brand-new home that's under warranty, it's wise to have a contingency fund for the unexpected home maintenance expenses that invariably crop up.
"You really have no idea what could or might go wrong," advises Patton. "For instance in my community just a couple of weeks ago, we had a horrific snowstorm that actually put trees down through a lot of people's roofs...How do you plan for that? Fortunately as a homeowner, you have insurance to deal with those issues, but you want to have contingency funds to cover your deductible if you have an insurance claim, for plumbing leaks or roof leaks--anything like that."
Maintaining such a financial safety net will come in handy when you least expect it, and also provide backup as you approach longer-term home improvement needs and decisions. Add this critical element to your home maintenance strategy, and you'll be able to relax and enjoy the privileges of home ownership all the more.
While going from being a renter to a first-time buyer is a transformative experience, it also brings a whole new set of home maintenance responsibilities. With no more 1-800-Landlord number to call when things go wrong or need repair, you're now fully in charge of maintaining this most important asset.
Just as the joys of home ownership appear in ways large and small, so do home maintenance needs and expenses. Here are tips to help first-time buyers stay on top of home maintenance tasks.
Gear up for every need: Home maintenance is a year-round job, so invest in the tools you'll need to tackle typical projects.
Avoid problems with snow days and other seasonal challenges by gearing up with a set of basic hand tools and an arsenal of lawn and garden implements. And while you're at it, invest in a storage system for home maintenance equipment that keeps everything neat and within reach, whether in your garage or a stand-alone tool shed.
"Put your resources in your Realtor to obtain a list of favorite painters, plumbers, electricians and handymen because then you know you've got referrals from someone you can trust, and typically, that's the kind of person you want to do business with," says Diann Patton, Coldwell Banker Real Estate's consumer specialist and the sales manager/broker/owner in Grass Valley, CA.
Understand your home's operating systems: Understanding the basics of your home's mechanical systems is a must for first-time buyers, even if you call a pro for major home maintenance and repair issues. Know where your main water line is and how to shut it off in an emergency. Get acquainted with the fuse or breaker box, and label essential and non-essential systems for quick reference and energy-saving shutdowns when you're away for extended periods of time. Set a routine for heating and cooling system maintenance, including annual tune-ups by an HVAC contractor, frequent filter changes, and sealing leaky ductwork.
Maintain the exterior: Your home's "envelope" requires care not only for curb appeal but also to protect its structural elements and energy efficiency. Immediately address such regular home maintenance issues as damaged siding, clogged gutters and insufficient grading that keeps water near the structure. Also do a regular, thorough check of your roof's condition so that you can address trouble spots and stay ahead of repair needs.
Make utility bills manageable: Unlike most rental situations, home ownership puts you in charge of covering all utilities. If you're a first-time buyer with sticker shock when you get your power and water bills, take steps to manage your energy dollars as well as home comfort. Budget for foreseeable seasonal fluctuations in energy needs (like summer cooling and winter heating), and check into plans offered by local utility providers that allow you to distribute costs evenly over a 12-month period rather than paying right-now prices. Also look for ways to trim costs with minor energy-saving improvements, like installing a programmable thermostat or fitting the bath with WaterSense-approved fixtures.
Establish a contingency fund: Even if you're in a brand-new home that's under warranty, it's wise to have a contingency fund for the unexpected home maintenance expenses that invariably crop up.
"You really have no idea what could or might go wrong," advises Patton. "For instance in my community just a couple of weeks ago, we had a horrific snowstorm that actually put trees down through a lot of people's roofs...How do you plan for that? Fortunately as a homeowner, you have insurance to deal with those issues, but you want to have contingency funds to cover your deductible if you have an insurance claim, for plumbing leaks or roof leaks--anything like that."
Maintaining such a financial safety net will come in handy when you least expect it, and also provide backup as you approach longer-term home improvement needs and decisions. Add this critical element to your home maintenance strategy, and you'll be able to relax and enjoy the privileges of home ownership all the more.
Thursday, January 16, 2014
THE PORTLAND HOUSING MARKET IS HOT, HOT, HOT!
In the Portland State University Center for Real Estate single family housing report, RMLS student fellow Evan Abramowitz reports that all major US metropolitan markets have seen appreciation in the last year, and foreclosure activity is at the lowest level since before the recession in 2008. Portland remains one of the hottest markets in the United States, with the year on year appreciation at 14.1% using National Association of Realtor data, 12.4% using the Case-Shiller repeat sales index, and 22.0% using Abramowitz’ analysis of RMLS data for the three-county region. Unlike most US markets, prices in Portland market are higher today than prior to the recession. At the same time, this increase in prices hasn’t led to a robust recovery in construction activity. While building permits have risen in the last year, they remain less than half the level in the boom period of 2003-07.
Outside of the three-county Portland area, Abramowitz finds sharp increases in housing prices in all the major markets in the state and region, with the following median levels: Portland area, $334,350; Bend, $280,000; Vancouver suburbs, $279,900; Benton County, $248,000; Eugene-Springfield, $244,300; City of Vancouver, $231,140; Redmond, $180,900; Salem $177,000, Marion County, $170,000, and Linn County, $155,000. Abramowitz discovered that new home prices in Portland in the last quarter only barely exceeded those of existing homes ($334,350 vs. $327,000), suggesting that developers have focused on constructing smaller homes than previously. Historically, new homes have sold for a premium of approximately $50,000 over existing homes.
In the multi-family housing report, Abramowitz reports the Portland-area apartment vacancy rates have remained low at 3.1%, considerably below the national average of 4.3%. Abramowitz finds that multi-family permit activity is rising quickly and cites the work of Portland apartment specialists, Mark and Patrick Barry, who see an accelerating new apartments being proposed, permitted, built, and opened, particularly in close-in East Portland neighborhoods. They anticipate vacancy rates reaching 5.5% by the end of 2015.
In the office market report, Oregon Association of Realtors Student Fellow Geoff Falkenberg finds that the office market has experienced a fourth year of positive net absorption with only a 0.2% increase in the stock of space in the last year. As a result, rents are rising by 5% for CBD class A space and 4.5% for Class B. Vacancy rates for the CBD remain lower (8.7%) than suburban markets like the Sunset Corridor (12.5%) and Kruse Way (15.4%). These patterns may change as the Edith Green redevelopment and the Park Avenue West projects are completed.
In his industrial report, Falkenberg reports that vacancy rates have remained at a low level of 6.7% in the Portland market, the lowest level since 2008, and much lower than rates in Seattle, 15.5%; San Francisco, 9.1%; and Los Angeles 16.7%. While rents haven’t moved much, the tight conditions are leading to new construction. Falkenberg reports the groundbreaking by Capstone Partners of the first speculative industrial warehouse in the Portland market since 2007.
In his retail report, Falkenberg finds that vacancy rates for retail space have remained stubbornly high at 6.15%, However, average rents have remained at the $16.00 per square foot rate for the last two years, well below the $18.00 per square foot level they commanded in 2008-09. This suggests that landlords are keeping their space active by cutting rents. In that environment, little new construction activity is anticipated.
The Center for Real Estate Quarterly Report is produced with the assistance of the Oregon Association of Realtors.
*courtesy of Oregon Business Report
Outside of the three-county Portland area, Abramowitz finds sharp increases in housing prices in all the major markets in the state and region, with the following median levels: Portland area, $334,350; Bend, $280,000; Vancouver suburbs, $279,900; Benton County, $248,000; Eugene-Springfield, $244,300; City of Vancouver, $231,140; Redmond, $180,900; Salem $177,000, Marion County, $170,000, and Linn County, $155,000. Abramowitz discovered that new home prices in Portland in the last quarter only barely exceeded those of existing homes ($334,350 vs. $327,000), suggesting that developers have focused on constructing smaller homes than previously. Historically, new homes have sold for a premium of approximately $50,000 over existing homes.
In the multi-family housing report, Abramowitz reports the Portland-area apartment vacancy rates have remained low at 3.1%, considerably below the national average of 4.3%. Abramowitz finds that multi-family permit activity is rising quickly and cites the work of Portland apartment specialists, Mark and Patrick Barry, who see an accelerating new apartments being proposed, permitted, built, and opened, particularly in close-in East Portland neighborhoods. They anticipate vacancy rates reaching 5.5% by the end of 2015.
In the office market report, Oregon Association of Realtors Student Fellow Geoff Falkenberg finds that the office market has experienced a fourth year of positive net absorption with only a 0.2% increase in the stock of space in the last year. As a result, rents are rising by 5% for CBD class A space and 4.5% for Class B. Vacancy rates for the CBD remain lower (8.7%) than suburban markets like the Sunset Corridor (12.5%) and Kruse Way (15.4%). These patterns may change as the Edith Green redevelopment and the Park Avenue West projects are completed.
In his industrial report, Falkenberg reports that vacancy rates have remained at a low level of 6.7% in the Portland market, the lowest level since 2008, and much lower than rates in Seattle, 15.5%; San Francisco, 9.1%; and Los Angeles 16.7%. While rents haven’t moved much, the tight conditions are leading to new construction. Falkenberg reports the groundbreaking by Capstone Partners of the first speculative industrial warehouse in the Portland market since 2007.
In his retail report, Falkenberg finds that vacancy rates for retail space have remained stubbornly high at 6.15%, However, average rents have remained at the $16.00 per square foot rate for the last two years, well below the $18.00 per square foot level they commanded in 2008-09. This suggests that landlords are keeping their space active by cutting rents. In that environment, little new construction activity is anticipated.
The Center for Real Estate Quarterly Report is produced with the assistance of the Oregon Association of Realtors.
*courtesy of Oregon Business Report
Wednesday, December 4, 2013
WHY THE HOLIDAYS ARE THE PERFECT TIME TO LIST YOUR HOME
With the holidays approaching, sellers often wonder if they should keep their properties on the market or take them off? Or if they haven't listed their homes yet, should they wait until after the first of the year? Maybe hold off until spring?
Conventional wisdom used to be that you shouldn't even try to sell your home during the busy holiday season. Potential home buyers were too preoccupied with attending parties, cooking meals, buying presents or planning vacations. With all that going on, there just wasn't time to ride around with a real estate agent, looking at properties.
But with the Internet, smartphones, tablets and our always-on lifestyle, that conventional wisdom isn't relevant anymore. The reality is, the home buying season is now year-round. Here's why you should consider listing your home during the holidays, or even in January.
Today's buyers never stop looking online: Serious buyers are always looking -- and the holidays are no exception. They may check out the latest listings in a Zillow Mobile app before bed or while waiting for the kids' school holiday show to start. Our hectic lifestyles also play a role.
Many serious buyers today work hard. They don't shift into holiday mode until the last minute. Even during the holiday break, they're still squeezing in work. There's no such thing for them as "going off the grid." So why not continue to monitor real estate listings, too?
The inventory -- and the competition -- is usually lighter: Despite our always-on lifestyles, many sellers still believe buyers can't be bothered to look for a home between, say, Thanksgiving and Valentine's Day. At the same time, sellers who've had their homes on the market often take them off during the holidays. The net effect is that the inventory for good homes often tightens this time of year. So there's less competition for sellers, at a time when motivated buyers are out there looking -- and no doubt wishing there were more properties to see.
If you've been considering selling, are motivated, are flexible on timing and have a home that truly sparkles, after Thanksgiving there's still a window of several weeks to get buyers into your home before the end of the year. And those buyers flipping through listings at their kids' basketball game will be excited to see something new and awesome hit the market -- especially if there's a lack of good inventory in their area. These buyers will be motivated to see your home, regardless of what the calendar says.
Home not selling? Now's the time to lower the price or change your strategy: If your property has been on the market for months, most buyers and their agents will see it as stale or overpriced and disregard it no matter how great it is or how light the competition is. In that case, it's time to take action, and the year-end holidays can be a great opportunity to shift course. Dramatically reducing the price or overcoming some major obstacle that's been preventing the sale might be what's needed to sell your home.
If you received lower offers early on but weren't ready to accept them, or you keep hearing there are issues with how your property shows, this is a good time to show the market you're listening and are serious about selling. The motivated buyers, desperate for good inventory, will notice you and take a look. You might even get a sale closed before the end of the year.
Before you make any big changes, talk it over with your real estate agent, as always.
Don't want to be bothered during the holidays? List in January: Admittedly, the thought of keeping the house clean, holding open houses and vacating to accommodate last-minute showings during the holidays is a deal killer for some would-be sellers. If so, consider listing your property after New Year's Day.
Traditionally, not much inventory comes onto the market in January. It's cold in most places, the leaves are off the trees and landscaping is dead. Many sellers wait until the spring instead, a more conventional time to sell.
January inventory is still very tight. And yet, each January, buyers call up agents, wanting to get into the market. Often, new buyers -- with their fresh New Year's resolutions to stop wasting money on rent and buy a home -- are ready to jump into the market as soon as possible. Some buyers are motivated to search for a home in January because of year-end tax planning.
Whatever the buyers' motivation, for sellers it means one thing: Demand for homes can increase at a time when inventory is traditionally low. And that means if you're ready to sell, you'll have an even more "captive" audience during the holidays, all the way through January.
*courtesy of Zillow.com
Conventional wisdom used to be that you shouldn't even try to sell your home during the busy holiday season. Potential home buyers were too preoccupied with attending parties, cooking meals, buying presents or planning vacations. With all that going on, there just wasn't time to ride around with a real estate agent, looking at properties.
But with the Internet, smartphones, tablets and our always-on lifestyle, that conventional wisdom isn't relevant anymore. The reality is, the home buying season is now year-round. Here's why you should consider listing your home during the holidays, or even in January.
Today's buyers never stop looking online: Serious buyers are always looking -- and the holidays are no exception. They may check out the latest listings in a Zillow Mobile app before bed or while waiting for the kids' school holiday show to start. Our hectic lifestyles also play a role.
Many serious buyers today work hard. They don't shift into holiday mode until the last minute. Even during the holiday break, they're still squeezing in work. There's no such thing for them as "going off the grid." So why not continue to monitor real estate listings, too?
The inventory -- and the competition -- is usually lighter: Despite our always-on lifestyles, many sellers still believe buyers can't be bothered to look for a home between, say, Thanksgiving and Valentine's Day. At the same time, sellers who've had their homes on the market often take them off during the holidays. The net effect is that the inventory for good homes often tightens this time of year. So there's less competition for sellers, at a time when motivated buyers are out there looking -- and no doubt wishing there were more properties to see.
If you've been considering selling, are motivated, are flexible on timing and have a home that truly sparkles, after Thanksgiving there's still a window of several weeks to get buyers into your home before the end of the year. And those buyers flipping through listings at their kids' basketball game will be excited to see something new and awesome hit the market -- especially if there's a lack of good inventory in their area. These buyers will be motivated to see your home, regardless of what the calendar says.
Home not selling? Now's the time to lower the price or change your strategy: If your property has been on the market for months, most buyers and their agents will see it as stale or overpriced and disregard it no matter how great it is or how light the competition is. In that case, it's time to take action, and the year-end holidays can be a great opportunity to shift course. Dramatically reducing the price or overcoming some major obstacle that's been preventing the sale might be what's needed to sell your home.
If you received lower offers early on but weren't ready to accept them, or you keep hearing there are issues with how your property shows, this is a good time to show the market you're listening and are serious about selling. The motivated buyers, desperate for good inventory, will notice you and take a look. You might even get a sale closed before the end of the year.
Before you make any big changes, talk it over with your real estate agent, as always.
Don't want to be bothered during the holidays? List in January: Admittedly, the thought of keeping the house clean, holding open houses and vacating to accommodate last-minute showings during the holidays is a deal killer for some would-be sellers. If so, consider listing your property after New Year's Day.
Traditionally, not much inventory comes onto the market in January. It's cold in most places, the leaves are off the trees and landscaping is dead. Many sellers wait until the spring instead, a more conventional time to sell.
January inventory is still very tight. And yet, each January, buyers call up agents, wanting to get into the market. Often, new buyers -- with their fresh New Year's resolutions to stop wasting money on rent and buy a home -- are ready to jump into the market as soon as possible. Some buyers are motivated to search for a home in January because of year-end tax planning.
Whatever the buyers' motivation, for sellers it means one thing: Demand for homes can increase at a time when inventory is traditionally low. And that means if you're ready to sell, you'll have an even more "captive" audience during the holidays, all the way through January.
*courtesy of Zillow.com
Tuesday, November 26, 2013
HOME IMPROVEMENT PROJECTS FOR UNDER $500
These home improvement projects may not be the most expensive, but it doesn't make them less important. Often, projects that cost less than $500 involve work that maintains and protects a larger home system worth tens of thousands of dollars. Unfortunately, these projects are also the ones that are most commonly neglected by homeowners, who imagine that they have plenty of time to get things done. Don't assume that inexpensive projects lack urgency.
Here are our top picks for home improvement projects under $500:
Cleaning Services
You might think that you've done everything when you check off your spring cleaning list, but few people have the time and means to complete a truly comprehensive housecleaning schedule. While homeowners may be hard-wired to focus on dusting and interior surface cleaning, no component of housecleaning should be left unattended.
Home Repairs
One of the frustrating parts of homeownership is the consistent costs of basic home repairs. Renovations add something new, but repairs only return the home to its previous condition. While cleaning is as inevitable as it is expected, the need for repairs often occurs suddenly and, it seems, at the worst possible time. But you do yourself no favors by postponing these repairs.
Small Projects
Compared to fifty-grand kitchen remodels and bathroom additions, it's hard to imagine a $500 budget is enough to enhance the look or function of your home. But homeowners don't realize just how many small, around-the-house projects there are. This list is far from comprehensive, but it does include some classic home projects and a few, new tasks that are catching homeowners' attention.
*courtesy of AOL real estate
Here are our top picks for home improvement projects under $500:
Cleaning Services
You might think that you've done everything when you check off your spring cleaning list, but few people have the time and means to complete a truly comprehensive housecleaning schedule. While homeowners may be hard-wired to focus on dusting and interior surface cleaning, no component of housecleaning should be left unattended.
- Clean chimney or fireplace ($250-$350). The cleaning task most likely to get left off your list, chimney sweeping will prevent lethal, creosote-burning fires.
- Window cleaning ($200-$250). If you have easy-clean windows, go for it. Otherwise, use the pros to avoid injuries that can result from exterior window cleaning.
- Carpet cleaning ($200-$250). Rented carpet cleaning machines don't have the high- pressure steam needed to do this job right.
- Gutter cleaning ($150-$250). It takes more than throwing leaves down from a ladder to clean gutters. Pros will flush out downspouts and inspect the entire gutter system.
- Maid service ($150-$200). Whether you need help finishing a spring cleaning list or with weekly chores, a housekeeping service can give you time for other home projects.
Home Repairs
One of the frustrating parts of homeownership is the consistent costs of basic home repairs. Renovations add something new, but repairs only return the home to its previous condition. While cleaning is as inevitable as it is expected, the need for repairs often occurs suddenly and, it seems, at the worst possible time. But you do yourself no favors by postponing these repairs.
- Furnace or A/C repair ($300-$375). If you know something is ailing your system, you may get a discount if you call the pros during the off-season.
- Repair faucets, fixtures or pipes ($300-$400). No plumbing problem is minor. Leaks can cost you real money, needlessly waste water and create even bigger problems. (Find highly rated professional plumbers in your area.)
- Garage door repair ($225-300). Don't underestimate the urgency of this repair. Between energy costs and home security, a working garage door is a must.
- Carpet repair ($200-$300). Many homeowners leave carpet stains and burns on their carpet for years. Usually cut-and-plug carpet repairs are easier than you fear. (Find highly rated professional carpenters in your area.)
- Hire a handyman-$400-$500. If you have more than one simple home repair, hiring a handyman for the day is usually the most cost-effective and timely solution. (Find highly rated handymen in your area.)
Small Projects
Compared to fifty-grand kitchen remodels and bathroom additions, it's hard to imagine a $500 budget is enough to enhance the look or function of your home. But homeowners don't realize just how many small, around-the-house projects there are. This list is far from comprehensive, but it does include some classic home projects and a few, new tasks that are catching homeowners' attention.
- Install a TV wall mount ($350-$450). Don't worry that the otherwise perfect HDTV doesn't have the right mount. The pros can build you a custom wall mount.
- Install concealed wiring for home theater ($300-$400). You shouldn't have to look at unwieldy wires when you can hire a professional to hide them.
- Install garage door opener ($300-$400). With added convenience, better security and less noise, automatic openers have become a staple in U.S. homes.
- Install ceiling fan ($300-$400). This tried-and-true energy-saver still has teeth. Look for one that's properly designed for your needs and properly sized for your room.
- Install electrical switches, outlets or fixtures ($300-$400). You may need to take a look around the house to realize how much you can benefit from moving switches and adding outlets.
*courtesy of AOL real estate
Tuesday, November 19, 2013
BEAUTIFUL FALL FOLIAGE HOT SPOTS IN PORTLAND
Bird watchers and weather reporters, step aside.
Fall colors are peaking around Oregon, and Travel Lane County is tracking the best areas of vibrant foliage for the public to enjoy. Biologists, forest rangers, and “leaf peepers” have teamed up with Travel Lane to maintain the Oregon Fall Foliage blog and this beautiful Instagram feed throughout the season.
You can become a “leaf peeper” too! Between September and November, tip off the team at the Oregon Fall Foliage Hotline with the latest foliage updates.
1 (800) 547-5445 (Monday–Friday, 8am–5pm and weekends, 10am–6pm)
Tripsters can skim this list for the latest and greatest of the most stunning foliage throughout the state:
- Meander along the Mt. Hood Scenic Byway and enjoy the meadows, timbered slopes, and arrive in orchard haven in Hood River Valley (apple orchards, anyone?). Make a pit stop in the cozy town of Hood River, and then wind along the Historic Columbia River Gorge Scenic Highway to see the vibrant deciduous trees against native firs.
- Crystal-clear water meets colorful foliage at Crater Lake. Vibrant aspen trees are blushing throughout the area, while the water reflects the red glow of the flora waterline.
- Headed southwest? Twist along the Rogue River through Grants Pass and soak up towering horizons that are burning with layers of color.
- Head south along I-5, where golden and red-toned maples line the 60-miles of the McKenzie River. Travelers can get another nature fix in Eugene along the Willamette River via the Ruth Bascom Riverbank Trail System. Stroll, jog, bike – or simply swim in the array of fall foliage
*courtesy of Portland Monthly Magazine
Tuesday, November 12, 2013
'TIS THE SEASON TO SHOP FOR A NEW HOME!
Is the housing market still seasonal? The market has been so up and down recently that the answer can depend on whom you ask, and the market that you're talking about. But, historically, residential real estate sees a lull in the winter holiday season and beginning of the new year -- when everyone seems a bit crunched for time, not to mention money. And in most markets it doesn't pick up again until the end of January. There's a reason that data on home prices, mortgage rates, etc., are "seasonally adjusted."
There are compelling signs, though, that as 2013 winds to a close, serious home shoppers should ignore this convention and instead turn it to their advantage. Here are key things that prospective homebuyers might want to consider before putting their quest on winter hiatus.
Mortgage rates have fallen: Primary among the reasons to move now has been the fluctuation in mortgage rates. After having taken a sharp bump up in the late spring, as the housing market re-energized and demand for mortgages surged, mortgage rates have dropped for the second straight week. And at an average of 4.10 percent for a 30-year-fixed loan, they're at their lowest in six months. It might be true true that with the Federal Reserve apparently committed for the near term to keep interest rates low by buying bonds, that borrowers have some wiggle room. But there are other reasons not to delay.
The ceiling will drop on loan amounts: If you're seeking a government-backed mortgage -- as most mortgages are -- you're already restricted to getting a loan that's based on the median home prices in your desired area ($417,000 in most housing markets). And the acting head of the Federal Housing Finance Agency, Edward DeMarco, has announced that these limits will go lower next year. While DeMarco assured the public in October that the change wouldn't be sudden, and that financial markets would have at least six months to adjust, why would you want to wait until then? Home prices in the U.S., meanwhile, have continued to rise.
Loans might be tougher to qualify for, or at least require more paperwork: Starting in January 2014, in order to get a "qualified mortgage" -- a loan that's insured by the Federal Housing Administration, prospective homebuyers will have to make a stronger case for their credit-worthiness. Along with documents spelling out the terms of the loan, mortgage seekers will be supplying proof of current income and assets, credit history, and other debts. And then they'll have to prove that the annual amount of debt they carry is no more than 43 percent of annual income. The changes, required under the Dodd-Frank Wall Street Reform and Consumer Protection Act, also mandate that the loans carry a fixed-rate and be paid over a term not longer than 30 years.
Investors appear to have taken a breather: Those real estate speculators who were driving up housing prices, and swooping in to snatch away the bargains by making higher bids and cash offers, now seem less smitten with the residential market. A recent poll of investors found that only around 1 in 5 are still interested in buying more homes -- about half the number from a year ago. That means less competition.
Average homebuyers seem discouraged: Speaking of the competition, applications for new mortgages have been ebbing in recent months, along with consumer confidence. That should improve the chances of those willing to stay in the hunt, even if it means slogging through the winter weather.
Sellers might be more motivated: Just as it can show a bit more commitment to shop for a home in November and December, the same might be said for sellers, especially those who might be seeking a tax advantage by selling before the year is out, or who have grown impatient after seeing their properties fail to sell during the market's peak season.
What better time to see a home?: Sure, it might be a little tough to judge a house's curb appeal through the gloom and slush of late autumn and early winter, not to mention under the holiday lights and tinsel. But what better time to see what a home can stand up to?
It's true that there are some key areas that probably can't be inspected or tested if it's cold or snow is on the ground, such as air conditioning units (which could be damaged in operated at temperatures below 60 degrees) and in-ground sprinklers. On the other hand, it's a prime time to see how the heater works and how well-insulated the home is. Some other things that might be much more evident include: roof leaks, a basement that floods, pipes that freeze, and inadequate lighting. And how easy is it to get to and from the property during bad weather? If it's in a rural area, are you likely to get snowed in, see a road washed out or be trapped by a mudslide?
And as for those uninspectable areas: If you can't wait until the weather warms to have those checked, explore a contingency built into the contract that takes care of any possible repairs.
*courtesy of AOL real estate
There are compelling signs, though, that as 2013 winds to a close, serious home shoppers should ignore this convention and instead turn it to their advantage. Here are key things that prospective homebuyers might want to consider before putting their quest on winter hiatus.
Mortgage rates have fallen: Primary among the reasons to move now has been the fluctuation in mortgage rates. After having taken a sharp bump up in the late spring, as the housing market re-energized and demand for mortgages surged, mortgage rates have dropped for the second straight week. And at an average of 4.10 percent for a 30-year-fixed loan, they're at their lowest in six months. It might be true true that with the Federal Reserve apparently committed for the near term to keep interest rates low by buying bonds, that borrowers have some wiggle room. But there are other reasons not to delay.
The ceiling will drop on loan amounts: If you're seeking a government-backed mortgage -- as most mortgages are -- you're already restricted to getting a loan that's based on the median home prices in your desired area ($417,000 in most housing markets). And the acting head of the Federal Housing Finance Agency, Edward DeMarco, has announced that these limits will go lower next year. While DeMarco assured the public in October that the change wouldn't be sudden, and that financial markets would have at least six months to adjust, why would you want to wait until then? Home prices in the U.S., meanwhile, have continued to rise.
Loans might be tougher to qualify for, or at least require more paperwork: Starting in January 2014, in order to get a "qualified mortgage" -- a loan that's insured by the Federal Housing Administration, prospective homebuyers will have to make a stronger case for their credit-worthiness. Along with documents spelling out the terms of the loan, mortgage seekers will be supplying proof of current income and assets, credit history, and other debts. And then they'll have to prove that the annual amount of debt they carry is no more than 43 percent of annual income. The changes, required under the Dodd-Frank Wall Street Reform and Consumer Protection Act, also mandate that the loans carry a fixed-rate and be paid over a term not longer than 30 years.
Investors appear to have taken a breather: Those real estate speculators who were driving up housing prices, and swooping in to snatch away the bargains by making higher bids and cash offers, now seem less smitten with the residential market. A recent poll of investors found that only around 1 in 5 are still interested in buying more homes -- about half the number from a year ago. That means less competition.
Average homebuyers seem discouraged: Speaking of the competition, applications for new mortgages have been ebbing in recent months, along with consumer confidence. That should improve the chances of those willing to stay in the hunt, even if it means slogging through the winter weather.
Sellers might be more motivated: Just as it can show a bit more commitment to shop for a home in November and December, the same might be said for sellers, especially those who might be seeking a tax advantage by selling before the year is out, or who have grown impatient after seeing their properties fail to sell during the market's peak season.
What better time to see a home?: Sure, it might be a little tough to judge a house's curb appeal through the gloom and slush of late autumn and early winter, not to mention under the holiday lights and tinsel. But what better time to see what a home can stand up to?
It's true that there are some key areas that probably can't be inspected or tested if it's cold or snow is on the ground, such as air conditioning units (which could be damaged in operated at temperatures below 60 degrees) and in-ground sprinklers. On the other hand, it's a prime time to see how the heater works and how well-insulated the home is. Some other things that might be much more evident include: roof leaks, a basement that floods, pipes that freeze, and inadequate lighting. And how easy is it to get to and from the property during bad weather? If it's in a rural area, are you likely to get snowed in, see a road washed out or be trapped by a mudslide?
And as for those uninspectable areas: If you can't wait until the weather warms to have those checked, explore a contingency built into the contract that takes care of any possible repairs.
*courtesy of AOL real estate
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