SANPETE HOME OWNER SAVVY

STAGING A HOME CAN PAY FOR ITSELF MANY TIMES OVER!!!

If I only had a dollar for every time I tried to get clients to spruce things up... Of course a home is to live in, even while selling, but you're moving away, RIGHT? 

This link to "This Old House" has some of the best ideas ever for staging your home.  In fact, I'm NOT  thinking of selling, but I like these ideas, period.  You'll note that many of them DID NOT REPAINT OR REDECORATE, just made minor changes!

http://www.thisoldhouse.com/toh/photos/0,,20209521,00.html

FALL CHECKUP FOR YOUR HOME

This good bit of advice comes from Home Warranty of America's monthly newsletter!With the fall and winter months upon us, now is the time to do some routine maintenance around your home to prepare for the changing weather ahead. Taking the time to do some work now may save on some major expenses later. Some of these tasks can be performed by you, and some may need to be done by a professional.

Outside your home

   1. Clear debris out of window wells, gutters, downspouts, and storm drains.
   2. Remove garden hoses from spouts. Drain and store for the winter. Wrap spouts in insulation.
   3. Drain in-ground sprinkler systems.
   4. Check windows, doors, and siding for holes and cracks. Caulk as necessary.
   5. Check weather stripping on windows and doors for fit and condition. Replace as necessary.
   6. Inspect all soffit vents and other venting systems to make sure they're clear of debris.
   7. Check painted surfaces for paint failure, water damage, or mildew. Repair or repaint if needed.
   8. Check caulking where two different materials meet, where wood siding joins the foundation wall, at inside corners, and where the window and door trim meets the siding.
   9. Check for broken or cracked glass and damaged screens or storm windows. Check for loose putty around glass panes. Repair glass if necessary.
  10. Insulate outdoor faucets, pipes in unheated garages, and pipes in crawl spaces with materials such as rags or newspapers.

Read more
Inside your Home:

   1. Have a heating professional check your heating system every year. Replace your furnace filter.
   2. Woodburning stove connector pipes and chimneys should be inspected by a certified chimney sweep at least annually.
   3. Make sure you have proper insulation in both your attic and basement. While checking your insulation, if you see any dark, dirty spots, it may indicate you have air leaks coming into your home.
   4. Remove hair from drains in sinks, tubs, and showers.
   5. Test all smoke alarms. Replace batteries as necessary.
   6. Check your home around windows and doors for air leaks. An easy way to check for leaks is to move a lighter around the window or door frame and see if the flame moves with a breeze. If you find a leak, you can caulk it or you may have to replace the wood frame. Repairing these leaks can save you money on your energy bill during the cold months.
   7. Check for water leaks on the ceiling. Repair if needed.
   8. Make sure there are working nightlights at the top and bottom of all stairs.
   9. Protect your home from frozen pipes. How to do this.
  10. Test your emergency generator.

REVERSE MORTGAGE? MAYBE, MAYBE NOT

Seniors and Their Home Equity Threatened as Subprime Lenders, Abuses Appear in Reverse Mortgage Market

RISMEDIA, October 8, 2009—Abuses and abusers from the subprime mortgage market have begun showing up in the reverse mortgage market, putting at risk the equity and savings of millions of seniors.

That’s the main finding of “Subprime Revisited: How the Rise of the Reverse Mortgage Lending Industry Puts Older Homeowners at Risk,” a report issued recently by the National Consumer Law Center.

“In the reverse mortgage market, seniors face some of the same aggressive lending practices that were common in the subprime lending boom,” said Tara Twomey, an NCLC attorney and author of the report. “Well-funded marketing campaigns and perverse incentives to brokers are targeting seniors’ home equity and using reverse mortgages as their tools.”

As the new NCLC report notes: “Many of the same players that fueled the subprime mortgage boom—ultimately with disastrous consequences—have turned their attention to the reverse market. Lenders, including some of the nation’s largest banks, view that market as a source of profits that have dried up elsewhere. Mortgage brokers see it as a new source of rich fees. Predators who once reaped profits from exotic loans have now focused on wresting more wealth from vulnerable seniors. And securitization, which allowed subprime loan originators to disassociate themselves from the downside risks of abusive lending, is becoming commonplace in the reverse mortgage industry.”

U.S. Senator Claire McCaskill said this report validates the need for regulatory improvements in this industry in order to protect America’s seniors as well as our tax dollars. “We’ve seen this movie before and it didn’t have a pretty ending. Abuses in the subprime lending market almost brought down our economy. Now we’re seeing similar abuses with reverse mortgage lending–something needs to be done before more lifesavings are depleted and more tax dollars are drained,” McCaskill said.

This report describes the growth of an aggressive and dangerous reverse mortgage sales culture that has outstripped the limited resources and uncertain funding for the counseling agencies that current laws rely on to prevent reverse mortgage abuses.

“We urgently need stronger protections for reverse mortgage borrowers, especially a suitability standard that obligates those who arrange and profit from reverse mortgage deals to seek to avoid harming the financial interests of elderly clients,” Twomey said.

The report also calls for the extension of reverse mortgage protections to all equity conversion products aimed at seniors, a prohibition on yield spread premiums and other perverse incentives in the reverse mortgage market and better data collection by lenders.

“Reverse mortgages are complicated and expensive financial products that must be used wisely and regulated carefully, or profit and volume driven sales efforts can open the door to abuses and fraud,” said Odette Williamson, an NCLC attorney.

The report also highlights the danger of predators who use reverse mortgages as tools in schemes to steal the home equity of unsuspecting seniors, or to fund the purchase of expensive insurance and financial products that pay high commissions.

For more information, visit http://www.consumerlaw.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

HOMEBUYERS ARE PAYINGS CLOSER TO LISTING PRICE, BUT NEGOTIATE DISCOUNTS

U.S. Homebuyers Pay Closer to Listing Price in August, but Are Still Negotiating Thousands in Discounts

lead webRISMEDIA, October 9, 2009—Home buyers in much of the U.S. are still paying thousands of dollars below the home’s asking price, but had slightly less negotiating power in August 2009 than they did in July, according to the August Zillow Real Estate Market Reports. Buyers paid a median $6,525, or 3% less than the last listing price on homes bought in August, down from $7,018, or 3.3%, less for homes bought in July. Negotiating power peaked in January 2009, when buyers were paying 4.5% less than last listing price, a median of $10,096. Meanwhile, sellers continue to cut prices on unsold homes. One quarter (24.7%) of all homes listed for sale on Zillow had at least one listing price reduction as of Oct. 1, 2009. The median U.S. price reduction was 6.6% off the original listing price.

Florida home buyers again in August had the most negotiating power, with buyers in the Vero Beach metropolitan statistical area (MSA) paying 8.9%, or a median $20,974, less than the last listing price. Buyers in the Naples MSA paid 8% less than list price. The Naples, Daytona Beach, Miami-Fort Lauderdale, Ocala, Lakeland, Punta Gorda, Melbourne, Gainesville, Tampa, Jacksonville and Fort Myers MSAs also ranked, in that order, as the top markets for negotiation.

But in two California markets, buyers paid more than asking price during August. In the El Centro MSA, buyers paid 2.2%, or a median $2,479, more than asking price. In the Stockton MSA, buyers paid 1.3%, or $2,515, more.

“Negotiating power is a clear reflection of inventory levels, which dropped nationally in August. Tighter supply in some markets is translating into less of a discount off listing price,” said Zillow Chief Economist Dr. Stan Humphries. “Unfortunately, the brisk spring and summer home shopping season is drawing to a close now, and with foreclosures on the rise again, inventory levels will likely head back up in the coming months, leading buyers’ negotiating power to regain the ground it lost in August.”

For more information, visit www.Zillow.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.


Read more: http://rismedia.com/2009-10-08/u-s-homebuyers-pay-closer-to-listing-price-in-august-but-are-still-negotiating-thousands-in-discounts/#ixzz0TRm5nPP6

CREDIT WOES TO THREATEN HOUSING RECOVERY?

Oh, I HATE articles like this, but to be fair, I want you to read it.  Hmmm...

September 30, 2009—Nearly two-thirds of single-family home builders are reporting a severe lack of credit for housing production, threatening the fragile housing recovery before it has time to take hold, according to a new builder survey of acquisition, development and construction (AD&C) financing conducted by the National Association of Home Builders (NAHB).

“Across the country, home builders and developers are reporting a deterioration in credit availability and intensifying pressure on borrowers with outstanding loans,” said NAHB Chairman Joe Robson, a home builder from Tulsa, OK. “Lenders are cutting off loans for viable new housing projects and producing unnecessary foreclosures and losses on AD&C loans. With the pending expiration of the $8,000 first-time home buyer tax credit, these challenges threaten to halt any positive developments we have seen in the housing market in recent months.”

In the latest NAHB survey of AD&C financing conditions, 63% of builders stated that the availability of credit for single-family construction loans worsened in the second quarter of 2009.

Builders reporting deteriorating credit conditions cited the following reasons: 80% said that lenders are lowering the allowable loan-to-value ratio, 76% reported that lenders are not making new loans, 75% stated that lenders are reducing the amount they are willing to lend and 62% said that lenders are requiring personal guarantees or collateral not related to the project. Two-thirds of respondents reported putting single-family construction projects on hold until the financing climate gets better.

While federal banking regulators continue to maintain that they are not instructing institutions to stop making loans or to indiscriminately liquidate outstanding loans, builders responding to the survey cited the top reason that lenders have given them for restricting the availability of new loans or for tightening the terms of outstanding loans is that “regulators are forcing lenders to do it.”

NAHB believes that regulators and lenders should provide leeway to residential construction borrowers who have loans in good standing by providing flexibility on re-appraisals, loan modifications and perhaps forbearance on loans to give builders time to complete and sell their inventory.

“There can be no meaningful economic recovery until the flow of credit is restored to housing,” said Robson.

For more information, visit www.nahb.org.

FALL MAINTENANCE...So SOON??

 Home Maintenance Tip -

It's Fall: Time to Prepare Your Home for Winter

Fall maintenance is important because it helps make homes more energy efficient during the winter months, and will safeguard homes against potential seasonal 'disasters' such as leaking roofs or home fires caused by neglected chimneys. Here are ten tips to a safer, warmer winter.

TIP #1 -- Check the heating system. Check the filter, pilot light and burners in a system fueled by gas or oil. Fireplaces, boilers, water heaters, space heaters and wood burning stoves should also be serviced every year. Have the specialist inspecting your unit show you how to change the filter and then you should change it at least once every 2 months. Clean ducts in the heating system. Clean and vacuum dust from vents, baseboard heaters and cold air returns. Dust build-up in ducts is a major cause of indoor pollutants. Ducts should be professionally cleaned about every three years.

TIP #2 -- Have the chimney inspected by a qualified chimney professional. Chimneys should be checked and cleaned, if necessary, on an annual basis. If you are using a wood stove this season, be sure that the stovepipe was installed correctly according to the manufacturer's recommendations and local codes. If there is any doubt, a building inspector or fire official can determine whether the system is properly installed. If you have a chimney that will not be used, consider having it sealed shut.

TIP #3 -- Test fire alarms, smoke detectors and carbon monoxide detectors, and vacuum out the dust. Batteries should be checked every six months to ensure that they're working.

TIP #4 -- Remove excess leaves and damaged branches from trees surrounding the house. Dead branches have the potential to break and fall, ruining roofs, decks, or vehicles and the possibly causing injuries to people.

TIP #5 -- Maintain gutters. Remove all debris that can slow or impede the ability of water to drain effectively from the roof. Trapped water can be destructive not only to the gutters themselves but to the adjoining roof as well. Make sure gutter water drains away from your home.

TIP #6 -- Inspect the roof. Look for damaged or loose shingles, gaps in the flashing at joints with siding, vents and flues, as well as damaged mortar around the chimney.

TIP #7 -- Inspect exterior walls, doors and windows. Check walls and window sills for damage such as cracks, gaps, loose or crumbling mortar, along with splitting and decaying wood. Caulk exterior joints around windows and doors, which helps keep the home weather tight and lower heating bills. Check windows and doors to make sure locks work properly and that they are in good condition. Clean tracks and lubricate hinges. Repair or replace any cracked windows.

TIP #8 -- Maintain steps and handrails. Repair broken steps and secure loose banisters and handrails. Broken steps can cause a dangerous fall. Similarly, a person slipping will grab a handrail for support.

TIP #9 -- Inspect the attic and basement or crawlspace. Insulate voids in the attic - the entire attic floor above a living space should be insulated with at least six inches of insulation, except around electrical fixtures such as recessed lights that aren't rated for contact with insulation. Damp basements and crawl spaces can become mold and mildew problems. Watch for leaks from your water heater, plumbing system and seeping rain water from the roof. Locate and maintain a clear access to your main water shut off valve. If you have a sump pump, test, clean and lubricate it.

TIP #10 -- Shut down sprinkler systems and outside faucets. Homeowners can shut down outside faucets, however weatherizing the underground sprinkler system is best performed by industry professionals who will flush the system before the cold sets in, preventing cracked pipes.

TODAY'S INTEREST RATES 09/10/2009

Rates for 9/10/09    

 

Based on a 30 Yr. fixed / 30 day lock / > 740 Credit /  > 160k loan amount

 

FHA –                    4.875%

VA –                      5.00%

Rural Housing -   5.00%

Conventional -  5.00%

 

What to do with a KITCHEN OIL FIRE

I received this via email today, and it's the sort of thing you want EVERYONE YOU KNOW to see.  Please read the attached letter first.  You will need to copy and paste the link.

http://www.youtube.com/watch?v=sZGzbd0IvUE

Lifesaving tip

 READ BEFORE YOU WATCH THE VIDEO!!

Dear Friends,

I was Executive Director of the Institute for Burn Medicine for San Diego and Imperial Counties when we lived in
California ..  Besides raising the money to establish a Burn Treatment Center at the University Hospital there, I conducted extensive public education campaigns in Burn Prevention.

A friend recently sent me the attached short video - and like an old fire-horse I heard the bell ring and am rushing to send this excellent prevention piece to each of you. It is well worth watching! And it could save your life.

This is very stunning - please read first and then watch the very short clip.

I never realized that a wet dishcloth can be a one size fits all lid to cover a fire in a pan!

This is a dramatic video (30-second, very short) about how to deal with a common kitchen fire ...oil in a frying pan. Read the following Introduction, then watch the show ...It's a real eye-opener!!

At the Fire Fighting Training school they would demonstrate this with a deep fat fryer set on the fire field. An instructor would don a fire suit and using an 8 oz cup at the end of a 10-foot pole toss water onto the grease fire.

The results got the attention of the students. The water, being heavier than oil, sinks to the bottom where it instantly becomes superheated.

The explosive force of the steam blows the burning oil up and out. On the open field, it became a thirty foot high fireball that resembled a nuclear blast.

Inside the confines of a kitchen, the fire ball hits the ceiling and fills the entire room..  Also, do not throw sugar or flour on a grease fire. One cup of either creates the explosive force of two sticks of  dynamite.

This is a powerful message----watch the video and don't forget what you see.

Tell your whole family about this video.  Or better yet, send this to them. 

 

http://www.youtube.com/watch?v=sZGzbd0IvUE

COMEDY CENTRAL TAKES ON THE TREASURY SECRETARY Trying to sell his own home

This is clearly a spoof at the expense of Secretary of the Treasury, Timothy Geitner, but under the guise of humor it speaks volumes!

http://agentinnercircle.com/newsletter/issue_1156a/funnyvideo.shtml

If this link doesn't work directly from the blog, cut and paste it.  And then shake your head....

TOP-SHELF AMENITIES TO KEEP YOUR PROPERTY COMPETITIVE

Lowe's has an awesome websdite that is continually updated to reflect current trends and materials.  This is a great article on Kitchens and Baths.  Whoever wrote this article was a little Sassy!  I like her (his?) style!

Kitchen and Bathroom Trends

By: 

Andy Mitchell

Issue Date: 

August 2009

So what's the silver bullet—the thing that every new tenant will be looking for this year? Is stainless steel still the leading trend? Granite countertops? Hardwood floors? It turns out when it comes to amenities, the more modern they are, the more attractive they are to prospective residents.

More bang for your client's buck
When the housing bubble burst last year, it opened up the supply of higher-end, luxury properties. “All these condos downtown are now luxury rentals,” says Nathan Brown, property manager and broker with Chicago-based Triview Property Management. Because of this, new renters have been clamoring for upgrades on their apartments.

 “They are more likely to come in and say, ‘I want this, because I don't have it now,’” Brown says.

Brown adds that potential residents will often come into his office with a list of amenities they're hoping for—everything from a fitness room and doorman to a washer and dryer unit and hardwood floors. And lately, he's been surprised by how they've managed to get everything on that list.

“Clients are able to get a lot more for their money,” he said. “The going theme for 2009 is more bang for your buck.”

Vintage loses its luster
As new and modern properties come on the market, older “vintage” properties see their potential shrinking without updated interiors. Maurice Ortiz, the marketing director of Chicago-based agency, Apartment People, says the majority [of people] are looking for hardwood floors, stainless steel and granite. “In general, everyone is looking for a new or updated kitchen and bathroom. Not many people are looking for carpeting anymore,” he adds

Which is not to say people aren't interested in living in vintage buildings. But more often than not, that interest is solely directed at what's on the outside of the property. “People like a vintage exterior,” Ortiz said. “If there's a modern interior.”

The easiest way to show off that modern interior is to start with your kitchens and bathrooms. “Everyone looks at your kitchens and bathrooms first,” Ortiz said, so if you can't completely overhaul the apartment, those two rooms are the best places to start.

After that, Ortiz says the next logical step is to get rid of the carpet and install some hardwood floors. This can be expensive, but it can help add value to the property and attract more tenants in the long run.

“Hardwood floors are definitely more expensive,” he said, “but they're easier to maintain and they last longer [than carpeting].”

Make it look new
The secret to staying competitive in this recession is to recognize that people are looking to pay less for more. As the news keeps reporting home prices falling, more and more potential residents will be sniffing out deals on higher end amenities.

But before you break your own budget trying to keep up with the latest in luxury amenities, remember what will be most useful. A multi-unit building could become more attractive with an exercise room, but if it's a waste of space in a smaller building with three or four apartments.

A washer and dryer in the apartment is a huge draw for prospective tenants, Ortiz says. But they come at a steep cost. For those with a smaller budget, attractive amenities begin with the bathroom and kitchen. Even if it's not the latest appliances, starting small can be a big help.

“You don't have to put in granite and stainless,” Ortiz said, “but at least make it look remodeled.”

Overall, both Ortiz and Brown said that people tend to think positively of a place if they're aware of any recent improvements.

“[People] are looking at the overall feel of the place,” Brown said. “Even if it only feels like it's been recently redone. Sometimes even that is enough.”

What to do next
In order to compete, it is necessary to keep up with the current and popular trends in amenities. You can find out more through classes with the National Property Management Association (NPMA) or any local property management association. But don't forget your most valuable resource—your current and potential tenants. When showing the property for potential residents, have them fill out a quick survey beforehand about what kind of amenities they are most attracted too. You can also hand out a similar survey to current residents when it comes time to renew their leases.

The bottom line is this: The more modern the amenities and the newer the property looks, the easier it is to find people who want to call the place their home.