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Move-Up Buyers Don’t Benefit by Waiting for Home Prices to Rise
March 26, 2013
Waiting for prices to increase before you sell your current home and buy another can mean less money in your pocket — especially if interest rates rise.
Waiting for home prices to rise before you sell your current home and buy a move-up home could be a financial mistake.
Although waiting a few years to sell a home will likely mean a higher price, the price of the new home will increase as well. Financially, it makes more sense to capture today’s prices on the more expensive home.
Additionally, interest rates are still very low, but will almost certainly rise over time, which means a higher monthly mortgage payment, points out, Glenn Kelman, CEO of Redfin.
“The price of the move-up home will increase faster than the price of the place you’re leaving behind,” Kelman said. “But waiting until interest rates rise is what can really cost move-up buyers, because most economists believe that rates at some point will go back to historical norms, well above 5%. This means that most move-up buyers are likely to be trading in a low-interest loan on the old place for a higher-interest loan on the new one. In this scenario, the only winner is the lender.”
In the next 12 months, the Mortgage Bankers Association expects rates to rise to 4.4%. Over a longer period, they are likely to be even higher, considering a 20-year average of about 6.5%.
We are in the “perfect storm” for home owners looking to move-up! Lower rates and good pricing is not often enjoyed at the same time. Looking to find out what your home is worth? Let me know.
Great Starter Home in Brimfield! Open Saturday (change because of storm)!
February 18, 2013
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Open Saturday! Appliances are INCLUDED with this new construction!
February 18, 2013
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Amazing contemporary new construction!
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| $133 per square FINISHED foot! Upgrades for pennies! |
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NEW CONSTRUCTION in Holden! Are you tired of cul-de-sac living? This custom contractor build is BRAND NEW! Exquisite finishings including cherry hardwoods, marble, first floor master, media room, granite, stainless steel, wet bar, travertine mosaics and a lake view! Great commuting location and perfect for a home office or extended family. You won’t find a comparable home because there isn’t one!
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RE/MAX Professional Associates Realtor, CPA, CPDE, MBA |
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 ©2012 – 2013 Imprev, Inc. |
RE/MAX Professional Associates 246 Boston Turnpike Shrewsbury, MA 01545 |
Mass Saves Rate Page
February 18, 2013
Mass Save Deal on Energy Bills! facebook.com/amymullenremax
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2012-13 Cost vs. Value: Make the First Impression Count
February 11, 2013
Updating the outside of a home pays off, according to this year’s Cost vs. Value Report. Real estate professionals ranked exterior improvement projects as winning the buyers’ eye and providing sellers with the most return on investment.
If your clients are wondering what home improvement projects will give them the best return on the sale of their home, tell them to think “curb appeal.”
When buyers are shopping for a home, the exterior can make (or break) the first impression. According to the 2013 Cost vs. Value Report, exterior replacement projects are among the most valuable home improvements that sellers can currently invest in, starting with the front door.
A steel entry door topped this year’s survey with an estimated 85.6 percent of the costs recouped at resale. The steel door replacement is also the least expensive of the 35 midrange and upscale remodeling projects included in the survey, costing $1,137 on average.
This is the 15th year that Remodeling magazine — in cooperation with REALTOR® Magazine — has released the Cost vs. Value Report. This year’s survey included more than 3,900 appraisers, sales agents, and brokers across the country who provided their opinions and estimates.
Exterior projects dominated the list with six of the top 10 most cost-effective midrange projects and eight of the top 10 upscale projects.
Top 10 Midrange Projects1. Entry Door Replacement (steel) 2. Deck Addition (wood) 3. Garage Door Replacement 4. Minor Kitchen Remodel 5. Window Replacement (wood) (tie) 6. Attic Bedroom Addition (tie) 6. Siding Replacement (vinyl) 7. Window Replacement (vinyl) 8. Basement Remodel 9. Major Kitchen Remodel 10. Deck Addition (composite) |
Top 10 Upscale Projects1. Siding Replacement (fiber-cement) 2. Garage Door Replacement 3. Siding Replacement (foam-backed vinyl) 4. Window Replacement (vinyl) 5. Window Replacement (wood) 6. Grand Entrance (fiberglass) 7. Deck Addition (composite) 8. Major Kitchen Remodel 9. Bathroom Remodel 10. Roofing Replacement |
Ending a six-year cost-value ratio decline, this year’s Cost vs. Value Report is good news for remodeling industry with a rise in the ratio by three percentage points to 60.6 percent. According to the report, lower construction costs and stabilizing house prices were the principal factors for the upturn.
While every region improved over last year’s survey, the Pacific region — Alaska, California, Hawaii, Oregon, and Washington — had the highest average cost-to-value ratio overall at 71.2 percent, despite having the highest construction costs in the country.
Visit www.costvsvalue.com to find information from the 81 cities included in the survey and download free PDFs that include specific market data. Site registration is required. Also visit HouseLogic.com for a slideshow of the report’s results.
Construction cost estimates were generated by RemodelMAX. Cost vs. Value is a registered trademark of Hanley Wood, LLC.
Looking to expand your small business? Come join us!
January 28, 2013
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Want to expand your small business or meet other small business owners? Come join us on Wednesday evening! You won’t find another group like this one!
You Might Face Tax-Filing Delay This Year
January 27, 2013
In a rush to claim the home owner tax benefits Congress reinstated? Not so fast. The IRS isn’t ready to accept your tax returns.
Congress’s down-to-the-wire fiscal cliff deal on tax changes, which included some goodies for home owners, has put the IRS behind the eight ball. It’s scrambling to create new tax forms and modify old ones to reflect the tax code changes.
So if you’re raring to collect your due (and you’re eligible to), time to get Zen and sit tight.
In case you missed it, Congress resurrected:
So that’s the cool part. Now for the paperwork part.
What Kind of Delays are We Talking About?
The IRS was planning to have the 1040 — the workhorse form pretty much all of us have to fill out — on its website by Jan. 22. But now, it’s going to be Jan. 30. That means you can’t file your return until Jan. 30. It doesn’t matter if you file online or with paper — as far as filing is concerned, the IRS is closed for business until Jan. 30.
Still, that’s just over a week, and the various records you receive from banks, brokerages, and employers might not be ready until the end of January anyway. So it’s not a biggie.
But if you’re claiming the energy credits with Form 5695, you’ll have to wait longer. The IRS doesn’t even know when that form, along with many others, will be available. End of February? Beginning of March? Stay tuned.
Regardless, you should still be able to meet the April 15 deadline.
For now, gather your paperwork, such as proof of any credits you’re entitled to, so when the IRS is ready, you are, too. And check with your tax pro or customer service department of the software you use to make sure they’re up to speed as well.
How to Teach Your Houseplants to Call You on the Phone
January 20, 2013
When your houseplants are in need of attention, who are they gonna call?
This Koubachi Wi-Fi Plant Sensor tells you what your plants need via your computer or smartphone. All images in this post: Koubachi AG
Healthy houseplants need care: good food, temperate surroundings, and just the right amount of water. But if your houseplants are starving and dehydrated, how are they going to let you know?
They’ll call you up. On the phone.
Okay, they can’t really talk. But they can communicate via the Koubachi Wi-Fi Plant Sensor, a sleek bubble-headed wand you stick in the soil next to one of your houseplants.
The sensor reads temperature, moisture levels, and light intensity to calculate the immediate needs of your plant, and the info is wirelessly piped to your computer and mobile devices. Now, you can keep an eye on Philly the Philodendron, whenever and wherever.
The battery-powered Wi-Fi Plant Sensor becomes “smarter” as time goes on (we should all be so lucky) as it learns the conditions inside your house, and it’ll automatically fine-tune its readings.
The splash-proof indoor model is $120, plus $48 shipping (from England). The waterproof outdoor version is $161, plus shipping. One Wi-Fi Plant Sensor can monitor room conditions and make recommendations for nearby plants (it’s a conference call!), so you don’t need a sensor for each pot.
I haven’t tried the Wi-Fi Plant Sensor, but I know a bunch of indoor plants that are dying for me to get one. Then I’ll be telling people, “I’m sorry, but you’ll have to excuse me — I’ve got to take this call from an anemic spider plant …”
‘Zombie Titles’ Plague Home Owners
January 15, 2013
DAILY REAL ESTATE NEWS | TUESDAY, JANUARY 15, 2013
Some refer to “zombie titles” as a little-known horror in the fallout of the foreclosure crisis. Thousands of home owners are discovering they may be legally liable for a home they thought they no longer owned.
In some of these cases, home owners receive a notice of a foreclosure sale and move out to give the home to the bank. But then the bank never completes the foreclosure.
“The banks are just deciding not to foreclose, even though the home owners never caught up with their payments,” Daren Blomquist, vice president at RealtyTrac, told Reuters.
According to housing experts, the problem of “zombie titles” is worsening, although no national databases track such titles.
“There are thousands of foreclosures in limbo, just hanging out there, just sitting, with nothing being done,” says Raymond Pianka, a Cleveland Housing Court. He says the problem is due to home owners who leave the home before an imminent foreclosure sale. Later, the home owners discover they’re legally responsible for the home. By that time, the house may have greatly deteriorated. And some home owners don’t even discover it until years later, such as when a municipality finally fines them for failing to keep the property.
Source: “‘Zombie Titles’ Haunt Victims of Foreclosure,” Reuters (January 2013)
The moral of this story is despite how difficult it is emotionally to face a foreclosure don’t just walk away! In the history of problem solving, ignoring a problem has never been a successful solution. There are options for dealing with the foreclosure that include short sale (many banks are offering incentives to do this and there are new short sale programs in place from Fannie Mae that include reduced paperwork, faster turn times and relocation funds for the seller) or deed-in-lieu. Foreclosure is not a fun time but make sure it stays where it belongs – in the past – so that you can move forward to brighter days.
Coolest Kitchen Sinks on the Planet
January 8, 2013
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Everything but the kitchen sink? No wonder — it gets so much use, that’s the last thing you’d ever toss!
The Transformer of Sinks
This multi-faceted model is a kitchen wizard. Optional strainers, colanders, cutting boards, and drain racks let you reconfigure and adapt this stainless steel sink to whatever task is at hand.
Type: Self-rimming drop-in
Material: 16-gauge stainless steel
Cost: $1,900 to $3,800, depending on accessories
Credit: Elkay
Sweet-Lookin’ Tough Guy
Big, deep soapstone sinks that harken to the days of Frank Lloyd Wright are making a comeback. Nearly impervious to stains and heat, soapstone requires only an occasional swipe of mineral oil to retain its beauty. It’s so dense that it won’t harbor bacteria, either, making it easy to clean. Save money and buy a used one where salvaged building materials are sold.
Type: Extra-deep (16 inches) apron-front
Material: Soapstone
Cost: $1,500 to $3,000
Credit: JAS Design Build / Vista Estate Imaging
Environmentally-Friendly SinkThis rustic double-bowl sink is made from molded magnesium oxide, a type of ceramic cement. Eco-wise, it trumps regular Portland cement with low embodied energy (it requires less energy to manufacture) and its ability to absorb carbon dioxide that contributes to global warming. A good choice for green kitchen remodeling.
Type: Integral (formed seamlessly into the countertop)
Material: Magnesium oxide
Cost: $125 per sq. ft. for the countertop, add $2,500 for the sink
Credit: Lithistone Double Integral Kitchen Sink/Brett Fitzgerald, photo
Statement in StoneLooking for a signature showpiece for your kitchen but don’t want to spend a ton? Vessel-type sinks carved from a single block of stone have beautiful natural swirls and patterns, and are great focal points. You’ll find them in granite, soapstone, travertine, and onyx. The one shown here is marble. For full viewing (and ease of use), set your vessel sink on a lowered portion of countertop.
Type: Vessel
Material: Carved marble
Cost: $250 to $900
Credit: Vangelis Paterakis
Cast ConcreteConcrete can be made into virtually any shape, including the one-piece drop-front sink shown here. Special molds are used to create the decorative designs. Concrete sinks can be ordered in many colors and finishes, and each piece usually has unique distinguishing patterns and textures. Concrete sinks must be sealed periodically with a concrete sealer; wipe up spills immediately to prevent stains.
Type: Apron-front
Material: Cast concrete
Cost: $1,000 to $3,000
Credit: Trueform Concrete, LLC
Timeless ClassicThe single-bowl, enameled cast-iron sink (in basic white, please) is one of the all-time most-popular kitchen helpmates. It’s inexpensive, tough, and a good match for any design scheme. This one was placed in a corner, which helps solve the problem of what to do with that wasted space at the back of corner cabinets.
Type: Self-rimming drop-in
Material: Enameled cast-iron
Cost: $150 to $1,000
Credit: Old Town Home blog
Sleek and SassyStainless steel sinks are especially at home with contemporary surroundings. This undermount type attaches under the countertop and makes cleanup a snap. Stainless steel sinks come in several gauges (the lower the gauge, the thicker the steel), but thickness is less important than sound-deadening material — look for sound-absorbing pads attached to the outside of the sink.
Type: Undermount
Material: Stainless steel
Cost: $150 to $4,000
Credit: Nicole White Designs Inc.
The Art of the SinkTough yet malleable, copper is a statement metal that readily accepts hand-tooled finishes and embossed designs. It develops a rich, dark patina with age, but you’ll need to avoid acidic liquids and harsh cleaners to prevent stains. Use homemade green cleaners to keep your copper sink looking great.
Type: Undermount
Material: 14-gauge copper
Price: $1,600
Credit: Rachiele
Say It with ColorIf color speaks volumes, why not let your kitchen sinks do a little fancy talking? Colorful kitchens are increasingly popular, and enameled cast-iron sinks offer deep, rich colors that grab the eye. “Every room should have surprises and punctuation marks,” says designer Jonathan Adler. “There’s nothing better than a colored sink to bring a kitchen to life.”
Type: Apron front
Material: Enameled cast-iron
Cost: $1,400 to $1,700
Credit: Kohler
The Gold StandardResistant to stains, scratches, and thermal shock, solid glass sinks can be molded to any shape and texture. These examples, as you might have noticed, are not your regular glass sinks — they’re infused with 24-carat gold for that “no-ordinary-kitchen” touch of precious metal that your culinary workspace so richly deserves.
Type: Self-rimming drop-in
Material: Borosilicate glass
Cost: $2,656
Credit: JSG Oceana Decorative Glass
What’s your favorite?
Real Estate and *stuff * 