If you're looking for ways to help you save more and spend less, one of the best places to start could be right at home. Put these tips to work to help cut your next electric bill.
10. Install Motion Detectors on Lights: Kids are notoriousfor leaving lights on by accident. This easy trick can help you say goodbye to wasted electricity - and sky high bills.
9. Wash Clothes in Cold Water: Since most of the energy used by top-loading washers is to heat water, washing in cold can help you save each month.
8. Tint Home Windows: For windows that get a lot of sun, you can add a layer of solar window film to deflect sunlight and conserve energy.
7. Program Your Thermostat: Simply set it to raise or lower your thermostat for the times when you're not at home.
6. Unplug Appliances: Even when they're not in use your toaster, laptop and can opener drain power. So unplug them and save.
5. Wash Your Lint Trap: Since dryer sheets can cause a transparent film that burns out the heating unit, it's vital to wash your lint trap with hot, soapy water every 6 months.
4. Change Your Showerhead: Replacing it with a low-flow head can use less water per minute - so there's less to heat.
3. Cook on the Back Burner: By turning on your exhaust fan and using the rear burner on hot days, warm air will be sucked out, which minimizes AC use.
2. Change Your Lightbulbs: Compact florescent bulbs use a quarter the electricity and last longer than regular bulbs. And, they're the environmentally responsible choice.
1. Check Furniture Placement: Rugs or furniture that block a vent can really cost you. Move them and save!
Source: American Home Shield Newsletter
Friday, July 30, 2010
Thursday, July 29, 2010
Congress Restores Rural Mortgage Help
Daily Real Estate News | July 29, 2010
The restoration of the single-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate today and is on its way to President Obama.
The National Association of REALTORS® has vigorously lobbied to restore funding for the rural program since last March, and hailed this development as a great victory for rural home buyers.
“This is going to be a great lift for thousands of rural home buyers who need to close on their home purchases before Sept. 30 to take advantage of the home buyer tax credit,” said NAR President Vicki Cox Golder. “Many rural families would have been left out in the cold without these guaranteed loans. Increasing the commitment authority will help rural families, support local housing markets, create jobs and generate new tax revenues.”
“The rural housing program is a good example of the kind of program needed for responsible and qualified home buyers who bring common sense to the housing market,” said Golder. The legislation increases the guarantee fee for borrowers, but allows the fee to be financed. “This change will make the program completely self-sufficient,” she said.
Golder thanked Sen. Michael Bennet (D-Colo.), and Reps. Paul Kanjorski (D-Pa.) and Shelley Moore Capito (R-W.Va.) for moving the bill to passage in both houses.
The legislation was part of H.R. 4899, “The Emergency Supplemental Appropriations Act” that the Senate passed today. The measure increases the Rural Housing Service commitment authority allowing guaranteed loans; previously, RHS has been providing conditional commitments. The RHS is expected to announce new guidelines shortly after the president signs the bill.
Source: NAR
The restoration of the single-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate today and is on its way to President Obama.
The National Association of REALTORS® has vigorously lobbied to restore funding for the rural program since last March, and hailed this development as a great victory for rural home buyers.
“This is going to be a great lift for thousands of rural home buyers who need to close on their home purchases before Sept. 30 to take advantage of the home buyer tax credit,” said NAR President Vicki Cox Golder. “Many rural families would have been left out in the cold without these guaranteed loans. Increasing the commitment authority will help rural families, support local housing markets, create jobs and generate new tax revenues.”
“The rural housing program is a good example of the kind of program needed for responsible and qualified home buyers who bring common sense to the housing market,” said Golder. The legislation increases the guarantee fee for borrowers, but allows the fee to be financed. “This change will make the program completely self-sufficient,” she said.
Golder thanked Sen. Michael Bennet (D-Colo.), and Reps. Paul Kanjorski (D-Pa.) and Shelley Moore Capito (R-W.Va.) for moving the bill to passage in both houses.
The legislation was part of H.R. 4899, “The Emergency Supplemental Appropriations Act” that the Senate passed today. The measure increases the Rural Housing Service commitment authority allowing guaranteed loans; previously, RHS has been providing conditional commitments. The RHS is expected to announce new guidelines shortly after the president signs the bill.
Source: NAR
Wednesday, July 28, 2010
Mortgage Applications for Home Purchases Rise 2%
Daily Real Estate News | July 28, 2010 |
The number of mortgage applications to purchase homes rose 2 percent last week compared to the previous week on an adjusted basis, according to the Mortgage Bankers Association weekly survey.
On an unadjusted basis, the index rose 2.4 percent, but remained 34.3 percent lower than it was a year ago. The overall mortgage volume, including refinancings, declined 4.4 percent from the prior week.
This was the highest weekly number of purchase applications since the end of June, and the second week the number of applications has risen, even though mortgage rates increased slightly:
30-year fixed-rate mortgages increased to 4.69 percent from 4.59 percent.
15-year fixed-rate mortgages increased to 4.12 percent 4.05 percent.
1-year ARMs decreased to 7.15 percent from 7.17 percent.
Source: Mortgage Bankers Association (07/28/2010)
The number of mortgage applications to purchase homes rose 2 percent last week compared to the previous week on an adjusted basis, according to the Mortgage Bankers Association weekly survey.
On an unadjusted basis, the index rose 2.4 percent, but remained 34.3 percent lower than it was a year ago. The overall mortgage volume, including refinancings, declined 4.4 percent from the prior week.
This was the highest weekly number of purchase applications since the end of June, and the second week the number of applications has risen, even though mortgage rates increased slightly:
30-year fixed-rate mortgages increased to 4.69 percent from 4.59 percent.
15-year fixed-rate mortgages increased to 4.12 percent 4.05 percent.
1-year ARMs decreased to 7.15 percent from 7.17 percent.
Source: Mortgage Bankers Association (07/28/2010)
Tuesday, July 27, 2010
Avoid These Huge Home Seller Mistakes!
Written By Darline Bazile
Provided By Real Estate Articles
You would like to get the best price for your house, plus sell it in the least amount of time. In a buyers’ market like the one emerging now, houses will take longer to sell. For that reason, it’s important that you make the right moves in the very beginning of your homeselling process to remain competitive. Here are some top house seller mistakes and traps that home owners fall into and how to avoid them.
* Over-pricing – It’s easy to believe your house is worth a lot more than the current market may support, especially after the long run-up in home prices. Given that house costs have cooled down in markets around the country, house sellers should be willing to negotiate on price and terms, and stay flexible to other stipulations benefiting the buyer. Sellers should also keep their feelings under control during the process. After all, your house is special to you and the family, and you’re pleased with the improvements you’ve made over the years. However, how does your house really stand up to the others? And are those upgrades important to a potential buyer? To find out a fair listing price, get sales statistics on homes in the neighborhood including listing prices and actual sales prices, how long it took for the homes to sell, and government valuation comparisons. You’ll also need a market appraisal on your property. Visit properties for sale in your area and examine what you see in terms of sales appeal.
* Negligent Housekeeping – Buyers have to be able to imagine themselves living in the house. Have a good, objective look at the actual condition of your house. Clean, well-kept homes with an updated appearance always stand out, and a little decorating appeal can go a long way. You don’t have to purchase new furniture in order to produce charm, however , you can put toys and clutter away, freshen up paint and carpet, make the most of window coverings, and give a few key accessories in order to send out welcoming signals.
* Failing to Fix-It – Buyers, unless they are searching for a fixer-upper, would prefer to move into a house that’s in perfect or near-perfect condition. If they have to repair the roof, a broken tile floor, the garage door, worn carpet or just about anything, this could give them pause about buying. At the minimum, it may reduce the value of the home in the prospective buyer’s mind.
* Not Identifying Exclusions – This can be a cause of contention just at a critical point in the sale. Make sure to specify any special sales factors or exclusions from the fixtures and furnishings list. Generally, anything permanently fixed to the house is an asset that stays with the home after the sale. Therefore you intend to take your grandmother’s antique chandelier that’s hanging in the dining room, clearly specify the chandelier isn’t included in the sale price.
* Not Understanding the Agent Agreement – Your sales endeavor will certainly go easiest when all parties have a clear understanding of exactly what is expected. Understand the types of agency agreements when you sign with a real estate professional or company. Make sure to check on fees, commission percentages, marketing plans and timeframes. Just remember, get everything in writing.
Looking for help and the right answers in regards to selling your home? Give us a call at 972-562-8883 or email us kwmckinney.com!
Provided By Real Estate Articles
You would like to get the best price for your house, plus sell it in the least amount of time. In a buyers’ market like the one emerging now, houses will take longer to sell. For that reason, it’s important that you make the right moves in the very beginning of your homeselling process to remain competitive. Here are some top house seller mistakes and traps that home owners fall into and how to avoid them.
* Over-pricing – It’s easy to believe your house is worth a lot more than the current market may support, especially after the long run-up in home prices. Given that house costs have cooled down in markets around the country, house sellers should be willing to negotiate on price and terms, and stay flexible to other stipulations benefiting the buyer. Sellers should also keep their feelings under control during the process. After all, your house is special to you and the family, and you’re pleased with the improvements you’ve made over the years. However, how does your house really stand up to the others? And are those upgrades important to a potential buyer? To find out a fair listing price, get sales statistics on homes in the neighborhood including listing prices and actual sales prices, how long it took for the homes to sell, and government valuation comparisons. You’ll also need a market appraisal on your property. Visit properties for sale in your area and examine what you see in terms of sales appeal.
* Negligent Housekeeping – Buyers have to be able to imagine themselves living in the house. Have a good, objective look at the actual condition of your house. Clean, well-kept homes with an updated appearance always stand out, and a little decorating appeal can go a long way. You don’t have to purchase new furniture in order to produce charm, however , you can put toys and clutter away, freshen up paint and carpet, make the most of window coverings, and give a few key accessories in order to send out welcoming signals.
* Failing to Fix-It – Buyers, unless they are searching for a fixer-upper, would prefer to move into a house that’s in perfect or near-perfect condition. If they have to repair the roof, a broken tile floor, the garage door, worn carpet or just about anything, this could give them pause about buying. At the minimum, it may reduce the value of the home in the prospective buyer’s mind.
* Not Identifying Exclusions – This can be a cause of contention just at a critical point in the sale. Make sure to specify any special sales factors or exclusions from the fixtures and furnishings list. Generally, anything permanently fixed to the house is an asset that stays with the home after the sale. Therefore you intend to take your grandmother’s antique chandelier that’s hanging in the dining room, clearly specify the chandelier isn’t included in the sale price.
* Not Understanding the Agent Agreement – Your sales endeavor will certainly go easiest when all parties have a clear understanding of exactly what is expected. Understand the types of agency agreements when you sign with a real estate professional or company. Make sure to check on fees, commission percentages, marketing plans and timeframes. Just remember, get everything in writing.
Looking for help and the right answers in regards to selling your home? Give us a call at 972-562-8883 or email us kwmckinney.com!
Monday, July 26, 2010
5 Real Estate Scams You Need to Know About!
Don't be duped by mortgage fraud. Here are a few common scams and the red flags you should look for in a transaction.
By Melissa Dittmann Tracey | Source: Realtormag.com
Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.
The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. You can start by reviewing these five scams, and then test your knowledge by taking our Mortgage Fraud Quiz.
1. The Foreclosure Rescue Scheme
The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.
Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.
2. Loan Documentation Fraud
The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.
Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.
3. Appraisal Fraud
The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.
Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.
4. Illegal Property Flipping
The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure.
Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.
5. Short Sales Schemes
The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.
Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.
You can report instances of suspected mortgage fraud to Stopfraud.gov.
By Melissa Dittmann Tracey | Source: Realtormag.com
Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.
The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. You can start by reviewing these five scams, and then test your knowledge by taking our Mortgage Fraud Quiz.
1. The Foreclosure Rescue Scheme
The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.
Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.
2. Loan Documentation Fraud
The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.
Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.
3. Appraisal Fraud
The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.
Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.
4. Illegal Property Flipping
The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure.
Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.
5. Short Sales Schemes
The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.
Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.
You can report instances of suspected mortgage fraud to Stopfraud.gov.
Thursday, July 22, 2010
Make Small Spaces Bigger: 5 Ways to Show Off Space
Buyers want spacious homes. Here's how you can show off every square inch.
By Melissa Dittmann Tracey | July 2010
Source: Realtormag.com
Size does matter when it comes to the perception of space in a home. That’s why it’s important to make sure you show off every square foot of your listing so that buyers can visualize enough room for all of their belongings.
However, home owners often crowd spaces with oversized furniture, bulky accessories, and piles of clutter that wind up making a room look much smaller than what it really is, says staging pro Jennie Norris, president of the International Association of Home Staging Professionals.
So how can you show off that space in your listings? Besides the obvious of removing clutter, try these simple ideas from Norris.
1. Scale down the furniture: By having too many large pieces of furniture in a small room, a space can feel more cramped, Norris says. Select smaller-scale furniture over large, chunky options. A good choice: furniture with wooden legs or unskirted chairs, so that you can see through the furniture to the floor underneath to open up a room.
2. Beware of overly busy patterns: Too many bold patterns in a room with fabrics and accent pieces can make a room feel smaller, Norris says. Big prints, bold plaids, and large floral patterns can be too busy for a small space. Stick to solids and use texture in fabrics to add interest.
3. Lighten Up: Dark colors absorb the light making small rooms look even smaller. “The general color rule for small spaces is lighter is better,” Norris says. Lighter colors on walls — such as creams, light blues, light greens, tan, and soft yellows — help expand the room. Plus, softer, cooler tones are soothing and relaxing, she adds.
4. Add height: Bring in anything that is tall to show off the height of the space. Whether it’s a piece of furniture such as a bookcase or an object like a tall tree, the height of the object will draw the eye upwards. Also in a house where you want to show off the height, hang the curtains above the normal window top level, Norris says. To widen the window, tie the curtains back with a rope tieback to show off the windows.
5. Use the reflection: Hang mirrors on walls to help add visual space. “When the room is reflected in the mirror, it can make us feel like there is more space as we see ‘another room’ in the mirror,” Norris says. “Mirrors can also reflect light and views, which will help lighten up the room and make it feel open and airy.”
By Melissa Dittmann Tracey | July 2010
Source: Realtormag.com
Size does matter when it comes to the perception of space in a home. That’s why it’s important to make sure you show off every square foot of your listing so that buyers can visualize enough room for all of their belongings.
However, home owners often crowd spaces with oversized furniture, bulky accessories, and piles of clutter that wind up making a room look much smaller than what it really is, says staging pro Jennie Norris, president of the International Association of Home Staging Professionals.
So how can you show off that space in your listings? Besides the obvious of removing clutter, try these simple ideas from Norris.
1. Scale down the furniture: By having too many large pieces of furniture in a small room, a space can feel more cramped, Norris says. Select smaller-scale furniture over large, chunky options. A good choice: furniture with wooden legs or unskirted chairs, so that you can see through the furniture to the floor underneath to open up a room.
2. Beware of overly busy patterns: Too many bold patterns in a room with fabrics and accent pieces can make a room feel smaller, Norris says. Big prints, bold plaids, and large floral patterns can be too busy for a small space. Stick to solids and use texture in fabrics to add interest.
3. Lighten Up: Dark colors absorb the light making small rooms look even smaller. “The general color rule for small spaces is lighter is better,” Norris says. Lighter colors on walls — such as creams, light blues, light greens, tan, and soft yellows — help expand the room. Plus, softer, cooler tones are soothing and relaxing, she adds.
4. Add height: Bring in anything that is tall to show off the height of the space. Whether it’s a piece of furniture such as a bookcase or an object like a tall tree, the height of the object will draw the eye upwards. Also in a house where you want to show off the height, hang the curtains above the normal window top level, Norris says. To widen the window, tie the curtains back with a rope tieback to show off the windows.
5. Use the reflection: Hang mirrors on walls to help add visual space. “When the room is reflected in the mirror, it can make us feel like there is more space as we see ‘another room’ in the mirror,” Norris says. “Mirrors can also reflect light and views, which will help lighten up the room and make it feel open and airy.”
Wednesday, July 21, 2010
New KW Team - SHORT SALE EXPERTS!
The Premier Short Sale Team
The Premier Short Sale team is a group of Realtors who have undergone extensive specialized training and have years of experience dealing with foreclosures, short sales and distressed properties.
Each agent holds the prestigious SFR designation recognized by the National Association of Realtors for short sale and foreclosure specialist. David Cullar, Karla Davis, Dorothy Lafferty and Pat Morton of Keller Williams Realty in McKinney, TX can help you anywhere in the North Texas area and can refer you to a network of specialized agents who deal with distressed properties no matter where you are.
If you are a homeowner who is "upside-down" in a mortgage, CALL THE PREMIER SHORT SALE TEAM! You will receive the highest quality of professional service from short sale experts.
If you are a Realtor attempting to help a client sell their short-sale home, CALL THE PREMIER SHORT SALE TEAM! Your client gets the advantage of having a professional who knows the short sale system, inside & out, and YOU not only get your client the best possible short-sale representation, you also receive a nice referral fee!
Call David, Karla, Pat, and Dorothy TODAY - 972-562-8883 - or GO TO THEIR LINK ON THE RIGHT HAND SIDE OF THIS BLOG!
The Premier Short Sale team is a group of Realtors who have undergone extensive specialized training and have years of experience dealing with foreclosures, short sales and distressed properties.
Each agent holds the prestigious SFR designation recognized by the National Association of Realtors for short sale and foreclosure specialist. David Cullar, Karla Davis, Dorothy Lafferty and Pat Morton of Keller Williams Realty in McKinney, TX can help you anywhere in the North Texas area and can refer you to a network of specialized agents who deal with distressed properties no matter where you are.
If you are a homeowner who is "upside-down" in a mortgage, CALL THE PREMIER SHORT SALE TEAM! You will receive the highest quality of professional service from short sale experts.
If you are a Realtor attempting to help a client sell their short-sale home, CALL THE PREMIER SHORT SALE TEAM! Your client gets the advantage of having a professional who knows the short sale system, inside & out, and YOU not only get your client the best possible short-sale representation, you also receive a nice referral fee!
Call David, Karla, Pat, and Dorothy TODAY - 972-562-8883 - or GO TO THEIR LINK ON THE RIGHT HAND SIDE OF THIS BLOG!
Tuesday, July 20, 2010
Architecture Coach: The Right Way to Display Artwork
Artwork can add a personalized, finishing touch to any room, but too much can distract buyers from a home's architectural pluses.
By Barbara Ballinger | July 2010
Properly displayed and tasteful artwork can instantly bring life to an otherwise dull room. Whether home owners have painted or papered their walls, most want to hang some artwork on them, perhaps by displaying fine paintings, prints, or photographs, or more casual, affordable pieces from nature, travels, or favorite magazines. "Any room looks better with some art," says saleswoman Barb St. Amant, ABR, with Harry Norman, REALTORS®, in Atlanta. However, any artwork display should involve careful selection in choosing the right mat, frame, backing, or container, as well as determining the best location to hang the art, including how high or low it should be on a wall and whether it stands alone or as part of a group, designers say.
“Too many people hang art randomly, like they’re throwing stuff at a dartboard,” says Cambridge, Mass.–based designer Heidi Pribell. “Urge collectors to have their art form a pattern — in a grid, vertical stack, or horizontal line, or if alone relate to a piece of furniture or architectural feature.”
You can help buyers and sellers understand the impact art can make — for their own enjoyment as well as how to use it to impress buyers — with some of the following tips, from choosing what to display to how to hang it on the wall.
What to Display
Forget the notion that art has to have a fancy pedigree or exorbitant costs. Anything a home owner loves is suitable, from a museum-quality painting to child’s drawings.
Here are some other suggestions for what to display:
The power of black and white. Designer and stager Linda Bettencourt of Center Stage in San Francisco suggests using black and white photographs, which can be framed in inexpensive frames.
Go big. Atlanta-based designer Brian Patrick Flynn thinks one enlarged photo — as big as 20’ wide by 12’ tall — offers a huge wow. “By making the wall the star, you don’t necessarily need many other elements to complete it,” he says.
Mirror, mirror on the walls. Pribell loves mirrors. “They offer great feng shui and bring in light and reflection. You can never have too many,” she says.
Unique collections. Get clients to think outside the box. A childhood collection of Pez dispensers or snow globes can even become artistically encased assemblages if displayed properly.
Choosing the Proper Frame
The style, width, material, and color of picture frames are personal choices, says Chicago-area designer Mary Lou Kalmus of Designing Edge, who likes to frame works in a grouping that has the same or similar motifs.
Don’t match too much. Sharla Kidder, president of Biddington’s Inc., an art information site, prefers different “but not too different” frames — maybe a series in the same color range. Also, designers say, don’t match a frame to the room’s décor too much; let it stand on its own.
Complement the era. Pribell favors a style that reflects the period in the artwork, such as a 19th century “exhibition” frame for a 19th century painting. Many contemporary paintings and other works look good with a more minimal frame so that they float within, adds Kidder.
Bring out the art with a mat. Bettencourt likes mats in ivory or white with 3-inch borders on the sides and top and a slightly wider 4-inch border on the bottom.
Decide between glass or acrylic. “Glass is cheaper, easier to clean, and more resistant to scratches,” says Kidder. But it’s also “heavier, more breakable, sensitive to variations in temperature, and highly reflective so it often creates a glare,” she says.
How to Display It
How you display the artwork on the walls can make a big difference, too. Consider the following.
Solo or in a grouping. The size of the work usually determines this decision. A large piece can stand alone; smaller works may look visually stronger if grouped, particularly if they reflect a similar style, subject matter, or frame, says Kalmus.
Kalmus recommends first laying out a grouping on the floor to form a composition. When mounting, Kidder likes spacing of 4 to 5 inches between works, depending on how many there are and the wall’s size. She also recommends using a measuring tape and level for accuracy.
How high, low, or close together. The size of the works, height of furniture, and ceiling height need to be weighed. A good guideline is to have the center of a work or the center of the grouping at eye level to the person who is living there. If the artwork is above a sofa, there should be enough room so that people don't bump their heads on it. Art arranged along a stairway should march up the stairs, says Kalmus.
Artwork Tips When Selling a Home
When selling a home, the number of works displayed and how they’re showcased may differ from when they’re just hung for personal enjoyment. To avoid distracting buyers, art needs to play a secondary role to the lead: the home’s architecture and significant features, such as a fireplace.
Here’s some guidance to offer your clients:
Less is more. Don’t fill every wall with artwork, Bettencourt advises. Instead, “put one great piece in an entry, over a sideboard, or above a fireplace,” she says.
No leaning. Even though it’s considered quite chic, avoid leaning artwork against a wall, since there’s a risk of it being knocked over.
Use art as a solution. “Spaced along a long hallway, art can break it up so it doesn’t resemble a bowling alley, or can cover ugly electrical panels,” Bettencourt says.
Draw inspiration. Encourage clients to look in magazines and books for more solutions. For example, Rooms to Inspire in the City (Rizzoli, 2010) by Annie Kelly provides many helpful images.
Info from Realtormag.com
By Barbara Ballinger | July 2010
Properly displayed and tasteful artwork can instantly bring life to an otherwise dull room. Whether home owners have painted or papered their walls, most want to hang some artwork on them, perhaps by displaying fine paintings, prints, or photographs, or more casual, affordable pieces from nature, travels, or favorite magazines. "Any room looks better with some art," says saleswoman Barb St. Amant, ABR, with Harry Norman, REALTORS®, in Atlanta. However, any artwork display should involve careful selection in choosing the right mat, frame, backing, or container, as well as determining the best location to hang the art, including how high or low it should be on a wall and whether it stands alone or as part of a group, designers say.
“Too many people hang art randomly, like they’re throwing stuff at a dartboard,” says Cambridge, Mass.–based designer Heidi Pribell. “Urge collectors to have their art form a pattern — in a grid, vertical stack, or horizontal line, or if alone relate to a piece of furniture or architectural feature.”
You can help buyers and sellers understand the impact art can make — for their own enjoyment as well as how to use it to impress buyers — with some of the following tips, from choosing what to display to how to hang it on the wall.
What to Display
Forget the notion that art has to have a fancy pedigree or exorbitant costs. Anything a home owner loves is suitable, from a museum-quality painting to child’s drawings.
Here are some other suggestions for what to display:
The power of black and white. Designer and stager Linda Bettencourt of Center Stage in San Francisco suggests using black and white photographs, which can be framed in inexpensive frames.
Go big. Atlanta-based designer Brian Patrick Flynn thinks one enlarged photo — as big as 20’ wide by 12’ tall — offers a huge wow. “By making the wall the star, you don’t necessarily need many other elements to complete it,” he says.
Mirror, mirror on the walls. Pribell loves mirrors. “They offer great feng shui and bring in light and reflection. You can never have too many,” she says.
Unique collections. Get clients to think outside the box. A childhood collection of Pez dispensers or snow globes can even become artistically encased assemblages if displayed properly.
Choosing the Proper Frame
The style, width, material, and color of picture frames are personal choices, says Chicago-area designer Mary Lou Kalmus of Designing Edge, who likes to frame works in a grouping that has the same or similar motifs.
Don’t match too much. Sharla Kidder, president of Biddington’s Inc., an art information site, prefers different “but not too different” frames — maybe a series in the same color range. Also, designers say, don’t match a frame to the room’s décor too much; let it stand on its own.
Complement the era. Pribell favors a style that reflects the period in the artwork, such as a 19th century “exhibition” frame for a 19th century painting. Many contemporary paintings and other works look good with a more minimal frame so that they float within, adds Kidder.
Bring out the art with a mat. Bettencourt likes mats in ivory or white with 3-inch borders on the sides and top and a slightly wider 4-inch border on the bottom.
Decide between glass or acrylic. “Glass is cheaper, easier to clean, and more resistant to scratches,” says Kidder. But it’s also “heavier, more breakable, sensitive to variations in temperature, and highly reflective so it often creates a glare,” she says.
How to Display It
How you display the artwork on the walls can make a big difference, too. Consider the following.
Solo or in a grouping. The size of the work usually determines this decision. A large piece can stand alone; smaller works may look visually stronger if grouped, particularly if they reflect a similar style, subject matter, or frame, says Kalmus.
Kalmus recommends first laying out a grouping on the floor to form a composition. When mounting, Kidder likes spacing of 4 to 5 inches between works, depending on how many there are and the wall’s size. She also recommends using a measuring tape and level for accuracy.
How high, low, or close together. The size of the works, height of furniture, and ceiling height need to be weighed. A good guideline is to have the center of a work or the center of the grouping at eye level to the person who is living there. If the artwork is above a sofa, there should be enough room so that people don't bump their heads on it. Art arranged along a stairway should march up the stairs, says Kalmus.
Artwork Tips When Selling a Home
When selling a home, the number of works displayed and how they’re showcased may differ from when they’re just hung for personal enjoyment. To avoid distracting buyers, art needs to play a secondary role to the lead: the home’s architecture and significant features, such as a fireplace.
Here’s some guidance to offer your clients:
Less is more. Don’t fill every wall with artwork, Bettencourt advises. Instead, “put one great piece in an entry, over a sideboard, or above a fireplace,” she says.
No leaning. Even though it’s considered quite chic, avoid leaning artwork against a wall, since there’s a risk of it being knocked over.
Use art as a solution. “Spaced along a long hallway, art can break it up so it doesn’t resemble a bowling alley, or can cover ugly electrical panels,” Bettencourt says.
Draw inspiration. Encourage clients to look in magazines and books for more solutions. For example, Rooms to Inspire in the City (Rizzoli, 2010) by Annie Kelly provides many helpful images.
Info from Realtormag.com
Monday, July 19, 2010
Fannie Mae Reviews Last-Minute Credit Checks
Daily Real Estate News | July 19, 2010 |
Fannie Mae announced last week that it is reviewing the rule it put in place earlier this year requiring lenders to do a second credit check shortly before closing.
The goal of the rule is to identify new debt that might undermine an applicant’s ability to pay, but for both home buyers and lenders, the second check is problematic. The search can uncover a short-term debt — medical bills that insurance is likely to pay — that would nevertheless derail a purchase.
"We keep telling people: 'Don't open new accounts. Don't close existing accounts. Don't do anything whatsoever that will alter your credit situation,'" says Eric Gates, a mortgage broker for Apex Home Loans. "But there will be people who can't avoid increasing their credit card balances, or already have, and that's where the problems will crop up."
Lenders are particularly concerned about the rule because Fannie can require them to buy back loans in default up to two years after closing if there is evidence that the borrower had more debt than was disclosed at the time of closing.
Source: Washington Post, Dina ElBoghdady (07/16/2010)
Fannie Mae announced last week that it is reviewing the rule it put in place earlier this year requiring lenders to do a second credit check shortly before closing.
The goal of the rule is to identify new debt that might undermine an applicant’s ability to pay, but for both home buyers and lenders, the second check is problematic. The search can uncover a short-term debt — medical bills that insurance is likely to pay — that would nevertheless derail a purchase.
"We keep telling people: 'Don't open new accounts. Don't close existing accounts. Don't do anything whatsoever that will alter your credit situation,'" says Eric Gates, a mortgage broker for Apex Home Loans. "But there will be people who can't avoid increasing their credit card balances, or already have, and that's where the problems will crop up."
Lenders are particularly concerned about the rule because Fannie can require them to buy back loans in default up to two years after closing if there is evidence that the borrower had more debt than was disclosed at the time of closing.
Source: Washington Post, Dina ElBoghdady (07/16/2010)
Friday, July 16, 2010
Frugal Tips for Making a Home More Appealing
Homeowners who want to sell but don’t have a lot of cash to spruce up their properties might consider these tips from Bankrate.com for upgrading a property without spending a fortune.
Polish up the kitchen. Add new cabinet door handles, replace lighting and update the faucet set. Unless the cabinets are mica, give them a fresh coat of paint. Order new doors for kitchen appliances.
Tidy up the bath. Replace the toilet seat. Clean up the floor with vinyl tiles or sheet vinyl applied over the old floor. Re-grout the tub and, if the tub is dingy, add a new prefabricated tub and shower surround.
Paint the walls.
Add closet systems to all the bedrooms, pantry, and entry closets.
Hire a plumber and an electrician to fix anything that is loose or that leaks.
Clean the carpets or, if they are worn, cover them with area rugs.
Replace ceiling lights with inexpensive but attractive fixtures.
Refinish or repaint the front door and replace the hardware.
Mow the lawn, edge the sidewalks, mulch all the beds and put two big planters at either side of the front door.
Source: Bankrate.com (07/14/2010)
Polish up the kitchen. Add new cabinet door handles, replace lighting and update the faucet set. Unless the cabinets are mica, give them a fresh coat of paint. Order new doors for kitchen appliances.
Tidy up the bath. Replace the toilet seat. Clean up the floor with vinyl tiles or sheet vinyl applied over the old floor. Re-grout the tub and, if the tub is dingy, add a new prefabricated tub and shower surround.
Paint the walls.
Add closet systems to all the bedrooms, pantry, and entry closets.
Hire a plumber and an electrician to fix anything that is loose or that leaks.
Clean the carpets or, if they are worn, cover them with area rugs.
Replace ceiling lights with inexpensive but attractive fixtures.
Refinish or repaint the front door and replace the hardware.
Mow the lawn, edge the sidewalks, mulch all the beds and put two big planters at either side of the front door.
Source: Bankrate.com (07/14/2010)
Thursday, July 15, 2010
HVAC and Home Warranty
By Amy Desgrange, CCAR Affiliate Committee
A home is one of the biggest investments a person will make in their lifetime. In Texas, our air conditioners are the largest, most expensive, most used and abused appliance in our home.
The home warranty industry is facing a huge challenge this year due to the federal mandate changing the mechanical make up of HVAC systems as we currently know it. R-22, commonly referred to as Freon, has been the industry standard for air conditioning units for more than four decades. However, R-22 is an ozone depleting substance and as such is being completely phased out by Jan. 1, 2020.
Beginning Jan. 1, 2010, the EPA requires the use of R-410A refrigerant in air conditioning systems. Under this mandate, any failed air conditioning condenser or evaporative coil that uses R-22 refrigerant must be replaced with equipment that uses R-410A refrigerant; and the remaining system components must be made compatible with the R-410A refrigerant.
This means the new industry standard refrigerant will be R-410A, commonly referred to Puron. Puron is a registered trademark name of R-410A created by Carrier in 1994 and introduced to the market in 1996. Puron is a non-ozone depleting refrigerant that is a combination of two components: R-32 and R-125. This blend has a higher vapor pressure than R-22 which makes R-410A much more energy efficient. When homeowners switch from an R-22 to R-410A 13 SEER minimum system, they should see instant savings in their energy bills.
Equipment that is designed for R-22 should not be running with R-410A refrigerant because of the difference in the vapor pressure and the type of oil needed to run the system. R-22 utilizes a mineral oil while Puron utilizes synthetic oil. All A/C systems use oil that circulates throughout the inside of the system to keep all of the parts well lubricated and running smoothly. What is the significance? When you replace one, you have to replace the other.
It is very important for homeowners to read their warranty brochure and understand what is and is not covered, especially when it comes to the HVAC system. Thousands of DFW homeowners will face A/C replacement this summer and agents should know what's happening in the warranty industry that could impact their clients expectations if not set correctly.
Most warranty companies include R410-A equipment upgrade coverage for failed Freon units that need to be replaced. However, not all warranty plans provide coverage for the modifications required to upgrade A/C systems to R-410A refrigerant. Any non-failed working components of the system that need to be modified in order to get the new R410-A equipment operating are the responsibility of the home owner. Some warranty companies offer a buyer's only option that provides money towards the modification expenses. Again, read the contract because not all warranty companies are handling Freon to Puron conversions the same way.
A home is one of the biggest investments a person will make in their lifetime. In Texas, our air conditioners are the largest, most expensive, most used and abused appliance in our home.
The home warranty industry is facing a huge challenge this year due to the federal mandate changing the mechanical make up of HVAC systems as we currently know it. R-22, commonly referred to as Freon, has been the industry standard for air conditioning units for more than four decades. However, R-22 is an ozone depleting substance and as such is being completely phased out by Jan. 1, 2020.
Beginning Jan. 1, 2010, the EPA requires the use of R-410A refrigerant in air conditioning systems. Under this mandate, any failed air conditioning condenser or evaporative coil that uses R-22 refrigerant must be replaced with equipment that uses R-410A refrigerant; and the remaining system components must be made compatible with the R-410A refrigerant.
This means the new industry standard refrigerant will be R-410A, commonly referred to Puron. Puron is a registered trademark name of R-410A created by Carrier in 1994 and introduced to the market in 1996. Puron is a non-ozone depleting refrigerant that is a combination of two components: R-32 and R-125. This blend has a higher vapor pressure than R-22 which makes R-410A much more energy efficient. When homeowners switch from an R-22 to R-410A 13 SEER minimum system, they should see instant savings in their energy bills.
Equipment that is designed for R-22 should not be running with R-410A refrigerant because of the difference in the vapor pressure and the type of oil needed to run the system. R-22 utilizes a mineral oil while Puron utilizes synthetic oil. All A/C systems use oil that circulates throughout the inside of the system to keep all of the parts well lubricated and running smoothly. What is the significance? When you replace one, you have to replace the other.
It is very important for homeowners to read their warranty brochure and understand what is and is not covered, especially when it comes to the HVAC system. Thousands of DFW homeowners will face A/C replacement this summer and agents should know what's happening in the warranty industry that could impact their clients expectations if not set correctly.
Most warranty companies include R410-A equipment upgrade coverage for failed Freon units that need to be replaced. However, not all warranty plans provide coverage for the modifications required to upgrade A/C systems to R-410A refrigerant. Any non-failed working components of the system that need to be modified in order to get the new R410-A equipment operating are the responsibility of the home owner. Some warranty companies offer a buyer's only option that provides money towards the modification expenses. Again, read the contract because not all warranty companies are handling Freon to Puron conversions the same way.
Wednesday, July 14, 2010
More Homes Accomodate Multi-Generations
Daily Real Estate News | July 14, 2010 |
Building and modifying homes to accommodate multiple generations is increasingly popular as more Americans struggle to accommodate both their older parents and their grown children under the same roof.
The National Association of Home Builders’ International Builders Show this year featured a single-level residence with a master suite at each end.
"The grandparents' suite included universal design elements along with a small kitchenette," says Stephen Melman, director of economic services at the NAHB. "The concept for this home was that the parents could get help with their kids from the grandparents, while the grandparents benefited by having household maintenance chores and meals taken care of for them.”
Melman said that it is difficult to predict whether this trend will diminish when the economy improves, but he pointed to the growing number of ethnic groups where multi-generational living is expected as a sign that the trend may stick.
Source: Washington Times, Michele Lerner (07/09/2010)
Building and modifying homes to accommodate multiple generations is increasingly popular as more Americans struggle to accommodate both their older parents and their grown children under the same roof.
The National Association of Home Builders’ International Builders Show this year featured a single-level residence with a master suite at each end.
"The grandparents' suite included universal design elements along with a small kitchenette," says Stephen Melman, director of economic services at the NAHB. "The concept for this home was that the parents could get help with their kids from the grandparents, while the grandparents benefited by having household maintenance chores and meals taken care of for them.”
Melman said that it is difficult to predict whether this trend will diminish when the economy improves, but he pointed to the growing number of ethnic groups where multi-generational living is expected as a sign that the trend may stick.
Source: Washington Times, Michele Lerner (07/09/2010)
Tuesday, July 13, 2010
McKinney Named #5 in the Top 100 Places to Live!
Information from:
100 Best Places to Live in America, 2010 edition
by Beth Braverman, Veronica Crews, Anne C. Lee, Jessica Levine, Ismat Sarah Mangla, Vanessa Richardson, Donna Rosato, Pieter van Noordennen, and Onboard Informatics (data), CNNMoney.com
Provided by: CNN Money
Jul 12, 2010
#5. McKinney, TX
Population: 125,000
Unemployment: 7.8%
Pluses: Affordable homes, charming downtown
Lots of towns near Dallas have low crime, affordable homes, and good jobs; McKinney is no exception. What makes it stand out is its gem of a downtown. Lovingly restored 19th-century buildings house restaurants, boutiques, and galleries; the 1875 courthouse contains a new performing-arts center.
McKinney's employment opportunities are robust, sparing many residents a rush-hour drive of up to an hour to Dallas. Defense contractor Raytheon has a 3,700-person division here, and a mix of businesses in financial services, medical technology, and eco-friendly manufacturing are moving in.
Though McKinney has grown like mad over the past decade, you'd never suspect it when driving through its tree-filled communities surrounded by ponds, parks, and hiking trails. Residents say the town has handled the influx well, building plenty of new schools and hospitals.
And the relatively low real-estate prices thrill transplants from more expensive locales: A five-bedroom house, with a pool, set on a golf course might go for $440,000, and you can find homes for a third as much.
If McKinney sounds like the place you want to live – give us a call! We have the BEST Realtors in McKinney! 972-562-8883 or mckinney@kw.com. Check out our website at www.kwmckinney.com
100 Best Places to Live in America, 2010 edition
by Beth Braverman, Veronica Crews, Anne C. Lee, Jessica Levine, Ismat Sarah Mangla, Vanessa Richardson, Donna Rosato, Pieter van Noordennen, and Onboard Informatics (data), CNNMoney.com
Provided by: CNN Money
Jul 12, 2010
#5. McKinney, TX
Population: 125,000
Unemployment: 7.8%
Pluses: Affordable homes, charming downtown
Lots of towns near Dallas have low crime, affordable homes, and good jobs; McKinney is no exception. What makes it stand out is its gem of a downtown. Lovingly restored 19th-century buildings house restaurants, boutiques, and galleries; the 1875 courthouse contains a new performing-arts center.
McKinney's employment opportunities are robust, sparing many residents a rush-hour drive of up to an hour to Dallas. Defense contractor Raytheon has a 3,700-person division here, and a mix of businesses in financial services, medical technology, and eco-friendly manufacturing are moving in.
Though McKinney has grown like mad over the past decade, you'd never suspect it when driving through its tree-filled communities surrounded by ponds, parks, and hiking trails. Residents say the town has handled the influx well, building plenty of new schools and hospitals.
And the relatively low real-estate prices thrill transplants from more expensive locales: A five-bedroom house, with a pool, set on a golf course might go for $440,000, and you can find homes for a third as much.
If McKinney sounds like the place you want to live – give us a call! We have the BEST Realtors in McKinney! 972-562-8883 or mckinney@kw.com. Check out our website at www.kwmckinney.com
Monday, July 12, 2010
Tech Tip: Treat your batteries right!
Most digital cameras, cell phones, laptops, and other portable devices run on lithium-ion batteries. Here are some tips for their use.
Charge them whenever you want. Lithium-ion batteries don't suffer from "memory effect," which describes other types of batteries' tendency to hold less charge if not fully discharged regularly.
Don't let them run too low. There is a point at which a lithium-ion battery suffers damage from discharging too much power. Most devices have built-in safeguards to shut down before the damage occurs, but it's good practice to recharge your battery before your phone stops working.
Don't let them get hot. Heat is a lithium-ion battery's worst enemy. The batteries degrade over time regardless of their use, but their performance will quickly deteriorate when exposed to high temperatures.
Store them with a partial charge. You're better served to alternate between two batteries rather than storing one. A lithium-ion battery degrades over time whether it's used or not, so consider getting some use out of it. However, if you decide to store a lithium-ion battery for a few months, give it at least a half-charge.
Information Source: Texas Association of Realtors Email Update
Charge them whenever you want. Lithium-ion batteries don't suffer from "memory effect," which describes other types of batteries' tendency to hold less charge if not fully discharged regularly.
Don't let them run too low. There is a point at which a lithium-ion battery suffers damage from discharging too much power. Most devices have built-in safeguards to shut down before the damage occurs, but it's good practice to recharge your battery before your phone stops working.
Don't let them get hot. Heat is a lithium-ion battery's worst enemy. The batteries degrade over time regardless of their use, but their performance will quickly deteriorate when exposed to high temperatures.
Store them with a partial charge. You're better served to alternate between two batteries rather than storing one. A lithium-ion battery degrades over time whether it's used or not, so consider getting some use out of it. However, if you decide to store a lithium-ion battery for a few months, give it at least a half-charge.
Information Source: Texas Association of Realtors Email Update
Friday, July 9, 2010
Global Interest in U.S. Homeownership Gains
International home buyers are increasingly attracted to property in the U.S., according to the National Association of REALTORS®’ 2010 Profile of International Home Buying Activity. Several factors, including the strength of the dollar, the value and desirability of U.S. real estate, and the emerging economic recovery, continue to drive international interest in owning a home in this country.
“While all real estate in the U.S. is local, the same is not true for property owners,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz. “The U.S. continues to be a top destination for international buyers from all over the world. Foreign buyers understand the value of owning a home in this country and can rely on REALTORS® to help guide them through the complex process of buying property in the U.S. With expertise, knowledge and experience, REALTORS® have a global perspective.”
The survey, released today, covers the period between April 1, 2009, and March 31, 2010. During that time foreign buyers, including those with residency outside the U.S. as well as recent immigrants and temporary visa holders, are estimated to have purchased $66 billion of U.S. residential property, or 7 percent of the residential market.
Slightly more than a quarter of REALTORS®, 28 percent, reported working with at least one international client in the past year. This is a significant increase from the 2009 report, when 23 percent of REALTORS® worked with foreign clients. Eighteen percent of all REALTORS® were estimated to have completed at least one sale, compared to 12 percent last year.
“Several factors have contributed to an increase in international buyer interest in the U.S.,” said Golder. “A large majority of REALTORS® report the changes in value to the U.S. dollar have had a strong impact on the international real estate business. In addition, perceptions abroad about trends in the U.S. real estate market have led many international clients to believe purchasing a home in the U.S. is more affordable than in their country and holds more value.”
International buyers came from 53 different countries around the world. The top four countries were Canada, Mexico, the U.K. and China/Hong Kong. With 23 percent of international buyers coming from Canada, the country has remained the largest buying group in the past three years. Foreign buyers from Mexico have been steadily increasing. In 2010 Mexico replaced the U.K. as the second largest buying group with 10 percent of buyers. Buyers from the U.K. buyers decreased from 10.5 percent in 2009 to nine percent in 2010. Eight percent of recent buyers came from China/Hong Kong.
Two factors important to international clients when purchasing property in the U.S. are proximity to their home country and the convenience of air transportation. Florida typically attracts European, Canadian and South American buyers while the East Coast draws Europeans. The West Coast brings Asian buyers and the Southwest attracts Mexicans.
International buyers were reported in 39 states in 2010, but a slight majority of the total buyers are concentrated in Florida, California, Arizona and Texas. These four states account for 53 percent of purchases and have remained the top destinations for the past three years, with Florida and California remaining the top two destinations.
The median price paid by international buyers for a home in the U.S. was $219,400, a decrease from 2009’s median price of $247,100. However, the median price paid by foreign buyers was significantly higher than the overall median market price, which was $172,500 in 2009. On average, foreign buyers tend to purchase closer to the upper end of the market; 16 percent of the total international purchases were for homes priced at more than $500,000. According to REALTORS®, this was because international buyers are typically looking for a second home.
A majority of international buyers, 66 percent, purchased single-family detached homes. However, more international buyers purchased a condo than did their U.S. counterparts, at 23 percent and 7 percent, respectively. Only 44 percent of international buyers used a mortgage to pay for their home, compared to 92 percent of domestic buyers. Fifty-five percent of foreign buyers paid all cash. REALTORS® reported that a majority of international buyers use all cash because of the difficulty in establishing international credit in the U.S. Over one-third, 34 percent, of potential foreign buyers was unable to complete transactions because of financing problems in the U.S.
Source: NAR
“While all real estate in the U.S. is local, the same is not true for property owners,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz. “The U.S. continues to be a top destination for international buyers from all over the world. Foreign buyers understand the value of owning a home in this country and can rely on REALTORS® to help guide them through the complex process of buying property in the U.S. With expertise, knowledge and experience, REALTORS® have a global perspective.”
The survey, released today, covers the period between April 1, 2009, and March 31, 2010. During that time foreign buyers, including those with residency outside the U.S. as well as recent immigrants and temporary visa holders, are estimated to have purchased $66 billion of U.S. residential property, or 7 percent of the residential market.
Slightly more than a quarter of REALTORS®, 28 percent, reported working with at least one international client in the past year. This is a significant increase from the 2009 report, when 23 percent of REALTORS® worked with foreign clients. Eighteen percent of all REALTORS® were estimated to have completed at least one sale, compared to 12 percent last year.
“Several factors have contributed to an increase in international buyer interest in the U.S.,” said Golder. “A large majority of REALTORS® report the changes in value to the U.S. dollar have had a strong impact on the international real estate business. In addition, perceptions abroad about trends in the U.S. real estate market have led many international clients to believe purchasing a home in the U.S. is more affordable than in their country and holds more value.”
International buyers came from 53 different countries around the world. The top four countries were Canada, Mexico, the U.K. and China/Hong Kong. With 23 percent of international buyers coming from Canada, the country has remained the largest buying group in the past three years. Foreign buyers from Mexico have been steadily increasing. In 2010 Mexico replaced the U.K. as the second largest buying group with 10 percent of buyers. Buyers from the U.K. buyers decreased from 10.5 percent in 2009 to nine percent in 2010. Eight percent of recent buyers came from China/Hong Kong.
Two factors important to international clients when purchasing property in the U.S. are proximity to their home country and the convenience of air transportation. Florida typically attracts European, Canadian and South American buyers while the East Coast draws Europeans. The West Coast brings Asian buyers and the Southwest attracts Mexicans.
International buyers were reported in 39 states in 2010, but a slight majority of the total buyers are concentrated in Florida, California, Arizona and Texas. These four states account for 53 percent of purchases and have remained the top destinations for the past three years, with Florida and California remaining the top two destinations.
The median price paid by international buyers for a home in the U.S. was $219,400, a decrease from 2009’s median price of $247,100. However, the median price paid by foreign buyers was significantly higher than the overall median market price, which was $172,500 in 2009. On average, foreign buyers tend to purchase closer to the upper end of the market; 16 percent of the total international purchases were for homes priced at more than $500,000. According to REALTORS®, this was because international buyers are typically looking for a second home.
A majority of international buyers, 66 percent, purchased single-family detached homes. However, more international buyers purchased a condo than did their U.S. counterparts, at 23 percent and 7 percent, respectively. Only 44 percent of international buyers used a mortgage to pay for their home, compared to 92 percent of domestic buyers. Fifty-five percent of foreign buyers paid all cash. REALTORS® reported that a majority of international buyers use all cash because of the difficulty in establishing international credit in the U.S. Over one-third, 34 percent, of potential foreign buyers was unable to complete transactions because of financing problems in the U.S.
Source: NAR
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