HUD Reveals Plan for New Reverse Mortgage Option-Sep 2, 2010 12:00pm
New Smartphone App Provides Consumers with Market Info-Sep 2, 2010 12:00pm
Tips for Selling a Home in Today's Market -Sep 2, 2010 12:00pm
Appraisal Institute's New Guide Offers Tips to Home Buyers-Sep 1, 2010 12:00pm
Number of Missed Mortgage Payments Decreases -Sep 1, 2010 12:00pm
7 Easy Ways to Reduce Indoor Air Pollution -Sep 1, 2010 12:00pm
The 10 Best Cities for Young Adults-Aug 31, 2010 12:00pm
How to Remodel for Less-Aug 31, 2010 12:00pm
How to Garden in Cities or Small Spaces-Aug 31, 2010 12:00pm
When Is It Best to Go With a Professional?-Aug 30, 2010 12:00pm
RISMEDIA, September 2, 2010--The Federal Housing Administration (FHA) announced recently its plans for making modifications to its Home Equity Conversion Mortgage (HECM) to make it more appealing and affordable for older homeowners seeking to utilize home equity to cover living expenses and heath care costs, says the National Reverse Mortgage Lenders Association. HECMs can also be used to cover home repair and maintenance costs or to avoid foreclosure.
A HECM is a reverse mortgage loan insured by the FHA designed to enable homeowners 62 years or older to borrow against the equity in their home without having to make monthly payments, as is traditional with a standard mortgage. The difference under a reverse mortgage is that the outstanding balance isn't due until the last borrower leaves the home, sells it or passes away. If the remaining balance then exceeds the value of the home, FHA insurance covers the difference.
The biggest complaint heard about the program was that the upfront costs were too high, so HUD has responded by creating a variant to the program that will substantially lower these costs. The new addendum is referred to as the "HECM Saver." The "Saver" eliminates the upfront premium that is required under the HECM option, and should be enacted sometime in October.
The HECM Standard will still be available with an upfront Mortgage Insurance Premium of 2%. The HECM Saver option will have an upfront premium of .01%, but will greatly reduce the amount available to the borrower. According to HUD, borrowers will receive approximately 10-18% less under the Saver option than they would under the Standard one.
Peter Bell, President of the National Reverse Mortgage Lenders Association, applauds HUD for creating this alternative. "The new HECM options and other enhanced consumer protections that are being implemented by HUD, housing counselors and reverse mortgage lenders...should help homeowners understand that they can borrow with confidence, if they are considering a reverse mortgage."
RISMEDIA, September 2, 2010--AgentNTouch™, a consumer-focused smartphone app Realtors® can give to their clients, has just been released for Android. It is also available for the iPhone, iPod touch and iPad, and will soon be available for the BlackBerry.
Through AgentNTouch, buyers and sellers can find market information, buying or selling tips, real estate terminology, mortgage rates, mortgage calculators, educational videos and real estate news. They can also call, email or refer their Realtor through AgentNTouch.
Another great aspect of this smartphone application is that your real estate agent can personalize AgentNTouch with his or her business information using a section called MyAgent. MyAgent gives you access to all local real estate data in your area, including listings and open houses, but must be initiated by your real estate agent.
Realtors subscribe to the application and consumers receive the service from them for free. It is provided by Real Estate Business Services (REBS). All of these features combined provide the consumer with one powerful tool to aid them on their quest for housing.
"The advance of technology is making real estate information and service more accessible than ever for consumers," said Karl Lee, president of the Santa Clara County Association of Realtors. "Members of our association have always embraced the latest technology to make clients' buying or selling experience even better. It's a big component of the service package that our members offer to consumers."
RISMEDIA, September 2, 2010--For homeowners contemplating selling their homes in the current market, Relocation.com offers several tips to help sellers maximize the final sale price, get the home sold quickly and move on to their new home. While many factors come into play with finding the right buyer at the right time, there are many things sellers can do to help put the odds in their favor.
1. Do not overprice the home. Buyers today are looking for a bargain, and the seller in the end will likely have to bring the price down to meet market demands. The longer the home sits on the market, the stronger the negotiating position buyers have.
2. Select Internet-friendly pricing. More than 80% of home buyers begin their real estate searches online. Most real estate sites filter the prices in $25,000 to $50,000 increments. So while a creative price of $555,777 may grab attention, buyers who set their search maximum filter at $550,000 will exclude it. Additionally, prices ending in 000 (such as $500,000) tend to sell at a larger discount than homes ending in 500 (such as $524,500).
3. List the home on a Friday. Most buyers are checking out new listings on Fridays so they can see what is new for the weekend.
4. Occupy or stage the home. Buyers appreciate a home that is well attended. A vacant home typically feels cold and empty, while one that is still occupied has a warm, cozy feel, attracting more buyers. However, keep the personalization minimal; having neutral decor and paint colors will make it easier for a buyer to visualize their own style in the home. If a seller moves to a new residence before selling the old residence, it is a good idea to have the home professionally staged as if someone still lives in it.
5. Monitor local foreclosures. Foreclosures are costing sellers money and have become very aggressive opponents in today's market. If the seller's neighborhood has a lot of foreclosures, wait until they are sold before listing the home, if at all possible. Most banks are extremely eager to sell, thus creating an underpriced competitor. If the seller cannot wait to list the home, it will need to be priced competitively with the foreclosures, which can dig significantly into the home's equity.
6. Keep the home neat and clean. With so many foreclosures on the market today, buyers are seeing homes at their worst. If the home is presented in the best possible way, it will attract more positive attention.
7. Keep records. Foreclosures do not come with any disclosures. Sellers who keep updated records, photos and permits handy for the buyer to review will make them feel much more confident about buying the home, giving the seller a competitive advantage over foreclosed properties in the neighborhood.
Though you can't control market conditions, there are certain aspects of selling your home that you can grab a hold of. By following these tips, you can be one step closer to selling your home at a reasonable price.
RISMEDIA, September 1, 2010--The Appraisal Institute has released a new home-buying guide that teaches home buyers when to buy, how to find a real estate agent, how to choose the best home on the market and more.
"An Insider's Guide to Home Buying" by Mark R. Rattermann, MAI, SRA, notes that real estate appraisers are professionally trained to render an objective opinion of a home's value. Because they are not paid by sales commissions, they have the unbiased perspective needed to help home buyers weigh their options carefully, make logical decisions and effectively navigate the sales negotiation and mortgage application processes.
Rattermann provides expert advice that will help protect consumers from abuse, explains biases that exist in the real estate industry and provides clues to possible problems, potentially protecting homebuyers from significant financial losses.
In the book's introduction, Rattermann writes: "The goal of this publication is to help home buyers ask the right questions. In many cases, people wish they had asked a few more questions before making significant decisions. Because the real estate industry is constantly changing, buying real estate requires you to stay current, research popular trends and attitudes, and become an informed buyer."
A real estate appraiser and agent in Indianapolis, Rattermann has worked in the real estate industry since 1979. He has written seven books about real estate and appraisals, some of which have been translated into Korean, Greek and other languages, and has lectured on a variety of real estate topics in 45 states and five countries. He has written 15 real estate training seminars and also writes on residential topics for The Appraisal Journal, the Appraisal Institute's quarterly technical and scholarly publication.
The Appraisal Institute is the nation's largest professional organization of real estate appraisers. For more information on this guide, please visit www.appraisalinstitute.org/buyersguide.
RISMEDIA, September 1, 2010--The number of homeowners who have missed consecutive mortgage payments or were in foreclosure fell more in the second quarter than anytime since the mortgage crisis began, according to a survey from the Mortgage Bankers Association.
Overall, 14.4% of borrowers missed at least one payment or were in foreclosure at the end of June. This number was down from March's 14.7%, but up from 13.5% from the year before, reports The Wall Street Journal. The numbers were contingent upon a 60-day delinquency bar set to measure borrowers who have fallen behind.
That being said, the number of households that missed just one payment increased, hinting towards the fact that we're not entirely out of the woods yet.
Some believe that these numbers are at least a sign of better times ahead. "We're past some of the worst problems," says Jay Brinkmann, chief economist of the Mortgage Bankers Association.
The drop in numbers was seen in almost every state with the biggest declines occurring in states that had the highest numbers of foreclosures: Arizona, Nevada and Florida.
Though initially driven by the resetting of adjustable-rate mortgages to higher payments, the mortgage crisis is continuing due to the high rate of unemployment currently found in our country. "It takes a paycheck to make a mortgage payment, and that is key at this point," says Brinkmann.
No one will try to hard sell the notion that as of today, the mortgage crisis is over. Though we do have more ground to gain, these findings are at least a step in the right direction.
RISMEDIA, September 1, 2010--In cities and the suburbs, sometimes the air inside a home is more of a problem than the air outdoors. The sources of air pollution can come from anywhere--air fresheners you use to mask various odors, your shedding cat or dog, dusty furniture (and the aerosol spray you use to clean it), dust mites in bedding, a poorly ventilated kitchen range, and so on. If you want to neutralize and refresh your home, consider these easy steps from Consumer Reports' Health blog to reduce the fumes.
Prevent problems. To cut down on dust mites, put your pillows, mattresses and box springs in dust mite-proof covers. Wash very dirty or dusty laundry in the hottest water. By doing so you'll not only cut down on dust around the home, but you'll protect your family from any sort of related allergens from popping up as well.
Ventiliate. Cooking, cleaning, using hair spray and polishing your nails can release volatile organic compounds that are linked to a variety of health problems. Use fans in the kitchen and bathroom to reduce your exposure and minimize humidity that can cause mold and mildew. Before you use your fireplace, make sure the flue damper is wide open. Poor ventilation can allow pollutants to stay in the air.
Ban smoking. Don't smoke or allow others to do so in your home or car. Smoke is a hard smell to get out of clothes, fabrics, carpeting and drapery. The clinging odor will last awhile. Prevent any sort of lingering smell by not allowing smoke in your home.
Eliminate odors, don't mask them. Find the source of bad smells (bad food, musty sheets or blankets, pet-related smells, etc) and tackle the problem the old fashioned way--by cleaning it up. Use a box of baking soda in the area instead of air fresheners, which cost more and can contain VOCs and phthalates.
Make your cleaning count. Because dust can harbor pollen, pet dander, bacteria, mites, mold and mildew, dust furnishings regularly with a damp rag or an electrostatically charged duster. Vacuum often, ideally with a low-emissions vacuum. There is no replacement for a hardcore cleanup.
Control critters. Seal cracks and crevices and properly seal and put food away. You'll be less apt to attract pests and need to use pesticides. To minimize your exposure to pet dander, banish pets from sleeping areas and upholstered furniture.
Rethink pricey fixes. There's little medical evidence that an air cleaner alone can ease allergies and asthma; try low-cost solutions first. There's also no proof that cleaning ducts prevents health problems or that dirty ducts increase airborne particulates.
If your home is stuffy and you want to decrease the amount of air pollution, try simple tactics first. By keeping your house clean and tidy, you're already halfway there to improving your family's air quality.
RISMEDIA, August 31, 2010--Young adults have certain freedoms that most other adults lack. Without children or mortgage payments, young twenty-somethings have the ability to move anywhere they choose, but which cities are the best? Kiplinger.com suggests these 10 cities based on the following criteria: healthy economies currently fueling the job market, large amounts of residents under the age of 35, cost of living/rental costs, culture, nightlife, and time likely to spend in traffic.
Austin, Texas
Median monthly rent (including utilities): $864Average annual wage: $41,380Top employers: Austin School District, Dell, city and federal government, IBM, Seton Healthcare Network, St. David's Healthcare Partnership, University of Texas at Austin
Austin is attractive to young adults largely due to its fourth-lowest jobless rate among cities with one million or more populations. Living costs are low and below the national norm, and the scattering of colleges found all over the city helps to provide jobs, an eclectic nightlife and giant music festivals annually. With reasonable rents available in up-and-coming neighborhoods, Austin is a great place for a younger crowd.
Charlotte, N.C.
Median monthly rent (including utilities): $803Average annual wage: $41,190Top employers: Carolinas Healthcare System, Wells Fargo/Wachovia Corp., Charlotte-Mecklenburg Schools, Bank of America, Wal-Mart Stores, Presbyterian Regional Healthcare, Delhaize America
Charlotte is now the second-largest banking center in the country, after New York, and has seen "explosive" growth in the last two decades. Jobs for graduates in the financial sector are plentiful and still on the rise with the recovering economy. The downtown area is continuously being developed and improved as well. A car is definitely needed in order to live here, however.
Chicago, Ill.
Median monthly rent (including utilities): $861Average annual wage: $45,119Top employers: City, state and federal government, Chicago Public Schools, Wal-Mart Stores, Advocate Health Care, Walgreen, JP Morgan Chase, Abbott Laboratories, AT&T
Chicago is often compared to New York City--it has the big-city living and culture of Manhattan, but is nearly half the cost. It has a lakefront district full of beaches, parks, a zoo and museums. It has plenty of entertainment, including professional sports teams, theater companies, music events and more. Though its unemployment rate isn't great today, the financial sector is making a comeback and should have more jobs available for the future.
Houston, Texas
Median monthly rent (including utilities): $775Average annual wage: $41,074Top employers: Wal-Mart Stores, Memorial Hermann Healthcare System, Administaff, The University of Texas MD Anderson Cancer Center, Continental Airlines, Kroger, Exxon Mobil
Houston packs the same punch as its fellow rival Austin. Job prospects are above average and big-city amenities at affordable prices are also a plus. According to Kiplinger, diversity is also one of its underappreciated strengths. Houston also has exceptional energy, manufacturing, transportation and healthcare sectors, and many Fortune 500 companies have Houston headquarters--all great things for the city's job market.
Kansas City, Mo.
Median monthly rent (including utilities): $697Average annual wage: $40,950Top employers: Sprint, Pitney Bowes, City and State government
One of the smaller options on the list, Kansas City is well on its way. Currently, the city is in the midst of a $9 billion downtown development project that will create new living spaces, offices, bars and restaurants, many of which are aiming to target a younger crowd of professionals. Add this to the low unemployment and cost of living rate, and Missouri looks like quite an appealing alternative.
Lansing, Mich.
Median monthly rent (including utilities): $630Average annual wage: $41,773Top employers: State government, Michigan State University, Sparrow Health System, General Motors, Lansing Community College, Ingham Regional Medical Center, Lansing School District, Meijer
The Michigan capital is home to five medical schools, two law schools and the titan Michigan State University. Though hard to compare to other huge metropolitan areas, Lansing does boast a low cost of living with a youthful population and emerging technology sector making it a stand-out mid-sized city.
New York, N.Y.
Median monthly rent (including utilities): $1,025Average annual wage: $50,784Top employers: General medical and surgical hospitals, individual and family services, restaurants, securities and commodities contracts, legal services
What can be said about New York that hasn't been said already? Manhattan is a great place for young professionals and is without question one of the best places for culture and nightlife. Job opportunities are unrivaled, though it can be ridiculously expensive at times. Young adults can look into living in Brooklyn or Hoboken to save on rent.
Portland, Ore.
Median monthly rent (including utilities): $779Average annual wage: $43,346Top employers: Intel, Fred Meyer Stores, Oregon Health & Science University, Providence Health Systems, Kaiser Foundation Health Plan of the NW, city government, Legacy Health System
"A haven for bohemians, punk rockers, aging hippies, techies and other creative souls, Portland is renowned for its progressive, DIY spirit," says Kiplinger. The cost of living is slightly higher than some on this list, but is worth it if you are interested in a creative outlet. Olympia, Washington, only a two hour drive from Portland, has some of the same appeal, but with lower cost of living expenses and unemployment.
Salt Lake City, Utah
Median monthly rent (including utilities): $698Average annual wage: $39,722Top employers: University of Utah, state and county government, Salt Lake City school district, Novus, Delta, LDS Hospital, Salt Lake City Corp.
If you enjoy Rocky Mountain cities like Denver and Boulder, but want to avoid their trendiness, Salt Lake City might be for you. Nightlife and climate are similar, but a year's rent in Boulder will buy you a year and a half in Salt Lake City. Its downtown district consists of high-rise office buildings, luxury condos and various shops and restaurants for your entertainment.
Washington, D.C.
Median monthly rent (including utilities): $979Average annual wage: $54,371Top employers: Federal government, McDonald's, Northrop Grumman, Science Applications International, Verizon Communications, Safeway, Ahold USA, Wal-Mart Stores, Macy's, Citigroup
Like New York, D.C. is a great place of opportunity for young adults. Job creation in government-related sectors is constant, though rent and living costs are somewhat high. Young professionals should seek out the Adams-Morgan, Chinatown and Ballston neighborhoods for off-beat and affordable locations.
If you are a recent graduate looking to make a move, there are plenty of affordable, yet thriving locations for young professionals. With the job market hopefully on its way back to recovery, now might be the best time to make your move.
RISMEDIA, August 31, 2010--If you're looking to make changes to your home, it doesn't necessarily have to break the bank. By remodeling with reclaimed materials, you can save 40-60% on the cost of the products. On top of that, you'd be supporting a greener method of renovation since the products you are using won't end up at the dump. For many, shopping at big-box home improvement stores may be the easiest way to get things done. For others who don't mind doing a little searching to save some money, buying reclaimed materials could be the answer to your cost-cutting needs.
When shopping for second-hand materials, make sure you give yourself plenty of time to find what you need. You may not find everything you want in one trip. "Like any secondhand industry, come with your measurements, come with some creativity and come with a truck. You might have to go back to find what you're looking for," says Leslie Kirkland, executive director of The Loading Dock, a Baltimore nonprofit reclaimed building supplies store. Kirkland reports that consumers save an average two-thirds off retail prices on second-hand products. A little bit of patience could save you a lot of hard earned money.
Salvage stores can be found all over the country and are stocked with materials from the deconstruction of homes, buildings and schools and also house donations from homeowners, according to Bankrate. Habitat for Humanity, the popular nonprofit out of Americus, GA, runs salvage stores all over the U.S. under the name ReStore. You can find many different items at stores there. Doors are one of the most common finds, but also hidden in many secondary stores are light fixtures, cabinets, tiles, molding and much more. Though few homeowners think to seek these alternative stores out, they exist all over and have great items just waiting to be found.
Craigslist is always a great option for merchandise as well. Make sure to check the free section, where people are giving things away just to get rid of them. But Craigslist isn't the only online option. Diggerslist.com, for example, offers online construction classified as a solution to reduce the volume of building materials that are overflowing landfills in America. It has a presence in 31 markets across America, allowing contractors, property owners, suppliers and do-it-yourselfers to buy, sell, trade or donate their excess of home improvement and construction materials. For those seeking great deals or used products, Craigslist and Diggerslist are just a few of the options available.
Although secondary stores will not sell anything with asbestos in it, one red flag you should beware of is lead, says Bankrate. Things like old appliances, specifically, old doors or bathtubs, may be painted with old-school, banned types of paint. Buyers beware!
By reducing the consumption of new resources, you're also preventing waste and helping the environment. The combination of saving money and going green is a win-win for all those looking to renovate with reused and reclaimed items.
RISMEDIA, August 31, 2010--If you live in an apartment or a small, yard-less house, you may feel a bit constricted with what you can do with your space. If gardening is one of your favorite hobbies, don't hesitate to work around your living space, finding different ways for your plants to grow. Gardening has quickly found its place in urban settings, becoming quite a trend. If you'd like to garden but find yourself sans backyard, Relocation has the following tips for gardening in urban environments or small living quarters.
Use Containers
Using containers for your gardening is ideal for the indoors or for any apartment dweller. Containers come in many shapes and sizes and are perfect for those with rooftop gardens or balconies. Easy-to-maintain products like foam or hard plastics are often made to imitate fancy pottery and stone, alleviating the weight factors and making it very easy to move your plants if need be. Relocation also recommends a soil-less potting mixture, which will also aid the weight of your potted plants and eliminate the need for fertilizing--many potting mixes have time-released fertilizer right in the mix.
Think Towards the Sky
When space is limited, grow up. Many plants can be grown and twisted around poles or teepees. Narrow and tall works to ensure you have room for other plants without taking up too much physical space in your apartment or house. Home decorating expert Kathy Woodard recommends easy, colorful vines, fresh pole beans, and roses. Be creative and make decisions that will properly suit your space.
After Growing Up, Grow Down
Another option for small-time gardening is to use hanging pots that will grow and drape downwards. Trailing plants fit this scenario as do shorter upright plans.
Additional Tips
Container-based gardens have the tendency to dry out quickly, especially during warmer seasons. Make sure each container has the appropriate drainage so that the roots don't drown in water. To reiterate, time-released fertilizer is extremely important for smaller gardens. Nutrients are often washed away quickly; water soluble fertilizer can also help. Sticking to plants that suit the exposure your limited outdoor space provides is also recommended. If your balcony is mostly shaded or mostly sunny, put plants there that will prosper under those conditions.
No matter what space or conditions you are able to dedicate to the cause, gardening can still be an achievable hobby for any space-deprived plant lover. Make the best with the environment you have.
RISMEDIA, August 30, 2010--In a lagging economy, more homeowners are willing and able to take on do-it-yourself projects to prevent paying big bucks to professionals. Many resort to online research when trying to determine whether or not to tackle a project hands on. While this might be a good first step, sometimes it is hard to judge whether or not you should attempt a job. Try to find step-by-step directions and examine the different types of tools necessary. Do you own them? More importantly, do you know how to use them?
If you are unsure about any part of the process, consulting an expert is a great next step. Keep in mind, also, that a botched job can sometimes cost even more than hiring someone in the first place. So, when exactly should you sit back and hire a pro? The Wall Street Journal offers the follow scenarios:
When safety is an issue, hire a professional. Any job that includes fiddling with the home's electrical system is a risky one to take on. The risk of electrocution is extremely high, making it a very dangerous do-it-yourself job to tackle. Not only does it risk physical harm, but incorrect work could become a safety hazard within the home's structure, says wsj.com.
Gas lines should always be avoided. If you aren't 100% sure how to check for gas leaks, do not attempt messing with gas lines yourself. Mistakes like this could equal severe consequences such as explosions or carbon-monoxide poisoning.
Heights can be tricky as well. Homeowners should carefully assess jobs that require you to be high up, such as trimming trees or fixing a roof. "Do the cost/benefit analysis upfront and ask yourself, 'How well trained am I to do this, do I have the proper tools, what is my physical well being," Merk-K Appy, president of the Home Safety Council, tells The Wall Street Journal.
A less obvious job you should be careful with is ceiling fan installation. Many like to install these themselves, but aren't aware of the fact that more than 19,700 people a year are injured by improper mountings and installs, according to Electrical Safety Foundation International, an organization that focuses on electrical safety. If you have any doubts in your fan installs, seek professional help.
Large power tools should also put question marks in your head. Tools such as circular saws, chain saws, nail guns, etc, should be properly handled. You can seriously injure yourself with misuse, putting yourself out of commission for weeks or months at a time, or in the most severe cases, death could occur. For this and all the aforementioned scenarios, professionals can help keep you and your family safe by completing jobs that may be over your skill set. Put away that pride and hire a pro.
Water situations can also be sticky. If leaks and water damages are left unfixed, they can lead to mold, or worse, pricey and complex repairs. Though mold situations should be alleviated immediately for health purposes (it affects air quality and could make your family quite sick), it's often a deal breaker for home sales--a huge red flag for buyers. Even jobs like installing a skylight could lead to mold and leaks if not done properly.
Worst case scenario, water could end up leaking on the inside, dripping behind walls and causing damage to drywall and wooden beams, says Matt Knox, CEO of DiggersList.com.
Add up the costs. If the cost of materials and tools runs exceptionally high, hiring an expert might even be the most cost efficient way to get the job done. If you make a mistake in ordering, you could even be subject to restocking fees and nonreturnable special orders. Allowing a professional to take over will prevent you from making these mistakes,
For extra-large projects, you may want to refer to a pro as well. Small jobs, such as changing lighting fixtures, cabinets, retiling or painting, may be completely doable for most do-it-yourself homeowners, but if you are replacing a multitude of windows on your house or remodeling an entire room, you may want to think twice. Heavy lifting and installations can be handled by pros, while touch-up aspects can be done by you later down the road. Sometimes it simply isn't worth the work and expenses involved if the job is too large.
There definitely is an appeal to completing tasks yourself. It feels good to see the results of your own efforts, and it is usually more affordable than hiring help. However, when safety is at hand or the damage risk is extraordinarily high, hiring an outside professional is entirely worth the headache-free renovations.
