Daily Real Estate News | April 28, 2010 |
Fannie Mae is extending through June 30 an incentive program that gives buyers of distressed properties in its inventory a 3.5 percent rebate of the final sales price. The money can be used toward closing costs or for selected appliances. The program began in January and was set to expire April 30.
Fannie has more than 62,000 homes listed on Homepath.com. It wouldn’t comment on the volume of sales driven by its deal, but the company reported owning 86,000 properties at the end of 2009.
Source: Reuters News, Lynn Adler (04/27/2010)
Thursday, April 29, 2010
Wednesday, April 28, 2010
Service Members Get Extra Year for Tax Credit
Daily Real Estate News | April 28, 2010 |
Members of the U.S. military, foreign service and intelligence communities have another year to purchase a home and claim the home buyer tax credit.
Any service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010, has until April 30, 2011, to sign a sales contract and until June 30, 2011, to close on the property. Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included in the extension.
The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they receive government orders to move.
Source: The National Association of Home Builders (04/26/2010)
Members of the U.S. military, foreign service and intelligence communities have another year to purchase a home and claim the home buyer tax credit.
Any service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010, has until April 30, 2011, to sign a sales contract and until June 30, 2011, to close on the property. Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included in the extension.
The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they receive government orders to move.
Source: The National Association of Home Builders (04/26/2010)
Tuesday, April 27, 2010
COLLIN COUNTY – Population update!
Information from Collin County Commissioner Joe Jaynes
SEE JOE JAYNES’ WEBSITE FOR DETAILED POPULATION #’S!
http://www.joejaynes.com/blog/
Overall, Collin County grew by 19,350 people last year. This averages to 53 new residents a day moving into Collin County. Listed below are the figures for cities over 1,000 in population:
More than half of last year's growth throughout the sixteen county North Texas region took place in ten cities. Fort Worth grew by 15,950 to a total population of 736,200. Dallas increased by 10,000 new residents for a total population of 1,316,350. Frisco added 6,250 residents to bring the city's population to 107,050.
McKinney came in fourth by adding 5,050 people to bring its total population to 126,900 and Denton rounded out the top five by adding 3,050 people to bring its total population to 110,300.
Rockwall, Prosper, Mesquite, Richardson and Irving are the remainder of the top ten fastest growing cities in the region with Prosper adding 2,250 new people for a 31.69% growth rate. Like last year, three of the top ten fastest growing cities in the region are in Collin County.
COG also estimates that by 2030 Collin County's population will be approximately 1.2 million citizens. This means that over the next twenty years another 413,750 people will be moving to Collin County which will result in a 52% increase in our population. While growth has slowed in the last couple of years, Collin County is still ranked as the 13th fastest growing county in the nation.
SEE JOE JAYNES’ WEBSITE FOR DETAILED POPULATION #’S!
http://www.joejaynes.com/blog/
Overall, Collin County grew by 19,350 people last year. This averages to 53 new residents a day moving into Collin County. Listed below are the figures for cities over 1,000 in population:
More than half of last year's growth throughout the sixteen county North Texas region took place in ten cities. Fort Worth grew by 15,950 to a total population of 736,200. Dallas increased by 10,000 new residents for a total population of 1,316,350. Frisco added 6,250 residents to bring the city's population to 107,050.
McKinney came in fourth by adding 5,050 people to bring its total population to 126,900 and Denton rounded out the top five by adding 3,050 people to bring its total population to 110,300.
Rockwall, Prosper, Mesquite, Richardson and Irving are the remainder of the top ten fastest growing cities in the region with Prosper adding 2,250 new people for a 31.69% growth rate. Like last year, three of the top ten fastest growing cities in the region are in Collin County.
COG also estimates that by 2030 Collin County's population will be approximately 1.2 million citizens. This means that over the next twenty years another 413,750 people will be moving to Collin County which will result in a 52% increase in our population. While growth has slowed in the last couple of years, Collin County is still ranked as the 13th fastest growing county in the nation.
Friday, April 23, 2010
Lena Milstead - Named one of Top 50 Women in Business!
Our own Lena Milstead has been named one of the Top 50 Women In Business in the April 2010 edition of McKinney Living magazine!
Lena Mistead – Co-Owner, Broker Associate – The Milstead Team, Keller Williams Realty
With 25 years of experience in real estate and 15 years in banking, Lena Milstead brings a wealth of knowledge to The Milstead Team. She is a graduate of UNT and Southwestern Graduate School of Banking, and SMU. She is a Certified Residentiall Specialist, Graduate of Realtor Institute, Historical Preservation Specialist, and has Referral and Relocation Certification.
Passion for the community drives Lena to give back to her community. She has served on boards and committees for the McKinney Chamber of Commerce, the City of McKinney, and the Real Estate Association. She is active in High Pointe Church of Christ and serves on the North Texas Christian Academy Board. The Milsteads have been in real estate for three generations. Early Milstead, Sr. was licensed in the 1950’s, and husband Early B. and daughter Holly complete the real estate family. Grand-daughter Morgan is in training!
Lena is recognized among peers and clients as a woman of strong character and unwavering principles. Through these, her goal is to create clients for life.
Lena Mistead – Co-Owner, Broker Associate – The Milstead Team, Keller Williams Realty
With 25 years of experience in real estate and 15 years in banking, Lena Milstead brings a wealth of knowledge to The Milstead Team. She is a graduate of UNT and Southwestern Graduate School of Banking, and SMU. She is a Certified Residentiall Specialist, Graduate of Realtor Institute, Historical Preservation Specialist, and has Referral and Relocation Certification.
Passion for the community drives Lena to give back to her community. She has served on boards and committees for the McKinney Chamber of Commerce, the City of McKinney, and the Real Estate Association. She is active in High Pointe Church of Christ and serves on the North Texas Christian Academy Board. The Milsteads have been in real estate for three generations. Early Milstead, Sr. was licensed in the 1950’s, and husband Early B. and daughter Holly complete the real estate family. Grand-daughter Morgan is in training!
Lena is recognized among peers and clients as a woman of strong character and unwavering principles. Through these, her goal is to create clients for life.
Thursday, April 22, 2010
News Alert: Home sales surge 6.8 percent in March
10:04 AM EDT Thursday, April 22, 2010
--------------------
Home sales rose more than expected in March, reversing three months of declines, as government incentives drew in buyers and kicked off what's expected to be a strong spring selling season.
The National Association of Realtors says sales of previously occupied homes rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million last month, the highest level since December. February's sales figures were revised downward slightly to 5.01 million.
Sales had been expected to rise about 5.2 percent to 5.28 million, according to economists surveyed by Thomson Reuters.
The results show the housing market may be stabilizing after a devastating bust. But the true test will be whether the market can stand on its own after federal tax credits expire at the end of this month.
For more information, visit washingtonpost.com:
http://link.email.washingtonpost.com/r/92KH5M/0TGVR/AKILGA/6IAAT9/PBFDN/KI/t
--------------------
Home sales rose more than expected in March, reversing three months of declines, as government incentives drew in buyers and kicked off what's expected to be a strong spring selling season.
The National Association of Realtors says sales of previously occupied homes rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million last month, the highest level since December. February's sales figures were revised downward slightly to 5.01 million.
Sales had been expected to rise about 5.2 percent to 5.28 million, according to economists surveyed by Thomson Reuters.
The results show the housing market may be stabilizing after a devastating bust. But the true test will be whether the market can stand on its own after federal tax credits expire at the end of this month.
For more information, visit washingtonpost.com:
http://link.email.washingtonpost.com/r/92KH5M/0TGVR/AKILGA/6IAAT9/PBFDN/KI/t
Wednesday, April 21, 2010
Adult Treehouses Are Tops
Daily Real Estate News | April 21, 2010 |
The treehouse is becoming the hottest thing in backyard amenities.
They are particularly attractive to adults seeking a novel place to get away and relax.
The typical cost is $40,000 to $80,000 for a 200-square-foot, fully furnished treehouse with electricity and, possibly a bathroom and a kitchen.
The most difficult part of constructing a tree house can be getting permits. Failing to get a permit can be a big mistake, treehouse builders say.
"You can be technical to the nth degree, but the treehouse may still be considered a nuisance if your neighbors see it that way," says Pete Nelson, author of five books on treehouses and co-founder of TreeHouse Workshop, a Seattle-based design and construction firm that's built more than 100 treehouses.
Source: The Wall Street Journal, Sarah Max (04/07/2010)
The treehouse is becoming the hottest thing in backyard amenities.
They are particularly attractive to adults seeking a novel place to get away and relax.
The typical cost is $40,000 to $80,000 for a 200-square-foot, fully furnished treehouse with electricity and, possibly a bathroom and a kitchen.
The most difficult part of constructing a tree house can be getting permits. Failing to get a permit can be a big mistake, treehouse builders say.
"You can be technical to the nth degree, but the treehouse may still be considered a nuisance if your neighbors see it that way," says Pete Nelson, author of five books on treehouses and co-founder of TreeHouse Workshop, a Seattle-based design and construction firm that's built more than 100 treehouses.
Source: The Wall Street Journal, Sarah Max (04/07/2010)
Tuesday, April 20, 2010
Can Color Cost You a Sale?
Use Color Psychology on Your Listings - The science behind color can guide your color decisions.
By Melissa Dittmann Tracey – Article - Realtormag.com
Take care when giving color advice to home sellers. Their color choices might be sending the wrong message to potential buyers. Many salespeople and stagers say neutral beige or off-white walls are what sells listings—but a touch of color may be just what you need to revive buyers' interest in a languishing listing. And although beige may offend no one, the right color on a home's walls or spotlighted in the accessories can trigger positive physiological and psychological responses among potential buyers.
“Color can change how you feel; it has an instantaneous effect," says design psychologist Constance Forrest, principal of Forrest Painter Design in Venice, Calif., who incorporates psychological techniques in the design of interior spaces. "If people walk into a space and sense a warm color, they immediately get a sense of a cozy home and will probably react positively."
White, on the other hand, "makes the room invisible," Forrest says. "White is a missed opportunity to create a feeling in the space. It doesn't help buyers imagine themselves in the home." (Not to mention, in Asian cultures, white is associated with death and can add a certain doom to listings.) Forrest says that pastel colors—which have a mostly white base—can have a similar, invisible effect.
Responsive Hues
Research on color responses has shown that warm colors, such as orange and red, can increase excitement and energy, whereas cooler hues, such as blue, can be calming and relaxing. Indeed, research shows color can influence a person's senses—even body temperature—and make scenes more memorable. Knowing the responses colors evoke offers insight into where and when you should use color in a home to appeal to buyers.
Go Green, Cautiously
“Many studies have been done on the impact of color in packaging on purchasing decisions," says Debbie Zimmer, spokeswoman for The Rohm and Haas Paint Quality Institute, a research and education group on decorating and color techniques. "You can take that concept of color and paint and apply it to a space to create a mood in a home."So what color can lift a buyer's spirits? The most potent color is green, Forrest says. In light-spectrum research that focused on treatments for season affective disorder, she notes, subjects exposed to green colors were in better moods than any of the other subjects tested. But before you start splashing green on all your listings, take caution. Not all shades of green are a safe bet. For example, lime greens—or any yellows with green undertones—"look sickly to most buyers," says interior designer Jeanette Fisher, an author of 22 books on design psychology. Fisher has used color techniques to redo and sell homes for more than 20 years. Medium shades of green such as sage—and bedrooms painted in creamy tones of green—can be a good choice, she says. Fisher also favors buttery yellows inside and out, complemented with white trim accents.
4 Steps to Selecting a Color
To select the right color for each room of your listing, design experts recommend applying the following strategies.
1. Coordinate with the room's use. Certain colors lend themselves to certain activities. For example, studies show that kitchen and dining areas painted in "food colors"—such as celery green or red—increase appetite, whereas blue acts as an appetite suppressant. On the other hand, the tranquility evoked by blue makes it ideal for bedrooms, Fisher says.
2. Paint for the season. Color directly impacts your senses, making a room's temperature feel cooler or warmer. For example, bring in warm colors—such as reds, oranges, and yellows—in the fall and winter months, and cooler colors—greens, blues, and purples—during the spring and summer. To save yourself some hassle, paint just one accent wall in a room, or bring out the season-appropriate colors using accessories such as throw pillows or a vase of flowers.
3. Use a directional approach. The effect of color on perceived temperature also means that the direction a room faces should influence color choices. North-facing rooms may not feel as warm and inviting to buyers because they don't get as much sunlight, an impression that can be lessened by painting them a warm color. "If you have a very warm room that is facing south, and you want to cool it or calm it down, use cooler hues of blue or green," Zimmer suggests.
4. Harmonize. You can also use color to provide a sense of order and balance in a home. Using variations of the same color throughout a house, rather than painting every room a different, contrasting color, provides a sense of flow from one room to another and doesn't distract buyers' eyes.
"Color is always a very personal choice," Zimmer adds. "So color choices can be subtle. A color doesn't have to be McDonald's yellow or Red Roof Inn red to be noticed. It can be a derivative or a subtle tint or tone of those particular colors to create the warming effect buyers".
By Melissa Dittmann Tracey – Article - Realtormag.com
Take care when giving color advice to home sellers. Their color choices might be sending the wrong message to potential buyers. Many salespeople and stagers say neutral beige or off-white walls are what sells listings—but a touch of color may be just what you need to revive buyers' interest in a languishing listing. And although beige may offend no one, the right color on a home's walls or spotlighted in the accessories can trigger positive physiological and psychological responses among potential buyers.
“Color can change how you feel; it has an instantaneous effect," says design psychologist Constance Forrest, principal of Forrest Painter Design in Venice, Calif., who incorporates psychological techniques in the design of interior spaces. "If people walk into a space and sense a warm color, they immediately get a sense of a cozy home and will probably react positively."
White, on the other hand, "makes the room invisible," Forrest says. "White is a missed opportunity to create a feeling in the space. It doesn't help buyers imagine themselves in the home." (Not to mention, in Asian cultures, white is associated with death and can add a certain doom to listings.) Forrest says that pastel colors—which have a mostly white base—can have a similar, invisible effect.
Responsive Hues
Research on color responses has shown that warm colors, such as orange and red, can increase excitement and energy, whereas cooler hues, such as blue, can be calming and relaxing. Indeed, research shows color can influence a person's senses—even body temperature—and make scenes more memorable. Knowing the responses colors evoke offers insight into where and when you should use color in a home to appeal to buyers.
Go Green, Cautiously
“Many studies have been done on the impact of color in packaging on purchasing decisions," says Debbie Zimmer, spokeswoman for The Rohm and Haas Paint Quality Institute, a research and education group on decorating and color techniques. "You can take that concept of color and paint and apply it to a space to create a mood in a home."So what color can lift a buyer's spirits? The most potent color is green, Forrest says. In light-spectrum research that focused on treatments for season affective disorder, she notes, subjects exposed to green colors were in better moods than any of the other subjects tested. But before you start splashing green on all your listings, take caution. Not all shades of green are a safe bet. For example, lime greens—or any yellows with green undertones—"look sickly to most buyers," says interior designer Jeanette Fisher, an author of 22 books on design psychology. Fisher has used color techniques to redo and sell homes for more than 20 years. Medium shades of green such as sage—and bedrooms painted in creamy tones of green—can be a good choice, she says. Fisher also favors buttery yellows inside and out, complemented with white trim accents.
4 Steps to Selecting a Color
To select the right color for each room of your listing, design experts recommend applying the following strategies.
1. Coordinate with the room's use. Certain colors lend themselves to certain activities. For example, studies show that kitchen and dining areas painted in "food colors"—such as celery green or red—increase appetite, whereas blue acts as an appetite suppressant. On the other hand, the tranquility evoked by blue makes it ideal for bedrooms, Fisher says.
2. Paint for the season. Color directly impacts your senses, making a room's temperature feel cooler or warmer. For example, bring in warm colors—such as reds, oranges, and yellows—in the fall and winter months, and cooler colors—greens, blues, and purples—during the spring and summer. To save yourself some hassle, paint just one accent wall in a room, or bring out the season-appropriate colors using accessories such as throw pillows or a vase of flowers.
3. Use a directional approach. The effect of color on perceived temperature also means that the direction a room faces should influence color choices. North-facing rooms may not feel as warm and inviting to buyers because they don't get as much sunlight, an impression that can be lessened by painting them a warm color. "If you have a very warm room that is facing south, and you want to cool it or calm it down, use cooler hues of blue or green," Zimmer suggests.
4. Harmonize. You can also use color to provide a sense of order and balance in a home. Using variations of the same color throughout a house, rather than painting every room a different, contrasting color, provides a sense of flow from one room to another and doesn't distract buyers' eyes.
"Color is always a very personal choice," Zimmer adds. "So color choices can be subtle. A color doesn't have to be McDonald's yellow or Red Roof Inn red to be noticed. It can be a derivative or a subtle tint or tone of those particular colors to create the warming effect buyers".
Monday, April 19, 2010
Collin County Real Estate Market Skyrockets!
Per CCAR.net - April 19, 2010
The Collin County Association of Realtors reports that new home listings in March in Collin County and surrounding areas jumped to their highest level in two-and-a-half years. In addition, last month proved to be the best month of March the area has seen since 2005.
"These dramatic improvements in the local real estate market indicators are really exciting, especially when we are still hearing horror stories about real estate activity from other parts of the country," says Steve Haid, CCAR member services director.
The CCAR Pulse, which delves into the real estate markets of 36 local communities, also reports that listings under contract are at their highest level since July 2008. Furthermore, closed sales are up 23.3 percent over one year ago, and the time it takes to sell a home decreased 13 percent from last March. Median sales price is up 4.5 percent over a year ago to $175,000.
Even though sellers are enjoying improvements in the market, it is still a great time to buy a home. Mortgage rates continue to be very low, and homes in this area are very affordable. The Housing Affordability Index was 152 in March. That means that the median family income is 152 percent of the income necessary to qualify to purchase the median priced home.
"Although foreclosure remains an important issue for homeowners, our first quarter 2010 foreclosure report shows that there are only 940 foreclosures available for sale in the Multiple Listing Service database. This is the first time that number has been below 1,000 since the second quarter of 2006," notes Haid.
There continues to be a high demand for foreclosure properties, and buyers are rapidly absorbing the available foreclosure homes on the market. In the first quarter, only 10.6 percent of new listings in the Multiple Listing Service were foreclosure properties, while 23.3 percent of sales were from foreclosures.
Overall, the local real estate market is experiencing healthy growth with marked improvements in new listings, listings under contract, and closed sales. At the same time, foreclosures are having a reduced impact on the overall market. These improvements began locally about six months ago.
"We are very happy for buyers and sellers, who had delayed their moves until things got better. Many have now realized their dream," says Haid. "We look forward to more excitement in the real estate market as we come into the peak season of late spring and early summer."
The Collin County Association of Realtors reports that new home listings in March in Collin County and surrounding areas jumped to their highest level in two-and-a-half years. In addition, last month proved to be the best month of March the area has seen since 2005.
"These dramatic improvements in the local real estate market indicators are really exciting, especially when we are still hearing horror stories about real estate activity from other parts of the country," says Steve Haid, CCAR member services director.
The CCAR Pulse, which delves into the real estate markets of 36 local communities, also reports that listings under contract are at their highest level since July 2008. Furthermore, closed sales are up 23.3 percent over one year ago, and the time it takes to sell a home decreased 13 percent from last March. Median sales price is up 4.5 percent over a year ago to $175,000.
Even though sellers are enjoying improvements in the market, it is still a great time to buy a home. Mortgage rates continue to be very low, and homes in this area are very affordable. The Housing Affordability Index was 152 in March. That means that the median family income is 152 percent of the income necessary to qualify to purchase the median priced home.
"Although foreclosure remains an important issue for homeowners, our first quarter 2010 foreclosure report shows that there are only 940 foreclosures available for sale in the Multiple Listing Service database. This is the first time that number has been below 1,000 since the second quarter of 2006," notes Haid.
There continues to be a high demand for foreclosure properties, and buyers are rapidly absorbing the available foreclosure homes on the market. In the first quarter, only 10.6 percent of new listings in the Multiple Listing Service were foreclosure properties, while 23.3 percent of sales were from foreclosures.
Overall, the local real estate market is experiencing healthy growth with marked improvements in new listings, listings under contract, and closed sales. At the same time, foreclosures are having a reduced impact on the overall market. These improvements began locally about six months ago.
"We are very happy for buyers and sellers, who had delayed their moves until things got better. Many have now realized their dream," says Haid. "We look forward to more excitement in the real estate market as we come into the peak season of late spring and early summer."
Friday, April 16, 2010
Why you should hug a Realtor
By RICK CASEY - HOUSTON CHRONICLE - April 5, 2010, 9:56AM
... it is refreshing to read in a national report this sentence about the economic disaster caused by a real estate bubble:
“If there's one single thing that Congress can do now to help protect borrowers from the worst lending excesses that fueled the mortgage and financial crises, it's to follow the Lone Star State's lead.”
Of course Alyssa Katz, a real estate expert who wrote those words for Slate Magazine, had to begin her piece with a bit of attitude: “It's one of the great mysteries of the mortgage crisis: Why did Texas — Texas, of all places! — escape the real estate bust? Only a dozen states have lower mortgage foreclosure and default rates, and all of them are rural places like Montana and South Dakota, where they couldn't have a real estate boom if they tried.”
Some political leaders happily take credit for Texas, which led the nation in the savings and loan debacle of the late 1980s but these days looks like it primly declined an invitation to an orgy.
I know you don't believe the politicians, and you're right. The credit for our virtue belongs to a dedicated group of — are you ready for this? — lobbyists.
Let me set the scene.
It was 1997, nearly the beginning of the 21st century, and a lot of Texans felt that it was about time we joined the 20th century when it came to allowing people to borrow against the value of their houses. Scarred by unscrupulous bankers in the 19th century, the framers of our state constitution had banned the practice as a way to keep innocent residents from losing their homes. Texas was, by 1997, the last state in the union to bar home equity loans.
There were good arguments for joining the rest of the country. Philosophically, it was an issue of property rights. You should be able to take advantage of the unpledged value of your house. Financially, it was a no-brainer. The interest on second mortgages was a lot lower than that on credit cards or other unsecured loans. What's more, the interest was tax deductible.
The Realtors' role
Helping the legislators appreciate these arguments was the powerful lobby for the state's big banks, nearly all of which were national banks that were acutely aware of how much profit they were losing.
But on the other side was an even more powerful lobby — powerful because it was generous to legislators, but also because the legislators “see them in the grocery stores, at the Lions' Club, at church or synagogue. We don't recognize the bankers anymore.” The speaker was Steve Wolens, the former Democratic representative from Dallas who carried a bill for the Realtors' lobby.
The lobby had always opposed any bills allowing home equity loans. So did the Farm Bureau, but the Realtors realized they couldn't keep the door completely shut. Their concern: If people borrow too much against their houses, when the economy goes south foreclosures soar, prices sink and a lot of people are cast into misery. Also, Realtors make a lot less money. So they pressed for and won safeguards. The most important was that homeowners can only borrow against 80 percent of the appraised value of their homes. In California and some other states, they can borrow more than their homes' values. The bankers hated these restrictions, but their bill lost to Wolens' bill, which was brought to him by the Realtor lobby.
Written into Constitution
In the Senate, Republican Jerry Patterson of Pasadena (now land commissioner) was one of the key backers. He wanted the bill to be more liberal but went with Wolens' bill — and had to add even another consumer protection element to get the final vote he needed, from then-Sen. Gonzalo Barrientos of Austin.
What's more, all the protections were written into the state Constitution, making it hard for legislators and lobbyists to quietly sabotage them.
The result is that Texas didn't join the disastrous, equity-loan abetted, bubble-blowing frenzy of much of the rest of the nation.
... it is refreshing to read in a national report this sentence about the economic disaster caused by a real estate bubble:
“If there's one single thing that Congress can do now to help protect borrowers from the worst lending excesses that fueled the mortgage and financial crises, it's to follow the Lone Star State's lead.”
Of course Alyssa Katz, a real estate expert who wrote those words for Slate Magazine, had to begin her piece with a bit of attitude: “It's one of the great mysteries of the mortgage crisis: Why did Texas — Texas, of all places! — escape the real estate bust? Only a dozen states have lower mortgage foreclosure and default rates, and all of them are rural places like Montana and South Dakota, where they couldn't have a real estate boom if they tried.”
Some political leaders happily take credit for Texas, which led the nation in the savings and loan debacle of the late 1980s but these days looks like it primly declined an invitation to an orgy.
I know you don't believe the politicians, and you're right. The credit for our virtue belongs to a dedicated group of — are you ready for this? — lobbyists.
Let me set the scene.
It was 1997, nearly the beginning of the 21st century, and a lot of Texans felt that it was about time we joined the 20th century when it came to allowing people to borrow against the value of their houses. Scarred by unscrupulous bankers in the 19th century, the framers of our state constitution had banned the practice as a way to keep innocent residents from losing their homes. Texas was, by 1997, the last state in the union to bar home equity loans.
There were good arguments for joining the rest of the country. Philosophically, it was an issue of property rights. You should be able to take advantage of the unpledged value of your house. Financially, it was a no-brainer. The interest on second mortgages was a lot lower than that on credit cards or other unsecured loans. What's more, the interest was tax deductible.
The Realtors' role
Helping the legislators appreciate these arguments was the powerful lobby for the state's big banks, nearly all of which were national banks that were acutely aware of how much profit they were losing.
But on the other side was an even more powerful lobby — powerful because it was generous to legislators, but also because the legislators “see them in the grocery stores, at the Lions' Club, at church or synagogue. We don't recognize the bankers anymore.” The speaker was Steve Wolens, the former Democratic representative from Dallas who carried a bill for the Realtors' lobby.
The lobby had always opposed any bills allowing home equity loans. So did the Farm Bureau, but the Realtors realized they couldn't keep the door completely shut. Their concern: If people borrow too much against their houses, when the economy goes south foreclosures soar, prices sink and a lot of people are cast into misery. Also, Realtors make a lot less money. So they pressed for and won safeguards. The most important was that homeowners can only borrow against 80 percent of the appraised value of their homes. In California and some other states, they can borrow more than their homes' values. The bankers hated these restrictions, but their bill lost to Wolens' bill, which was brought to him by the Realtor lobby.
Written into Constitution
In the Senate, Republican Jerry Patterson of Pasadena (now land commissioner) was one of the key backers. He wanted the bill to be more liberal but went with Wolens' bill — and had to add even another consumer protection element to get the final vote he needed, from then-Sen. Gonzalo Barrientos of Austin.
What's more, all the protections were written into the state Constitution, making it hard for legislators and lobbyists to quietly sabotage them.
The result is that Texas didn't join the disastrous, equity-loan abetted, bubble-blowing frenzy of much of the rest of the nation.
Thursday, April 15, 2010
Third Monday Trade Days is THIS weekend!
You won’t want to miss Third Monday Trade Days in McKinney on
April 16th, 17th, and 18th - Open 8:00 a.m. to 5:00 p.m
US380, 2 miles west of US75 in McKinney, TX
Third Monday Trade Days in McKinney is the oldest and largest monthly trade days/flea market in North Texas. Located in a historic area of Collin County amid trees and a creek, TMTD is less than an hour’s drive from Dallas and Fort Worth. Over 400 vendors offer almost anything you can imagine—unique gifts, delightful home décor, trendy clothing and accessories, sporting goods, antiques and collectibles, landscaping materials, tools, and small animals along with many specialty “state fair” type food concessions. On Friday, there are approximately 200 vendors open for business, and on Saturday and Sunday, you can shop at over 450 vendor booths. You will also enjoy the 23 food vendors serving hamburgers, hot dogs, barbeque, corn-on-the-cob, turkey legs, funnel cakes, snow cones, popcorn, and a wide variety of specialty foods.
Shoppers will find plenty of all-weather parking, clean restrooms, two ATMs, an air conditioned and heated Mall building, mobility cart rental, wagon and stroller rental, and a family-friendly atmosphere including a fun playground and train ride.
Third Monday is open year-round from 8 a.m. to 5 p.m. on the Friday, Saturday, and Sunday before the third Monday of each month. Admission is free and parking is only $3.00.
Information from www.tmtd.com
April 16th, 17th, and 18th - Open 8:00 a.m. to 5:00 p.m
US380, 2 miles west of US75 in McKinney, TX
Third Monday Trade Days in McKinney is the oldest and largest monthly trade days/flea market in North Texas. Located in a historic area of Collin County amid trees and a creek, TMTD is less than an hour’s drive from Dallas and Fort Worth. Over 400 vendors offer almost anything you can imagine—unique gifts, delightful home décor, trendy clothing and accessories, sporting goods, antiques and collectibles, landscaping materials, tools, and small animals along with many specialty “state fair” type food concessions. On Friday, there are approximately 200 vendors open for business, and on Saturday and Sunday, you can shop at over 450 vendor booths. You will also enjoy the 23 food vendors serving hamburgers, hot dogs, barbeque, corn-on-the-cob, turkey legs, funnel cakes, snow cones, popcorn, and a wide variety of specialty foods.
Shoppers will find plenty of all-weather parking, clean restrooms, two ATMs, an air conditioned and heated Mall building, mobility cart rental, wagon and stroller rental, and a family-friendly atmosphere including a fun playground and train ride.
Third Monday is open year-round from 8 a.m. to 5 p.m. on the Friday, Saturday, and Sunday before the third Monday of each month. Admission is free and parking is only $3.00.
Information from www.tmtd.com
Wednesday, April 14, 2010
7 Big-Impact, Low-Cost Remodeling Projects
G.M. Filisko is a freelance writer for REALTOR® magazine.
Have some—but not unlimited—cash for upgrades? Here are budget-minded enhancements that make a home stand out!
1. Tidy up kitchen cabinets.
"Potential buyers do open kitchen cabinets and look inside," says Morrissey. "Home owners can add rollout organizing trays so when buyers peek in, they feel like there’s lots of room for their stuff."
2. Add or replace tile.
"By retiling very inexpensively, you make a room look way cleaner that it was," says Javier Zuluaga, owner of Home Repairs and Remodeling LLC in Tempe, Ariz. "Every city has stores that offer $1 to $2 tile, so home owners have to pay only for the low-cost tile and labor to replace a dated backsplash or add a new one. We also use inexpensive tile to upgrade bathrooms."
3. Add a breakfast bar.
When a wall separates a kitchen from a family room, suggest cutting out an opening to create a breakfast bar. "In one home, there was a cutout in the wall between the kitchen and living room," explains Matthew Quinn, a sales associate at Quinn’s Realty & Estate Services in Falls Church, Va., who handles estate and real estate sales for family members whose loved ones have passed away. "We left the structure of the cutout, added an oversized granite breakfast bar, and put chairs in front of it. That cost about $600."
4. Install granite tile instead of a slab.
"Everybody is hot for granite kitchen countertops, but that can be a $5,000 upgrade," says John Wilder, a general contractor and owner of Fence and Deck Doctor in New Castle, Ind. "Instead, home owners can put in 12-inch granite tiles for about $300 in materials and get very high impact for little money."
5. Freshen up a bathroom without retiling.
"With a dated bathroom, I recommend putting in a new medicine cabinet for $100 to $150, light fixtures for about $100, a faucet for $50 to $75, and a vanity for $200 to $300," says Wilder. "And instead of replacing the tile, the existing grout can be lightly scraped and regrouted, which leaves a haze that can be buffed out and will make the tile look brand new. Also install glass shower doors. A French door adds a lot of panache and elegance for $250, and people will notice the door, not the tile. With all that, you’ve done a bathroom remodel for $1,000 to $2,000."
6. Spruce up cabinet fronts.
Suggest home owners update tired-looking kitchen cabinets. Reconditioning is the least expensive move for under $1,000. "If the wood is starting to look shabby from use or contaminants in the air, we take out the nicks and scratches, recondition it with oil, and put new hardware on," explains Heidi Morrissey, vice president of marketing and sales at Kitchen Tune-Up in Aberdeen, S.D. For $1,500 to $4,000, owners can replace the cabinet doors and drawer fronts, and for $4,000 to $12,000, they can have all the cabinets refaced. "With refacing, owners can change the color of the cabinets by replacing the door and having a new skin put on the boxes," says Morrissey. "If they have oak cabinets today, they can have cherry the next day."
7. Replace light fixtures.
"In a foyer and in bathrooms and kitchens," says Wilder, "replacing overhead light fixtures provides a lot of pop for a little money." If the kitchen has track lighting, Zuluaga suggests the home owner spend $450 to $600 to have an electrician replace it with recessed canned lights on a dimmer switch to add ambience. For about $700, Zuluaga also suggests installing pendant lights over a kitchen island or peninsula
Have some—but not unlimited—cash for upgrades? Here are budget-minded enhancements that make a home stand out!
1. Tidy up kitchen cabinets.
"Potential buyers do open kitchen cabinets and look inside," says Morrissey. "Home owners can add rollout organizing trays so when buyers peek in, they feel like there’s lots of room for their stuff."
2. Add or replace tile.
"By retiling very inexpensively, you make a room look way cleaner that it was," says Javier Zuluaga, owner of Home Repairs and Remodeling LLC in Tempe, Ariz. "Every city has stores that offer $1 to $2 tile, so home owners have to pay only for the low-cost tile and labor to replace a dated backsplash or add a new one. We also use inexpensive tile to upgrade bathrooms."
3. Add a breakfast bar.
When a wall separates a kitchen from a family room, suggest cutting out an opening to create a breakfast bar. "In one home, there was a cutout in the wall between the kitchen and living room," explains Matthew Quinn, a sales associate at Quinn’s Realty & Estate Services in Falls Church, Va., who handles estate and real estate sales for family members whose loved ones have passed away. "We left the structure of the cutout, added an oversized granite breakfast bar, and put chairs in front of it. That cost about $600."
4. Install granite tile instead of a slab.
"Everybody is hot for granite kitchen countertops, but that can be a $5,000 upgrade," says John Wilder, a general contractor and owner of Fence and Deck Doctor in New Castle, Ind. "Instead, home owners can put in 12-inch granite tiles for about $300 in materials and get very high impact for little money."
5. Freshen up a bathroom without retiling.
"With a dated bathroom, I recommend putting in a new medicine cabinet for $100 to $150, light fixtures for about $100, a faucet for $50 to $75, and a vanity for $200 to $300," says Wilder. "And instead of replacing the tile, the existing grout can be lightly scraped and regrouted, which leaves a haze that can be buffed out and will make the tile look brand new. Also install glass shower doors. A French door adds a lot of panache and elegance for $250, and people will notice the door, not the tile. With all that, you’ve done a bathroom remodel for $1,000 to $2,000."
6. Spruce up cabinet fronts.
Suggest home owners update tired-looking kitchen cabinets. Reconditioning is the least expensive move for under $1,000. "If the wood is starting to look shabby from use or contaminants in the air, we take out the nicks and scratches, recondition it with oil, and put new hardware on," explains Heidi Morrissey, vice president of marketing and sales at Kitchen Tune-Up in Aberdeen, S.D. For $1,500 to $4,000, owners can replace the cabinet doors and drawer fronts, and for $4,000 to $12,000, they can have all the cabinets refaced. "With refacing, owners can change the color of the cabinets by replacing the door and having a new skin put on the boxes," says Morrissey. "If they have oak cabinets today, they can have cherry the next day."
7. Replace light fixtures.
"In a foyer and in bathrooms and kitchens," says Wilder, "replacing overhead light fixtures provides a lot of pop for a little money." If the kitchen has track lighting, Zuluaga suggests the home owner spend $450 to $600 to have an electrician replace it with recessed canned lights on a dimmer switch to add ambience. For about $700, Zuluaga also suggests installing pendant lights over a kitchen island or peninsula
Tuesday, April 13, 2010
Reasons Vacant Homes Are a Tough Sell
Daily Real Estate News | April 13, 2010 |
The argument for staging a house to get it ready for sale is largely based on what are perceived as the shortcomings of vacant, or unstaged, properties. For one, advocates of the staging process say a vacant home distracts would-be buyers from focusing on the actual real estate.
Instead, they allow themselves to speculate on the possible reasons the house is on the market — divorce, financial straits, and other scenarios — as well as on any defects the property may have. Small flaws, like nail holes and worn carpeting, are much more noticeable when the rest of the space is empty. Additionally, a vacant home allows dust to settle and stale odors to linger and spread, cutting short showing times and generating fewer sale chances.
All of these factors lead prospective buyers to submit low-ball bids on vacant homes. Other times, they will not even make a bid at all because empty dwellings simply do not allow them to make an emotional connection to the property. They may not even be able to visualize how their own furnishings may fit in a room, causing them to lose interest, say staging professionals.
Source: RISMedia (04/12/10)
© Copyright 2010 Information Inc.
The argument for staging a house to get it ready for sale is largely based on what are perceived as the shortcomings of vacant, or unstaged, properties. For one, advocates of the staging process say a vacant home distracts would-be buyers from focusing on the actual real estate.
Instead, they allow themselves to speculate on the possible reasons the house is on the market — divorce, financial straits, and other scenarios — as well as on any defects the property may have. Small flaws, like nail holes and worn carpeting, are much more noticeable when the rest of the space is empty. Additionally, a vacant home allows dust to settle and stale odors to linger and spread, cutting short showing times and generating fewer sale chances.
All of these factors lead prospective buyers to submit low-ball bids on vacant homes. Other times, they will not even make a bid at all because empty dwellings simply do not allow them to make an emotional connection to the property. They may not even be able to visualize how their own furnishings may fit in a room, causing them to lose interest, say staging professionals.
Source: RISMedia (04/12/10)
© Copyright 2010 Information Inc.
Monday, April 12, 2010
McKinney Garden Club - 2010 Garden & Home Tour
Looking with anticipation toward summer, McKinney is about to experience the biennial McKinney Garden Club’s Garden and Home Tour…”Summer Scented Splendors”! It promises to show off beautiful gardens and lovely homes…from the unique to the spectacular.
The Garden and Home Tour will be held Saturday, June 12, 2010 from 10AM to 4PM.
This year’s tour will feature very differing styles and tastes. Included will be historical, tropical, organic gardens shown with lush winding pathways, pools, ponds, and outdoor living areas. Tickets are $15 and may be purchased online at www.mckinneygardenclub.org , Calloway’s Nursery, Shades of Green, Market Street and Cynthia Elliot Boutique (downtown McKinney) beginning May 10, and at every tour home the day of the tour. Tour information is also available through the website: www.mckinneygardenclub.org.
An added attraction this year will be on Friday, June 11 from 7PM to 9PM. The McKinney Garden Club is hosting an “Evening Garden Party” celebrating our homeowners and their homes being offered on tour. It will be a special time of gathering in the garden of one of our tour homes enjoying conversation, music, hors d’oeuvres, and beverages. Tickets for this event will be $35.
Since 1930 the McKinney Garden Club mission has been to promote an interest in gardens and gardening and supporting environmental concerns in the community. All proceeds from every tour are used for beautification projects or furthering education within the city of McKinney. Projects the Garden Club has funded in the past include: Restoration and continuing care of the Lovejoy Memorial Flowerbed at Finch Park, Heard-Craig Memorial Garden (Katie’s Garden), Chestnut Square (Meditation Garden, School House Garden, and Chapel Garden), trees in various parks throughout the city of McKinney, benches at the McKinney Performing Art Center, Holy Family School Landscape, Collin County SPCA Garden, and Crepe Myrtles for the Crepe Myrtle Trail.
Plan on attending this fabulous event…”Summer Scented Splendors”!! Pick up some great gardening ideas and decorating tips as well as supporting this wonderful organization in its goal to beautify this city we all call home.
Tickets are available online at www.mckinneygardenclub.org, OR
• All Garden Club Members
• Tour Homes (the day of the tour)
• Shades of Green – 8801 Coit in Frisco
• Calloway’s Nursery – 4050 Eldorado Parkway in McKinney
• Cynthia Elliot Boutique – 107 E. Virginia (historic downtown McKinney)
• Market Street - Eldorado and Ridge Road
The Garden and Home Tour will be held Saturday, June 12, 2010 from 10AM to 4PM.
This year’s tour will feature very differing styles and tastes. Included will be historical, tropical, organic gardens shown with lush winding pathways, pools, ponds, and outdoor living areas. Tickets are $15 and may be purchased online at www.mckinneygardenclub.org , Calloway’s Nursery, Shades of Green, Market Street and Cynthia Elliot Boutique (downtown McKinney) beginning May 10, and at every tour home the day of the tour. Tour information is also available through the website: www.mckinneygardenclub.org.
An added attraction this year will be on Friday, June 11 from 7PM to 9PM. The McKinney Garden Club is hosting an “Evening Garden Party” celebrating our homeowners and their homes being offered on tour. It will be a special time of gathering in the garden of one of our tour homes enjoying conversation, music, hors d’oeuvres, and beverages. Tickets for this event will be $35.
Since 1930 the McKinney Garden Club mission has been to promote an interest in gardens and gardening and supporting environmental concerns in the community. All proceeds from every tour are used for beautification projects or furthering education within the city of McKinney. Projects the Garden Club has funded in the past include: Restoration and continuing care of the Lovejoy Memorial Flowerbed at Finch Park, Heard-Craig Memorial Garden (Katie’s Garden), Chestnut Square (Meditation Garden, School House Garden, and Chapel Garden), trees in various parks throughout the city of McKinney, benches at the McKinney Performing Art Center, Holy Family School Landscape, Collin County SPCA Garden, and Crepe Myrtles for the Crepe Myrtle Trail.
Plan on attending this fabulous event…”Summer Scented Splendors”!! Pick up some great gardening ideas and decorating tips as well as supporting this wonderful organization in its goal to beautify this city we all call home.
Tickets are available online at www.mckinneygardenclub.org, OR
• All Garden Club Members
• Tour Homes (the day of the tour)
• Shades of Green – 8801 Coit in Frisco
• Calloway’s Nursery – 4050 Eldorado Parkway in McKinney
• Cynthia Elliot Boutique – 107 E. Virginia (historic downtown McKinney)
• Market Street - Eldorado and Ridge Road
Friday, April 9, 2010
Owners Who Refinanced May Owe IRS
Daily Real Estate News | April 9, 2010 |
People who cashed out refinances, or had part of their mortgage debt forgiven when they sold their homes through short sales, will probably owe the IRS a big payback.
In 2007, Congress passed the Mortgage Forgiveness Debt Act, but that doesn’t let everyone off the hook.
Here are exceptions to the rule:
• Anyone who did a cash-out refinance and spent the money on something not housing related, then got in trouble and lost their home to a foreclosure or short sale, will owe the IRS as if the money from the refinance were earned income.
• The IRS will forgive tax liability only on money from home-equity loans that was spent to improve the property.
• Anyone who lost a vacation home or investment property to foreclosure or short sale will owe Uncle Sam.
• Multi-million dollar homes — lost or sold — are always subject to tax.
Source: CNNMoney.com, Les Christie (04/08/2010)
People who cashed out refinances, or had part of their mortgage debt forgiven when they sold their homes through short sales, will probably owe the IRS a big payback.
In 2007, Congress passed the Mortgage Forgiveness Debt Act, but that doesn’t let everyone off the hook.
Here are exceptions to the rule:
• Anyone who did a cash-out refinance and spent the money on something not housing related, then got in trouble and lost their home to a foreclosure or short sale, will owe the IRS as if the money from the refinance were earned income.
• The IRS will forgive tax liability only on money from home-equity loans that was spent to improve the property.
• Anyone who lost a vacation home or investment property to foreclosure or short sale will owe Uncle Sam.
• Multi-million dollar homes — lost or sold — are always subject to tax.
Source: CNNMoney.com, Les Christie (04/08/2010)
Thursday, April 8, 2010
Relay For Life at McKinney, Texas
Friday, April 30, 7:00 p.m. at The Ballfields at Craig Ranch
Held each year at The Ballfields at Craig Ranch, hundreds of McKinney residents, their friends and family come together to raise money for cancer research. The main fundraising event for the American Cancer Society each year, this is also McKinney’s largest charitable event, ranking second in the state for community Relay for Life events. Walk around the big ballfield, visit with friends, enjoy music and other entertainment and celebrate those who’ve beaten cancer (Survivors are the honorees at this event!) while remembering those who’ve lost the battle during the Luminaria Ceremony.
For more information on getting involved, visit www.mckinneyrfl.com.
Information taken from McKinney Convention & Visitor Bureau April Newsletter
Held each year at The Ballfields at Craig Ranch, hundreds of McKinney residents, their friends and family come together to raise money for cancer research. The main fundraising event for the American Cancer Society each year, this is also McKinney’s largest charitable event, ranking second in the state for community Relay for Life events. Walk around the big ballfield, visit with friends, enjoy music and other entertainment and celebrate those who’ve beaten cancer (Survivors are the honorees at this event!) while remembering those who’ve lost the battle during the Luminaria Ceremony.
For more information on getting involved, visit www.mckinneyrfl.com.
Information taken from McKinney Convention & Visitor Bureau April Newsletter
Wednesday, April 7, 2010
4 Hot Home Ideas for 2010!
Information taken out of article by Barbara Ballinger – “12 Hot Home Ideas” in Realtor magazine.
#1 Induction cooking
Why trendworthy: Thirty percent more efficient than gas or electric. Cropping up in more and more homes, induction cooking uses a power coil to produce a high-frequency electromagnetic field that heats only the contents of a magnetic pan, leaving the surrounding surface cooler to the touch. By maintaining a precise temperature, it immediately stops heat generation when the cook element is turned off or cookware is removed, and it doesn’t produce an open flame that heats up a kitchen, says Malte Peters, product manager for cooking products at BSH Home Appliances, parent company of Bosch and Thermador. One downside: Special cookware must be used. Retail prices range from $1,500 to $4,399.
#2 Integrated stone composite sinks
Why trendworthy: They blend seamlessly into a countertop for a cleaner look, plus they’re more durable and easier to clean. Stainless steel sinks are still common, but stone composite designs built into a countertop are coming on strong, says Tim Maicher, director of marketing at Blanco (www.blancoamerica.com). The prime motivator is growing consumer demand for easier to clean, more durable surfaces that don’t scratch or stain. Blanco’s Silgranit II line offers another perk: multiple colors and textures. The designs will reflect demand for longer, deep models, yet not so deep that aging home owners have trouble setting down or removing pots and pans.
#3 White and beige color palettes, some grays and pinks, bold accents
Why trendworthy: Less intense colors to calm jittery nerves.Color seers may disagree about which palette will dominate, but they note that softer backdrops are everywhere—offering serenity to soothe frayed nerves as the economy remains turbulent. Mary Lawlor, color stylist with Kelly-Moore Paints (www.kellymoore.com), thinks whites and beiges will remain most popular and that bright colors will provide accents. Anne McGuire and Sue Kim, affiliated with Valspar Manufacturing Co. (www.valspar.com), see the most popular colors as water-inspired blues and greens, along with underwater corals. And Sylvia O’Brien, founder of Colour Theory (www.colourtheory.net), notes that earth tones provide tranquil reactions to the technical coldness in our midst and pink, especially with a pearlized finish, is popular as an accent because of its perceived healing power.
#4 Interior wall treatments besides paint
Why trendworthy: Easier to install; more personalized patterns, colors, textures.Less popular in recent years, wall treatments other than paint are making a comeback, says Atlanta-based interior designer Brian Patrick Flynn, who cites several reasons: new bolder graphic wallpaper patterns, some in shiny metallics and textured leathers, and easier and less costly application due to new primers. Wallpaper is cropping up on a single focal wall, which saves money. Flynn predicts more home owners will cover an entire wall with an enlarged photo printed in sections.
#1 Induction cooking
Why trendworthy: Thirty percent more efficient than gas or electric. Cropping up in more and more homes, induction cooking uses a power coil to produce a high-frequency electromagnetic field that heats only the contents of a magnetic pan, leaving the surrounding surface cooler to the touch. By maintaining a precise temperature, it immediately stops heat generation when the cook element is turned off or cookware is removed, and it doesn’t produce an open flame that heats up a kitchen, says Malte Peters, product manager for cooking products at BSH Home Appliances, parent company of Bosch and Thermador. One downside: Special cookware must be used. Retail prices range from $1,500 to $4,399.
#2 Integrated stone composite sinks
Why trendworthy: They blend seamlessly into a countertop for a cleaner look, plus they’re more durable and easier to clean. Stainless steel sinks are still common, but stone composite designs built into a countertop are coming on strong, says Tim Maicher, director of marketing at Blanco (www.blancoamerica.com). The prime motivator is growing consumer demand for easier to clean, more durable surfaces that don’t scratch or stain. Blanco’s Silgranit II line offers another perk: multiple colors and textures. The designs will reflect demand for longer, deep models, yet not so deep that aging home owners have trouble setting down or removing pots and pans.
#3 White and beige color palettes, some grays and pinks, bold accents
Why trendworthy: Less intense colors to calm jittery nerves.Color seers may disagree about which palette will dominate, but they note that softer backdrops are everywhere—offering serenity to soothe frayed nerves as the economy remains turbulent. Mary Lawlor, color stylist with Kelly-Moore Paints (www.kellymoore.com), thinks whites and beiges will remain most popular and that bright colors will provide accents. Anne McGuire and Sue Kim, affiliated with Valspar Manufacturing Co. (www.valspar.com), see the most popular colors as water-inspired blues and greens, along with underwater corals. And Sylvia O’Brien, founder of Colour Theory (www.colourtheory.net), notes that earth tones provide tranquil reactions to the technical coldness in our midst and pink, especially with a pearlized finish, is popular as an accent because of its perceived healing power.
#4 Interior wall treatments besides paint
Why trendworthy: Easier to install; more personalized patterns, colors, textures.Less popular in recent years, wall treatments other than paint are making a comeback, says Atlanta-based interior designer Brian Patrick Flynn, who cites several reasons: new bolder graphic wallpaper patterns, some in shiny metallics and textured leathers, and easier and less costly application due to new primers. Wallpaper is cropping up on a single focal wall, which saves money. Flynn predicts more home owners will cover an entire wall with an enlarged photo printed in sections.
Tuesday, April 6, 2010
Sharing Spaces: Designs That Set Boundaries
The right layout, flexibility, and agreed-on rules can bring family members of multiple generations, or even outsiders, together under one roof.
By Barbara Ballinger | April 2010
Shared living is on the rise, and for many reasons. In some cases, multiple-family generations come back together as boomerang kids return home due to job loss and financial hits. Some families decide to reside among several generations for familial or cultural tradition. Older parents may require greater care and companionship. Or, nonfamily might share space to defray mortgage payments and other expenses.
Realtors can help this growing segment of buyers understand how a home might fit their special situations. After all, a single-family home built for a nuclear family with a few children may not fit their needs, since they likely require spaces to share and ones that encourage privacy and a sense of independence.
The more a home can build in flexibility, the better, says Cynthia Cohen, president of Strategic Mindshare, a strategy consulting firm based in Miami. Then, the home can be adapted as the family's needs change.
Finding the Right Space
Chicagoans Susan Yount and husband Michael Pichowsky have mastered well the lessons of successful multiple-generation living. Three years ago the couple became concerned about Michel’s 90-something grandmother and 70-something mother living in a cramped one-bedroom apartment in Brooklyn, N.Y.
Because residing with relatives was part of both family cultures, the younger generation encouraged “the grandmas,” as they collectively call them, to move into a three-story, two-flat they had purchased and which Michael was remodeling.
The older women took the two-bedroom, two-bathroom garden apartment with separate kitchen and entrance, so they could maintain some independence. Meanwhile, the young couple and their now 3-year-old son Dirac settled into a three-bedroom, two-bathroom apartment upstairs, also giving them privacy, plus room to gather everyone together.
Builder Fernando Pages learned these lessons a much harder way. He used to design and build single-family, affordable houses in suburban Los Angeles, but he quickly discovered that many of the Mexican-American buyers who would move in would remodel the homes.
“I studied how they used them and recognized that many Americans may want open floor plans and large master suites, but other ethnic groups want bedrooms of a uniform size and to share bathrooms," says Pages. "Some also wanted outdoor kitchens long before they became a trend; they used their garages too.”
When he relocated to Omaha, Neb., he knew to understand his buyers’ cultural preferences from the get-go, and adapt the floorplans to fit his buyers' lifestyles.
Making the Space Work
No single model satisfies all needs. Iliana Abella, a real estate saleswoman with Greater Miami Investments Inc. in Coral Gables, Fla., receives several buyer requests for home options that build in flexibility. Some young couples seek homes with a cottage in back they can rent to subsidize their mortgage.
“They’re being much more responsible due to the economy,” she says.
Other buyers with bigger budgets favor the area’s larger, older Spanish-style homes with garage apartments, she says.
Creighton Gibson, president of a Home Instead Senior Care franchise in Statesville, N.C., which provides nonmedical in-home care for the older adults, was happy he was able to convert a space to fit his family's flexible needs. His wife's mother lives with them and resides in a spare bedroom. The couple was also able to convert an adjacent bedroom to a sitting room so she would have space to invite friends over to socialize.
Affordable Shared Options
Increased demand has generated affordable, green options too. The Center for Sustainable Development at the University of Texas in Austin has worked with city and community leaders to build green, infill “alley flats” in impoverished city neighborhoods.
“Most represent some sort of intergenerational housing with a separate kitchen, bathroom, living space, and shared garden area, all designed to allow those living together to retain their dignity,” says Barbara Wilson, assistant director. The Center is also working to develop a pattern book of designs that buyers can purchase.
Designer Marianne Cusato, who helped develop the compact, affordable Katrina Cottage after the 2005 hurricane along the Gulf Coast, has designed another small-scale house that offers the option of separate quarters.
Dubbed The New Economy Home, it measures 1,770 square feet, has four bedrooms, three and one-half bathrooms, and offers flexibility to age in place or adjust to economic changes. A first floor bedroom and bathroom have a separate entry to the outdoors and a closet can be fitted with a kitchenette to work for an adult child, older parent, or renter, says Cusato.
Setting Boundaries
While physical separation is essential, clearly defined, articulated rules are also keys to meet expectations and minimize inevitable conflicts that can arise from shared spaces—which can run the gamut from who’s not paying their share to who’s not pitching in enough, says Dr. Scott Haltzman, clinical assistant professor in psychiatry and human behavior at Brown University.
“It’s best if everyone discusses their core values together—what defines them and is most important, such as what makes them feel comfortable at home, rather than just focusing first on how many square feet they need,” says Haltzman.
By Barbara Ballinger | April 2010
Shared living is on the rise, and for many reasons. In some cases, multiple-family generations come back together as boomerang kids return home due to job loss and financial hits. Some families decide to reside among several generations for familial or cultural tradition. Older parents may require greater care and companionship. Or, nonfamily might share space to defray mortgage payments and other expenses.
Realtors can help this growing segment of buyers understand how a home might fit their special situations. After all, a single-family home built for a nuclear family with a few children may not fit their needs, since they likely require spaces to share and ones that encourage privacy and a sense of independence.
The more a home can build in flexibility, the better, says Cynthia Cohen, president of Strategic Mindshare, a strategy consulting firm based in Miami. Then, the home can be adapted as the family's needs change.
Finding the Right Space
Chicagoans Susan Yount and husband Michael Pichowsky have mastered well the lessons of successful multiple-generation living. Three years ago the couple became concerned about Michel’s 90-something grandmother and 70-something mother living in a cramped one-bedroom apartment in Brooklyn, N.Y.
Because residing with relatives was part of both family cultures, the younger generation encouraged “the grandmas,” as they collectively call them, to move into a three-story, two-flat they had purchased and which Michael was remodeling.
The older women took the two-bedroom, two-bathroom garden apartment with separate kitchen and entrance, so they could maintain some independence. Meanwhile, the young couple and their now 3-year-old son Dirac settled into a three-bedroom, two-bathroom apartment upstairs, also giving them privacy, plus room to gather everyone together.
Builder Fernando Pages learned these lessons a much harder way. He used to design and build single-family, affordable houses in suburban Los Angeles, but he quickly discovered that many of the Mexican-American buyers who would move in would remodel the homes.
“I studied how they used them and recognized that many Americans may want open floor plans and large master suites, but other ethnic groups want bedrooms of a uniform size and to share bathrooms," says Pages. "Some also wanted outdoor kitchens long before they became a trend; they used their garages too.”
When he relocated to Omaha, Neb., he knew to understand his buyers’ cultural preferences from the get-go, and adapt the floorplans to fit his buyers' lifestyles.
Making the Space Work
No single model satisfies all needs. Iliana Abella, a real estate saleswoman with Greater Miami Investments Inc. in Coral Gables, Fla., receives several buyer requests for home options that build in flexibility. Some young couples seek homes with a cottage in back they can rent to subsidize their mortgage.
“They’re being much more responsible due to the economy,” she says.
Other buyers with bigger budgets favor the area’s larger, older Spanish-style homes with garage apartments, she says.
Creighton Gibson, president of a Home Instead Senior Care franchise in Statesville, N.C., which provides nonmedical in-home care for the older adults, was happy he was able to convert a space to fit his family's flexible needs. His wife's mother lives with them and resides in a spare bedroom. The couple was also able to convert an adjacent bedroom to a sitting room so she would have space to invite friends over to socialize.
Affordable Shared Options
Increased demand has generated affordable, green options too. The Center for Sustainable Development at the University of Texas in Austin has worked with city and community leaders to build green, infill “alley flats” in impoverished city neighborhoods.
“Most represent some sort of intergenerational housing with a separate kitchen, bathroom, living space, and shared garden area, all designed to allow those living together to retain their dignity,” says Barbara Wilson, assistant director. The Center is also working to develop a pattern book of designs that buyers can purchase.
Designer Marianne Cusato, who helped develop the compact, affordable Katrina Cottage after the 2005 hurricane along the Gulf Coast, has designed another small-scale house that offers the option of separate quarters.
Dubbed The New Economy Home, it measures 1,770 square feet, has four bedrooms, three and one-half bathrooms, and offers flexibility to age in place or adjust to economic changes. A first floor bedroom and bathroom have a separate entry to the outdoors and a closet can be fitted with a kitchenette to work for an adult child, older parent, or renter, says Cusato.
Setting Boundaries
While physical separation is essential, clearly defined, articulated rules are also keys to meet expectations and minimize inevitable conflicts that can arise from shared spaces—which can run the gamut from who’s not paying their share to who’s not pitching in enough, says Dr. Scott Haltzman, clinical assistant professor in psychiatry and human behavior at Brown University.
“It’s best if everyone discusses their core values together—what defines them and is most important, such as what makes them feel comfortable at home, rather than just focusing first on how many square feet they need,” says Haltzman.
Monday, April 5, 2010
Texas Real Estate Commission Warns Public
The Texas Real Estate Commission Standards and Enforcement Services Division (TREC) has received complaints against a group of individuals and companies that have been doing business in the Dallas/Fort Worth area. The individuals and companies named in the complaints represent themselves as real estate agents and real estate brokerage companies but do not hold Texas real estate licenses.
Owners of real property, tenants, buyers, and investors claim to have lost large sums of money related to the group’s real estate schemes. Among other things, the complainants allege that the group takes and keeps deposits for properties over which they have no authority or no control. They allegedly do not pay rent to property owners on property they claim to manage for those owners, or take large security deposits from tenants and then keep the money. They take deposits or earnest money on properties that they claim are available for a short sale but in reality are days away from foreclosure. Apparently, much of the solicitation of potential victims has been conducted through www.craigslist.com.
Before a consumer gives personal information, money, or financial information to a person claiming to be a real estate agent, they should verify the identity of the person and check whether that person actually holds a Texas real estate license. License information can be obtained by doing a “licensee lookup” on TREC’s website, www.trec.state.tx.us, or by calling TREC Monday through Friday between 7 a.m. and 6 p.m. at 1 (800) 250-TREC or (512) 465-3942.
The public should be aware that Texas laws provide that consumers who use licensed Texas agents have the financial protection of the Real Estate Recovery Trust Account if they suffer actual damages caused by misconduct of a real estate licensee in a
real estate brokerage transaction and later obtain a civil court judgment against the licensee that cannot be collected from the licensee. Consumers who use unlicensed individuals or companies to perform real estate brokerage activities are not eligible to be reimbursed by that account.
Based on information filed with the complaints, the group allegedly hires unsuspecting people to perform real estate brokerage services, such as showing real properties for sale or lease and writing contracts or leases, and misrepresents to
the “employees” that a real estate license is not required in order to perform those services. These employees are also apparently solicited via craigslist. Unlicensed real estate activity can be subject to conviction for a Class A misdemeanor,
punishable by up to one year in jail and criminal and civil penalties.
If anyone has questions or information regarding this activity or about other activities that require a real estate license, they should contact TREC at the number above. Also, additional information and a TREC complaint form can be
obtained from www.trec.state.tx.us
Owners of real property, tenants, buyers, and investors claim to have lost large sums of money related to the group’s real estate schemes. Among other things, the complainants allege that the group takes and keeps deposits for properties over which they have no authority or no control. They allegedly do not pay rent to property owners on property they claim to manage for those owners, or take large security deposits from tenants and then keep the money. They take deposits or earnest money on properties that they claim are available for a short sale but in reality are days away from foreclosure. Apparently, much of the solicitation of potential victims has been conducted through www.craigslist.com.
Before a consumer gives personal information, money, or financial information to a person claiming to be a real estate agent, they should verify the identity of the person and check whether that person actually holds a Texas real estate license. License information can be obtained by doing a “licensee lookup” on TREC’s website, www.trec.state.tx.us, or by calling TREC Monday through Friday between 7 a.m. and 6 p.m. at 1 (800) 250-TREC or (512) 465-3942.
The public should be aware that Texas laws provide that consumers who use licensed Texas agents have the financial protection of the Real Estate Recovery Trust Account if they suffer actual damages caused by misconduct of a real estate licensee in a
real estate brokerage transaction and later obtain a civil court judgment against the licensee that cannot be collected from the licensee. Consumers who use unlicensed individuals or companies to perform real estate brokerage activities are not eligible to be reimbursed by that account.
Based on information filed with the complaints, the group allegedly hires unsuspecting people to perform real estate brokerage services, such as showing real properties for sale or lease and writing contracts or leases, and misrepresents to
the “employees” that a real estate license is not required in order to perform those services. These employees are also apparently solicited via craigslist. Unlicensed real estate activity can be subject to conviction for a Class A misdemeanor,
punishable by up to one year in jail and criminal and civil penalties.
If anyone has questions or information regarding this activity or about other activities that require a real estate license, they should contact TREC at the number above. Also, additional information and a TREC complaint form can be
obtained from www.trec.state.tx.us
Thursday, April 1, 2010
Collin County Real Estate
GOOD NEWS!
Collin County Real Estate Market Continues Recovery
The Collin County Association of Realtors reports that there were 8 percent more new listings in February 2010 in Collin County and surrounding areas than in February 2009. In addition, there was a 6.5 percent increase in homes under contract over the same month last year.
"The improvements from a month ago represent normal seasonal increases we typically see this time of year, but the improvements over last year represent a strengthening market," says Steve Haid, CCAR member services director.
The CCAR Pulse, which delves into the real estate markets of 36 local communities, also reports that most local real estate market indicators improved in February from January, and from a year ago. For example, the time it took to sell a home in February 2010 was 19 days less than a year ago-94 days versus 113 days. Median sales price was about the same, $167,000, in February 2009 compared to $167,500 in February 2010.
"For the last several months, we have reported a strengthening local real estate market. While it is still not as strong as it was three or four years ago, we are encouraged by the progress, especially when compared to most other parts of the United States," notes Haid.
From a buyer's perspective, homes in Collin County and surrounding areas remain very affordable, with an affordability index of 157. This means, the median family income is 157 percent of what it would take to purchase the median priced home. Mortgage rates also continue to be very low, and our local economy remains strong compared to most of the rest of the country.
"It's still too early to say this market has completely rebounded, but signs of progress are good," says Haid. "While our local real estate market is always influenced by the national economy and world events, we have been fortunate to be in one of the most stable markets in the country."
Information posted by CCAR
Collin County Real Estate Market Continues Recovery
The Collin County Association of Realtors reports that there were 8 percent more new listings in February 2010 in Collin County and surrounding areas than in February 2009. In addition, there was a 6.5 percent increase in homes under contract over the same month last year.
"The improvements from a month ago represent normal seasonal increases we typically see this time of year, but the improvements over last year represent a strengthening market," says Steve Haid, CCAR member services director.
The CCAR Pulse, which delves into the real estate markets of 36 local communities, also reports that most local real estate market indicators improved in February from January, and from a year ago. For example, the time it took to sell a home in February 2010 was 19 days less than a year ago-94 days versus 113 days. Median sales price was about the same, $167,000, in February 2009 compared to $167,500 in February 2010.
"For the last several months, we have reported a strengthening local real estate market. While it is still not as strong as it was three or four years ago, we are encouraged by the progress, especially when compared to most other parts of the United States," notes Haid.
From a buyer's perspective, homes in Collin County and surrounding areas remain very affordable, with an affordability index of 157. This means, the median family income is 157 percent of what it would take to purchase the median priced home. Mortgage rates also continue to be very low, and our local economy remains strong compared to most of the rest of the country.
"It's still too early to say this market has completely rebounded, but signs of progress are good," says Haid. "While our local real estate market is always influenced by the national economy and world events, we have been fortunate to be in one of the most stable markets in the country."
Information posted by CCAR
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