My boyfriend and I stayed in and cooked dinner Saturday night so I could try a new recipe. We wanted to eat pasta but wanted to do it different than normal. I'm a huge chicken fan, so normally when I cook, chicken is the meat....SO, I decided to switch it up and use Shrimp. I used an Italian Seasoning dressing mix that you mix oil & vinegar with. It ended up being very yummy, and the left overs are really good COLD!
SHRIMP & FETA PASTA SALAD
1 pkg cooked shrimp
1/4 cup feta cheese, rinsed, patted dry & crumbled
1 chopped green onions
1 tbsp. chopped fresh basil
2 lg. tomatoes, chopped
4 cups pasta, cooked (I use colored mix)
1 pkgs. Good Seasons Italian dressing mix
Combine shrimp, feta, onions, basil, tomatoes, salt and pepper. Let mixture stand at room temperature at least an hour in the mixture of Good Seasons salad mix (made according to package directions). Add pasta to shrimp and sauce. Toss to coat well. (Can be made ahead and leftovers are delicious.)
We had garlic bread with it and the meal turned out delicous!
Monday, April 12, 2010
Friday, March 26, 2010
Beautiful 2 bedroom/ 1 bath house on "M" Streets for sale in Dallas under $300,000
Beautiful 2 bedroom/ 1 bath house on "M" Streets for sale in Dallas under $300,000
I am holding an open house Sunday, March 28th, from 11:30-1:30. This house is great. It's in the prime location in the "M" Streets of Dallas. This beautiful 2 bedroom/ 1 bath house for sale under $300,000 featurs refinished hardwood floors, floor to ceiling windows that gives an abundance of natural light. The kitchen is completely updated with new 2009 appliances. Flexible floor plan. 2cs living room area could be turned into 3rd bedroom or a study.
If you desire to live in a 2 bedroom/ 1 bath house on the "M" streets, then this is a great opportunity to come view one of the best houses in the neighborhood!
I am holding an open house Sunday, March 28th, from 11:30-1:30. This house is great. It's in the prime location in the "M" Streets of Dallas. This beautiful 2 bedroom/ 1 bath house for sale under $300,000 featurs refinished hardwood floors, floor to ceiling windows that gives an abundance of natural light. The kitchen is completely updated with new 2009 appliances. Flexible floor plan. 2cs living room area could be turned into 3rd bedroom or a study.
If you desire to live in a 2 bedroom/ 1 bath house on the "M" streets, then this is a great opportunity to come view one of the best houses in the neighborhood!
Wednesday, March 24, 2010
Existing Home Sales Flatten And Point To A Much Better Spring
As expected, Existing Home Sales fell in February, slipping 30,000 units versus January's numbers. It's the 4th straight month in which Existing Home Sales were lower, month-over-month.
An "existing" home is one that is previously owned and lived-in (i.e. not new construction).
Existing Home Sales peaked in November 2009, just as the First-Time Home Buyer Tax Credit was set to expire. Immediately thereafter, according to the National Association of Realtors®, monthly sales plunged 17 percent in December, then another 7 percent in January.
Comparatively, February's dip is a modest 0.6 percent and is more in line with the pre-tax-credit Existing Home Sales trend. The real estate market is rediscovering its normal.
But "normal" may not last for long.
When the federal home buyer's tax program was extended last year, the new rules stated that home buyers must be under contract for their new, respective homes on, or before, April 30, 2010 in order to claim up to $8,000 in federal money. That deadline is approaching and many markets are experiencing a surge in buyer traffic as April 30 nears.
The Existing Home Sales data doesn't reflect this new demand, nor the number of new contracts written. It only accounts for home closings and, in February, closings were down.
For today's buyers, the market looks favorable. The federal tax credit is in place, mortgage rates stubbornly stick near all-time lows, and home prices are staying in check.
Existing Home Sales should gain through March and April, pressuring home prices higher. And, by the time the press reports the gains, the best deals in the city may already be gone. Consider acting sooner rather than later.
An "existing" home is one that is previously owned and lived-in (i.e. not new construction).
Existing Home Sales peaked in November 2009, just as the First-Time Home Buyer Tax Credit was set to expire. Immediately thereafter, according to the National Association of Realtors®, monthly sales plunged 17 percent in December, then another 7 percent in January.
Comparatively, February's dip is a modest 0.6 percent and is more in line with the pre-tax-credit Existing Home Sales trend. The real estate market is rediscovering its normal.
But "normal" may not last for long.
When the federal home buyer's tax program was extended last year, the new rules stated that home buyers must be under contract for their new, respective homes on, or before, April 30, 2010 in order to claim up to $8,000 in federal money. That deadline is approaching and many markets are experiencing a surge in buyer traffic as April 30 nears.
The Existing Home Sales data doesn't reflect this new demand, nor the number of new contracts written. It only accounts for home closings and, in February, closings were down.
For today's buyers, the market looks favorable. The federal tax credit is in place, mortgage rates stubbornly stick near all-time lows, and home prices are staying in check.
Existing Home Sales should gain through March and April, pressuring home prices higher. And, by the time the press reports the gains, the best deals in the city may already be gone. Consider acting sooner rather than later.
Monday, March 22, 2010
How to Get the Extended Home Buyer Tax Credit
You’ve decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit. Here's what you have to do to get your benefit:
1.Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract by April 30, 2010 and close by July 1, 2010.
2. Decide whether to:
•• apply the credit to your 2009 tax return, filed on or before April 15, 2010;
•• file an amended 2009 return; or,
•• apply the credit on your 2010 return, filed on or before April 15, 2011.
3.Attach documentation of purchase to your return.
Documentation of Purchase
Details concerning the precise documents required to confirm your purchase have not yet been released. When this information becomes available, we will include instructions and links to the appropriate forms.
When to Apply the Credit
Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.
Buyers purchasing in 2010 will have the option to:
•• Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;
•• File an amended return for 2009 if their purchase is completed after April 15, 2010; or,
•• Claim the credit on their 2010 tax returns.
If you, or your client, purchased a home between January 1, 2009 and November 6, 2009, please see: How to Get the 2009 First-Time Home Buyer Tax Credit.
Applying the Credit to Your 2009 Taxes
You will need to do three things to claim the credit on your 2009 tax return:
1.Fill out Form 5405 to determine the amount of your available credit;
2.Apply the credit when you file your 2009 tax return or file an amended return;
3.Attach documentation of purchase to your return or amended return.
1.Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract by April 30, 2010 and close by July 1, 2010.
2. Decide whether to:
•• apply the credit to your 2009 tax return, filed on or before April 15, 2010;
•• file an amended 2009 return; or,
•• apply the credit on your 2010 return, filed on or before April 15, 2011.
3.Attach documentation of purchase to your return.
Documentation of Purchase
Details concerning the precise documents required to confirm your purchase have not yet been released. When this information becomes available, we will include instructions and links to the appropriate forms.
When to Apply the Credit
Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.
Buyers purchasing in 2010 will have the option to:
•• Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;
•• File an amended return for 2009 if their purchase is completed after April 15, 2010; or,
•• Claim the credit on their 2010 tax returns.
If you, or your client, purchased a home between January 1, 2009 and November 6, 2009, please see: How to Get the 2009 First-Time Home Buyer Tax Credit.
Applying the Credit to Your 2009 Taxes
You will need to do three things to claim the credit on your 2009 tax return:
1.Fill out Form 5405 to determine the amount of your available credit;
2.Apply the credit when you file your 2009 tax return or file an amended return;
3.Attach documentation of purchase to your return or amended return.
Tuesday, February 23, 2010
Home Improvement Projects-Getting A Return On Your Investment
Preparing your Coppell home for a quick sale often means making minor, and sometimes major, home improvements. Before giving the green light for another home remodeling project, however, make sure that you’ll seen a return on your investment.
The general rule of thumb in the industry is to expect about an 80 to 90 percent return on your investment within the first year or two. Sometimes this percentage is much more, sometimes much less. Your investment may not see a 100 percent return, but a quick sale because of it can be just as advantageous.
What Home Buyers Want to See
Updated light fixtures, bathroom and kitchen fixtures and flooring are all fairly inexpensive upgrades that can make a huge impact. Stay neutral and streamlined to attract a wide variety of buyers. Consider hardwood flooring or wood laminate flooring throughout a home’s main living areas. Ceramic tile is often a popular choice for kitchen and bathrooms. Plush, neutral carpeting is always a selling point for a home’s bedrooms.
A larger remodel, such as a kitchen or a bathroom, may seem excessive, but these two rooms are often the most important to potential buyers. In fact, most homeowners see a near 100% return on their kitchen remodels. If a complete kitchen remodel is not possible, consider installing new countertops, painting the walls, and switching out the kitchen cabinet’s old hardware for something more modern.
Replacing your kitchen appliances with upgraded versions may also serve as an excellent selling point.
Update your bathroom with a new sink, faucet and lighting, and add upgraded towel bars, soap dishes and accessories.
Keep in mind that many home improvement projects can be done without breaking the bank. For example, a high quality laminate counter top may be a smarter choice than its costly granite counterpart.
Research other homes on the market in your neighborhood and compare amenities and features before you begin the remodeling process. Most importantly, complete your home improvements from a buyer’s standpoint and keep it neutral and attractive to a wide variety of buyers.
The general rule of thumb in the industry is to expect about an 80 to 90 percent return on your investment within the first year or two. Sometimes this percentage is much more, sometimes much less. Your investment may not see a 100 percent return, but a quick sale because of it can be just as advantageous.
What Home Buyers Want to See
Updated light fixtures, bathroom and kitchen fixtures and flooring are all fairly inexpensive upgrades that can make a huge impact. Stay neutral and streamlined to attract a wide variety of buyers. Consider hardwood flooring or wood laminate flooring throughout a home’s main living areas. Ceramic tile is often a popular choice for kitchen and bathrooms. Plush, neutral carpeting is always a selling point for a home’s bedrooms.
A larger remodel, such as a kitchen or a bathroom, may seem excessive, but these two rooms are often the most important to potential buyers. In fact, most homeowners see a near 100% return on their kitchen remodels. If a complete kitchen remodel is not possible, consider installing new countertops, painting the walls, and switching out the kitchen cabinet’s old hardware for something more modern.
Replacing your kitchen appliances with upgraded versions may also serve as an excellent selling point.
Update your bathroom with a new sink, faucet and lighting, and add upgraded towel bars, soap dishes and accessories.
Keep in mind that many home improvement projects can be done without breaking the bank. For example, a high quality laminate counter top may be a smarter choice than its costly granite counterpart.
Research other homes on the market in your neighborhood and compare amenities and features before you begin the remodeling process. Most importantly, complete your home improvements from a buyer’s standpoint and keep it neutral and attractive to a wide variety of buyers.
Monday, February 22, 2010
Understanding Condo HOA Fees: What you need to Know
Purchasing downtown Dallas luxury condos is a smart move for many Dallas residents.
Downtown Dallas luxury condos boast some of the most outstanding features, services and amenities and, let’s face it, the location just can’t be beat.
Whether you’re a professional or empty nester, downtown Dallas luxury condos can provide the best urban living in Dallas. However, it is important to understand that purchasing downtown Dallas luxury condos are much different than purchasing a single-family home.
In particular, you must take into consider Homeowners Association Fees (HOA) when purchasing a condominium. HOA fees cover many things, including maintenance, parking, landscaping, and the upkeep of any building amenities and services.
There are a number of steps you should take when viewing downtown Dallas luxury condos. In particular, there are some obvious - and not so obvious - points about HOA fees that you should familiarize yourself with before purchasing a condo:
Be aware that all HOA fees are not the same. In fact, HOA fees can vary widely between downtown Dallas luxury condo properties. HOA fees can often break a budget, so always remember to consider these fees when considering your monthly housing budget.
Always ask for the name of the management company responsible for your building’s HOA. If your building is not professionally managed, ask for the name of the head of the HOA.
Ask about the percentage of the owner-occupied tenants in the building, as your ability to obtain financing could depend on this. In particular, Fannie Mae and Freddie Mac have placed limits on financing condos when there are too many investors involved in the building. In order to be eligible for financing, most lenders will want proof that the building is at least two-thirds owner occupied.
Inquire about any additional assessments that have been enacted as of late. Ask about any anticipated projects in the works, as these could raise your HOA fees. However, many HOAs will have money set aside to handle large maintenance or improvement projects.
Ask about any current or past disputes among the HOA members, and whether this has been resolved.
What are the restrictions involved with the HOA? Make sure you feel comfortable with these restrictions, and whether you feel you can live with them for the long term.
Contact me at 214-763-5115 or by e-mail at sarah.halbrook@kw.com if you are looking for a Dallas downtown condo. I would be happy to help you and provide any additional information.
Wednesday, February 17, 2010
12 Hot Home Ideas
People today seek to personalize, economize, and make the most of their space—inside and out.
Today’s home owners seek style and comfort, but they’re ever mindful of the toll that our choices can take on the environment. These 12 home-furnishings trends reflect current priorities and aspirations. Some of these phenomena will inevitably fizzle, while others will become mainstays of the home, but for now they are attracting lots of industry and consumer buzz. Here’s a rundown:
#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 Environmentally friendly cabinetry
Why trendworthy: Popular with green movement.
With sustainable products continuing to draw fans, more kitchen and bathroom cabinets are expected to be fabricated from green materials, says John Troxell Jr., director of design at Wood-Mode Inc., a large manufacturer (www.wood-mode.com). But it’s not materials alone that make consumers pick one line over another, Troxell says. "Where materials come from, how cabinets are manufactured, and whether they’re finished without pollutants will be more important. While bamboo is renewable, it comes from halfway around the world, so is it environmentally friendly given transportation costs?" asks Troxell. He predicts greater interest in indigenous walnut and cherry, less in endangered mahogany and rosewood.
#3 Energy-sipping refrigerators
Why trendworthy: Pares the electricity consumption of a standard guzzler.
Future refrigerators will be better insulated to improve energy efficiency. The challenge is to add insulation without reducing interior space, says Matthew Kueny, senior manager of product development at Miele, which is working to provide a solution (www.miele.com). Also on the horizon: New interior lighting that’s more energy-efficient and that better illuminates dark corners without distorting the look of the food, which is common with the blue hue cast by LED lighting. Miele refrigerator-freezers start at almost $7,000, while simpler conventional models start at $600.
#4 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.
#5 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.
#6 Condo home offices
Why trendworthy: To help home owners maximize small spaces—and obtain a tax deduction.
Owners of single-family homes have long been able to convert a bedroom, den, or basement to an office, but down the road more condo buyers and apartment renters will find homes with small, dedicated spaces for business use, says Robert Kaliner, president of the Ascend Group, developer of the luxury Georgica condominiums in New York, where each glass-wrapped unit will have a home office (www.georgicany.com). Steve Kliegerman, executive director at Halstead Development, which is marketing units with home offices in another New York building, The Fitzgerald (www.thefitzgeraldcondos.com) in Harlem, sees a couple of factors behind the trend: Older, retrofitted office buildings tend to come with nooks that lend themselves to becoming small offices, and the home office tax deduction gives these spaces special appeal.
#7 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.
#8 Do-it-yourself projects
Why trendworthy: Less costly, more personal.
The DIY trend keeps growing as home owners look to cut costs and return to basics. Instruction is readily available in classes, on the Web, and in books. Example: Designer Fu-Tung Cheng (www.chengdesign.com), who helped make concrete a chic, green material for interior surfaces, is now helping even nonhandy home owners construct concrete countertops with his book and DVD, Concrete Countertops Made Simple (Taunton Press, 2008). "The DIY movement represents a trend away from overly complex projects that require professional expertise. The simpler designs are also more timeless and individualistic and more likely to touch the heart," Cheng says.
#9 Outdoor curtains
Why trendworthy: Even backyard "rooms" require some privacy.
As more people construct "rooms" in their backyards for purposes such as swimming, cooking and eating, and relaxing under a pergola, the need for curtains has arisen. New fabrics stand up better to outdoor conditions and visually soften hardscape surfaces. They also screen out nosy neighbors, says designer Flynn. Fabric runs $12 to $80 per square foot, plus installation.
#10 Dual-flush, environmentally efficient toilets, plus more healthful designs
Why trendworthy: Greater recognition that liquid and solid waste have different flush requirements.
Though widely available abroad, dual-flush toilets—with separate mechanisms to handle liquid or solid waste—are gaining attention here, says Lenora Campos with Toto USA, a leading toilet manufacturer (www.totousa.com). The main challenge isn’t convincing home owners to buy the models, she says, but getting them to remember to use the right button. More companies may follow Toto’s lead to construct toilets with glazed concave rims and water nozzles that repel bacteria and wall-mounted models that make cleaning underneath easier. Toto’s Aquia II dual-flush models run from $457 to $686, while the company’s conventional single-flush models range from $350 to $525.
#11 3-D HDTV
Why trendworthy: Images are becoming more lifelike.
HDTVs display a beautiful picture, but they can’t offer a 3-D presentation like your local IMAX movie theater does. The reason: True high-definition 3-D in the home currently lacks a standard and is still too expensive for most consumers. That should change, in part because electronics manufacturers are developing a standard format. When that happens, prices should drop, says Dave Pedigo, senior director of technology for CEDIA (the Custom Electronic Design and Installation Association), a national trade association.
#12 Relaxation retreats
Why trendworthy: Increased need to unwind.
Who cares about a home being a castle when most just want a place to unwind? Atlanta architect Johnna Barrett (www.barrettdesigninc.com) has designed several relaxation rooms, where creature comforts include natural materials, color kinetics, programmable LED lighting, candlelight, aromatherapy, a sound-blocking machine, flat-panel TV with DVD player, refrigerator with purified water, and a door. Depending on room size and amenities included, a retreat room could cost from $3,000 to $10,000.
Realtor Magazine | February 2010
Today’s home owners seek style and comfort, but they’re ever mindful of the toll that our choices can take on the environment. These 12 home-furnishings trends reflect current priorities and aspirations. Some of these phenomena will inevitably fizzle, while others will become mainstays of the home, but for now they are attracting lots of industry and consumer buzz. Here’s a rundown:
#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 Environmentally friendly cabinetry
Why trendworthy: Popular with green movement.
With sustainable products continuing to draw fans, more kitchen and bathroom cabinets are expected to be fabricated from green materials, says John Troxell Jr., director of design at Wood-Mode Inc., a large manufacturer (www.wood-mode.com). But it’s not materials alone that make consumers pick one line over another, Troxell says. "Where materials come from, how cabinets are manufactured, and whether they’re finished without pollutants will be more important. While bamboo is renewable, it comes from halfway around the world, so is it environmentally friendly given transportation costs?" asks Troxell. He predicts greater interest in indigenous walnut and cherry, less in endangered mahogany and rosewood.
#3 Energy-sipping refrigerators
Why trendworthy: Pares the electricity consumption of a standard guzzler.
Future refrigerators will be better insulated to improve energy efficiency. The challenge is to add insulation without reducing interior space, says Matthew Kueny, senior manager of product development at Miele, which is working to provide a solution (www.miele.com). Also on the horizon: New interior lighting that’s more energy-efficient and that better illuminates dark corners without distorting the look of the food, which is common with the blue hue cast by LED lighting. Miele refrigerator-freezers start at almost $7,000, while simpler conventional models start at $600.
#4 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.
#5 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.
#6 Condo home offices
Why trendworthy: To help home owners maximize small spaces—and obtain a tax deduction.
Owners of single-family homes have long been able to convert a bedroom, den, or basement to an office, but down the road more condo buyers and apartment renters will find homes with small, dedicated spaces for business use, says Robert Kaliner, president of the Ascend Group, developer of the luxury Georgica condominiums in New York, where each glass-wrapped unit will have a home office (www.georgicany.com). Steve Kliegerman, executive director at Halstead Development, which is marketing units with home offices in another New York building, The Fitzgerald (www.thefitzgeraldcondos.com) in Harlem, sees a couple of factors behind the trend: Older, retrofitted office buildings tend to come with nooks that lend themselves to becoming small offices, and the home office tax deduction gives these spaces special appeal.
#7 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.
#8 Do-it-yourself projects
Why trendworthy: Less costly, more personal.
The DIY trend keeps growing as home owners look to cut costs and return to basics. Instruction is readily available in classes, on the Web, and in books. Example: Designer Fu-Tung Cheng (www.chengdesign.com), who helped make concrete a chic, green material for interior surfaces, is now helping even nonhandy home owners construct concrete countertops with his book and DVD, Concrete Countertops Made Simple (Taunton Press, 2008). "The DIY movement represents a trend away from overly complex projects that require professional expertise. The simpler designs are also more timeless and individualistic and more likely to touch the heart," Cheng says.
#9 Outdoor curtains
Why trendworthy: Even backyard "rooms" require some privacy.
As more people construct "rooms" in their backyards for purposes such as swimming, cooking and eating, and relaxing under a pergola, the need for curtains has arisen. New fabrics stand up better to outdoor conditions and visually soften hardscape surfaces. They also screen out nosy neighbors, says designer Flynn. Fabric runs $12 to $80 per square foot, plus installation.
#10 Dual-flush, environmentally efficient toilets, plus more healthful designs
Why trendworthy: Greater recognition that liquid and solid waste have different flush requirements.
Though widely available abroad, dual-flush toilets—with separate mechanisms to handle liquid or solid waste—are gaining attention here, says Lenora Campos with Toto USA, a leading toilet manufacturer (www.totousa.com). The main challenge isn’t convincing home owners to buy the models, she says, but getting them to remember to use the right button. More companies may follow Toto’s lead to construct toilets with glazed concave rims and water nozzles that repel bacteria and wall-mounted models that make cleaning underneath easier. Toto’s Aquia II dual-flush models run from $457 to $686, while the company’s conventional single-flush models range from $350 to $525.
#11 3-D HDTV
Why trendworthy: Images are becoming more lifelike.
HDTVs display a beautiful picture, but they can’t offer a 3-D presentation like your local IMAX movie theater does. The reason: True high-definition 3-D in the home currently lacks a standard and is still too expensive for most consumers. That should change, in part because electronics manufacturers are developing a standard format. When that happens, prices should drop, says Dave Pedigo, senior director of technology for CEDIA (the Custom Electronic Design and Installation Association), a national trade association.
#12 Relaxation retreats
Why trendworthy: Increased need to unwind.
Who cares about a home being a castle when most just want a place to unwind? Atlanta architect Johnna Barrett (www.barrettdesigninc.com) has designed several relaxation rooms, where creature comforts include natural materials, color kinetics, programmable LED lighting, candlelight, aromatherapy, a sound-blocking machine, flat-panel TV with DVD player, refrigerator with purified water, and a door. Depending on room size and amenities included, a retreat room could cost from $3,000 to $10,000.
Realtor Magazine | February 2010
Tuesday, February 16, 2010
Making Lasagna
For Valentine's Day, my boyfriend and I decided to make lasagna for dinner. He is from an Italian family, so he has experience in making it...but this was my first rodeo. We got a package of whole wheat lasagna noodles, 2 containers of Ricotta cheese, Spagetti sauce, veggies (onions, peppers, spinach), & Italian Sausage and began our creation.
First thing we did was rinse the noodles and let them dry.
We then layered a casserole dish with 4 rows of lasagna noodles (they over lap each other a little).
We then spread ricotta cheese over the noodles> followed by a layer of the spagetti sauce mixture (veggies, sausage, spaghetti sauce).
Continue layers noodles > ricatto > sauce till the dish is full.
We sprinkled Mozzarella cheese on top before we put it in the oven.
We cooked the dish on 350 for an hour.
It turned out YUMMY! We had a salad and Italian bread with it. What a great homemade dinner! :)
Tuesday, February 9, 2010
Spinach & Artichoke Dip
We had a party for Super Bowl, and I made a dip that I've never made before. It turned out so good that I wanted to share it!
Ingredients
1 (8 ounce) package cream cheese, softened
1/4 cup mayonnaise
1/4 cup grated Parmesan cheese
1/4 cup grated Romano cheese
1 clove garlic, peeled and minced
1/2 teaspoon dried basil
1/4 teaspoon garlic salt
salt and pepper to taste
1 (14 ounce) can artichoke hearts, drained and chopped
1/2 cup frozen chopped spinach, thawed and drained
1/4 cup shredded mozzarella cheese
Directions
1.Preheat oven to 350 degrees F (175 degrees C). Lightly grease a small baking dish.
2.In a medium bowl, mix together cream cheese, mayonnaise, Parmesan cheese, Romano cheese, garlic, basil, garlic salt, salt and pepper. Gently stir in artichoke hearts and spinach.
3.Transfer the mixture to the prepared baking dish. Top with mozzarella cheese. Bake in the preheated oven 25 minutes, until bubbly and lightly browned.
We ate it with Tortilla chips and it was gone VERY quickly. If you are making it for a big party, I would recommend doubling the recipe.
ENJOY! :@)
Wednesday, February 3, 2010
Repeat Buyers Need to Act Fast to Capitalize on Expanded Tax Credit
RISMEDIA, January 23, 2010—
By now it is well documented that today’s affordable housing prices, historically low interest rates and federal home buyer tax credit have combined to create one of the most attractive first-time buyer markets in recent memory. What many Americans might not realize is that a recent expansion of the buyer tax credit has created an equally desirable opportunity for existing homeowners.
This past November, Congress elected to expand the home buyer tax credit to repeat buyers after seeing the success the temporary financial incentive had on the housing market and overall economy. As a result, current homeowners who will have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.
“The expanded tax credit offers a great financial opportunity for existing homeowners, particularly those looking to trade up,” said James M. Weichert, president and founder of Weichert, Realtors, one of the nation’s largest independent real estate companies. “Not only can you receive a large sum of money from the government, you’ll also likely purchase your next home for less money and at a lower interest rate than you could have in years past or years to come.”
To qualify for the tax credit, the repeat buyer must have signed a binding contract by April 30, 2010 and close on the home by June 30, 2010. Tax credit eligibility is subject to income limits, $125,000 for single buyers and $225,000 for couples. In addition, the sale price of the home being purchased can not exceed $800,000.
There is no requirement that existing homeowners must have sold their home to be eligible for the $6,500 tax credit. However, Weichert encourages existing homeowners who want to benefit from this incentive to move quickly, particularly those who prefer to first sell their current home before purchasing a new one.
“Typically, it takes three months or longer to sell a home. That’s why it is critical repeat buyers put their home on the market right away. Otherwise they might not leave themselves enough time to both secure a buyer for their current house and find a new home by the April 30 deadline,” added Weichert.
By now it is well documented that today’s affordable housing prices, historically low interest rates and federal home buyer tax credit have combined to create one of the most attractive first-time buyer markets in recent memory. What many Americans might not realize is that a recent expansion of the buyer tax credit has created an equally desirable opportunity for existing homeowners.
This past November, Congress elected to expand the home buyer tax credit to repeat buyers after seeing the success the temporary financial incentive had on the housing market and overall economy. As a result, current homeowners who will have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.
“The expanded tax credit offers a great financial opportunity for existing homeowners, particularly those looking to trade up,” said James M. Weichert, president and founder of Weichert, Realtors, one of the nation’s largest independent real estate companies. “Not only can you receive a large sum of money from the government, you’ll also likely purchase your next home for less money and at a lower interest rate than you could have in years past or years to come.”
To qualify for the tax credit, the repeat buyer must have signed a binding contract by April 30, 2010 and close on the home by June 30, 2010. Tax credit eligibility is subject to income limits, $125,000 for single buyers and $225,000 for couples. In addition, the sale price of the home being purchased can not exceed $800,000.
There is no requirement that existing homeowners must have sold their home to be eligible for the $6,500 tax credit. However, Weichert encourages existing homeowners who want to benefit from this incentive to move quickly, particularly those who prefer to first sell their current home before purchasing a new one.
“Typically, it takes three months or longer to sell a home. That’s why it is critical repeat buyers put their home on the market right away. Otherwise they might not leave themselves enough time to both secure a buyer for their current house and find a new home by the April 30 deadline,” added Weichert.
Thursday, January 28, 2010
As a seller, it is extremely important that you have a firm grasp of the conditions of the real estate market in which you are selling. Understanding market conditions and being prepared to deal with them is the best way to sell your home in a reasonable amount of time.
What you Need to Know to Sell your Home in Today’s Market:
Price your home right - from the beginning. This is not the time to price your home according to what you think it is worth, instead of what the local market is bearing (unless, of course, you are in no hurry to sell your home). Instead, it is vital that you price your home right from the beginning so that you can attract a wide group of buyers. Listen to the advice of your real estate agent, take cues from the other homes in your neighborhood, and pay attention to local market trends so that you can price your home to sell.
Be prepared for low ball offers. Unfortunately, sellers in today’s market must deal with buyers who think that, because the real estate market is fairly stagnant, that they can make ridiculously low offers on your home. However, instead of firmly rejecting a low ball offer (and shooting yourself in the foot at the same time), put your ego aside and counter offer. A counter offer may very well let the buyer know that you aren’t prepared to accept a low ball offer. At that point the buyer can either submit a reasonable offer or move on.
Get your home in tip-top shape and be prepared for serious competition. Unlike the seller’s market of even just a few years ago, homes are sitting on the market for a much longer period of time, which means that you must be prepared for plenty of competition. A great way to compete against other homes for sale in your area is to make sure your home is the best looking one on the block. Clean it up, clear out the clutter and make it shine. Take care of upgrades and renovations, and entice buyers with new appliances or extra features and amenities.
Remain open minded and flexible. If you want to sell your home in a buyer’s market, you will need to first remember that it is vital to remain flexible during the process. This essentially means that you will want to be accommodating during showings and open houses (even if the times aren’t particularly convenient for you); you will want to entertain all offers and remain flexible regarding the buyers’ terms and conditions; and you will want to always remember that the ultimate goal is to sell your home, so egos have no place during the selling process.
Although a buyer’s market may prove to be challenging for many homeowners, it is important to realize that there are still plenty of buyers out there, just waiting to purchase your home!
Wednesday, January 27, 2010
Fixing up your Home to Sell: What you need to Know
Don’t expect to sell your home in an “as-is” condition in a buyer’s market; there are simply too many homes on the market and too much competition. Most buyers today want a move-in ready home, complete with upgrades.
So, where do you go from here? Work with your real estate agent to consider the home’s market value now, versus its market value should you perform improvements and repairs. Then, consider your neighborhood, region and the improvements that will result in the best return on your investment.
For example, an entire kitchen remodel for a small ranch probably won’t offer you a nice return on your investment, but updated kitchen countertops and new kitchen appliances certainly will. In the end, it’s all about understanding your buyers’ wants and needs, your home’s market value and the neighborhood in which your Turtle Creek home is located.
There are, however, a few home improvements that you can’t go wrong taking care of before you list your home for sale:
Many of us wonder what we need to fix up, upgrade or renovate in order to sell our homes. Although the answer to this is far different for each situation, there are a few things that most homeowners should consider before listing their home on the market.
Patch all holes and cracks in the walls and ceilings and cover all rooms in a fresh coat of paint.
Re-paint all walls with a fresh, neutral color. In other words, get rid of any loud or boldly colored walls, and remove any signs of wallpaper and other wall coverings. Avoid white paint, though, as it often gives the feeling of a sterile, stark environment.
Perform repairs to any broken toilets, leaky faucets or non-functioning light fixtures.
Replace any worn flooring, including carpeting and tile. New, inexpensive carpeting can instantly give any room a facelift; likewise, an old, worn carpet can turn buyers off from the start.
Replace any old, outdated window coverings, such as blinds and curtains. Fresh window coverings instantly freshen up a room and make it feel updated.
Repair any cracks or uneven surfaces on your driveway, walkway or front steps.
Repair or replace any broken windows or doors.
Friday, January 15, 2010
Monday, January 11, 2010
Improve Your Credit Score
There are no quick fixes for improving your credit score. But you can raise your score over time by demonstrating that you consistently manage your finances responsibly. Any of the following ten tips can help you to improve your credit score:
1. Pay your bills on time.
This is the best way to improve your score, and it's never too late to start. Even if you've had serious delinquencies in the past, those will count less over time if you keep paying your bills on time.
2. Keep credit card balances low.
High outstanding debt can pull down your score. Don't go maxing out your credit cards all the time.
3. Check your credit report for accuracy.
It's possible that there may be inaccurate information on your credit report that can be easily cleared up (see How To Fix Credit Report Inaccuracies). If this proves to be the case, then you should contact one of the three credit reporting agencies-TransUnion, Experian or Equifax.
4. Pay off debt rather than moving it around.
Consolidating your credit card debt onto one card or spreading it over multiple cards will not improve your score in the long run. The most effective way to improve your score is by simply paying down the amount you owe.
5. Keep your credit cards - but manage them responsibly.In general, having credit cards and installment loans that you pay on time will raise your score. Someone who has no credit cards tends to have a lower score than someone who has managed credit cards responsibly.
6. Don't open multiple accounts too quickly, especially if you have a short credit history.
Opening too many accounts in too short of a time period can look risky because you are taking on a lot of possible debt. New accounts will also lower the average age of your existing accounts, something that your FICO score also considers.
7. Don't open new credit card accounts you don't need.This approach could backfire and actually lower your score.
8. Don't close an account to remove it from your record.
It's a myth that closing an account removes it from your credit report. This is untrue-even closed accounts remain on your report, possibly for an indefinite period of time and may still be factored into the score. In fact, closing accounts can sometimes hurt your score unless you also pay down your debt at the same time.
9. Shop for a loan within a short, focused period of time.
FICO scores distinguish between a search for a single loan and a search for many new credit lines, based in part on the length of time over which recent requests for credit occur. If you shop for a number of loans over too long a time period, it can count against you.
10. Contact your creditors or see a legitimate credit counselor if you're having financial difficulties.
This won't improve your score immediately, but the sooner you begin managing your credit well and making timely payments, the sooner your score will get better.
Steps to Improve Your Overall Credit
If you have a history of poor credit or think that you might, it's important that you find out and take the steps to improve it. It will take time, but with discipline, you may expect to see improvement in as little as six months. You see, creditors are interested in a track record. You'll have to prove that you consistently pay your creditors on time and that you can effectively pay down your debt. Here's the simple plan to improve your credit:
Know what's on your credit report and resolve any discrepancies.
Even if you believe you have a good credit score, it is still wise to check with credit reporting agencies to make sure they contain a similar view of your credit history. It's also wise to make sure there are no errors on your report, such as name misspellings or incorrect addresses.
Plan to pay your bills on time and follow through.
You can start this today, even before you take a look at your credit report. Contact your creditors to review your payment options and catch up with any late payments. Focus on ways to reduce your spending.
Stop using credit cards now.
Paying down your credit card balances will not only improve your credit rating over time, but you'll be in a better position to negotiate a lower interest rate for your cards.
Don't live beyond your means.
Make paying your bills and buying only essential items your main priority. Carefully weigh the importance of all new purchases against the greater importance of reestablishing your good credit.
Getting a handle on your spending, paying bills on time, and paying down credit cards takes a long-term commitment and strong self-control. It won't always be easy, but the effort will pay off once you see your credit improve.
1. Pay your bills on time.
This is the best way to improve your score, and it's never too late to start. Even if you've had serious delinquencies in the past, those will count less over time if you keep paying your bills on time.
2. Keep credit card balances low.
High outstanding debt can pull down your score. Don't go maxing out your credit cards all the time.
3. Check your credit report for accuracy.
It's possible that there may be inaccurate information on your credit report that can be easily cleared up (see How To Fix Credit Report Inaccuracies). If this proves to be the case, then you should contact one of the three credit reporting agencies-TransUnion, Experian or Equifax.
4. Pay off debt rather than moving it around.
Consolidating your credit card debt onto one card or spreading it over multiple cards will not improve your score in the long run. The most effective way to improve your score is by simply paying down the amount you owe.
5. Keep your credit cards - but manage them responsibly.In general, having credit cards and installment loans that you pay on time will raise your score. Someone who has no credit cards tends to have a lower score than someone who has managed credit cards responsibly.
6. Don't open multiple accounts too quickly, especially if you have a short credit history.
Opening too many accounts in too short of a time period can look risky because you are taking on a lot of possible debt. New accounts will also lower the average age of your existing accounts, something that your FICO score also considers.
7. Don't open new credit card accounts you don't need.This approach could backfire and actually lower your score.
8. Don't close an account to remove it from your record.
It's a myth that closing an account removes it from your credit report. This is untrue-even closed accounts remain on your report, possibly for an indefinite period of time and may still be factored into the score. In fact, closing accounts can sometimes hurt your score unless you also pay down your debt at the same time.
9. Shop for a loan within a short, focused period of time.
FICO scores distinguish between a search for a single loan and a search for many new credit lines, based in part on the length of time over which recent requests for credit occur. If you shop for a number of loans over too long a time period, it can count against you.
10. Contact your creditors or see a legitimate credit counselor if you're having financial difficulties.
This won't improve your score immediately, but the sooner you begin managing your credit well and making timely payments, the sooner your score will get better.
Steps to Improve Your Overall Credit
If you have a history of poor credit or think that you might, it's important that you find out and take the steps to improve it. It will take time, but with discipline, you may expect to see improvement in as little as six months. You see, creditors are interested in a track record. You'll have to prove that you consistently pay your creditors on time and that you can effectively pay down your debt. Here's the simple plan to improve your credit:
Know what's on your credit report and resolve any discrepancies.
Even if you believe you have a good credit score, it is still wise to check with credit reporting agencies to make sure they contain a similar view of your credit history. It's also wise to make sure there are no errors on your report, such as name misspellings or incorrect addresses.
Plan to pay your bills on time and follow through.
You can start this today, even before you take a look at your credit report. Contact your creditors to review your payment options and catch up with any late payments. Focus on ways to reduce your spending.
Stop using credit cards now.
Paying down your credit card balances will not only improve your credit rating over time, but you'll be in a better position to negotiate a lower interest rate for your cards.
Don't live beyond your means.
Make paying your bills and buying only essential items your main priority. Carefully weigh the importance of all new purchases against the greater importance of reestablishing your good credit.
Getting a handle on your spending, paying bills on time, and paying down credit cards takes a long-term commitment and strong self-control. It won't always be easy, but the effort will pay off once you see your credit improve.
Sunday, January 10, 2010
How Much Can You Afford?
If you're like many first-time homebuyers, chances are you've been spending your weekends driving around visiting open houses and new model homes. This is a great way to get a feel for what you want. The problem is that what you want isn't always what you should get.
Before you start touring homes for sale, it's important to start off with a budget so you know how much you can afford to spend. Knowing what mortgage payment you can handle will also help you narrow the field so you don't waste precious time touring homes that are out of your reach.
Where to begin
The key factor in figuring how much home you can afford is your debt-to-income ratio. This is the figure lenders use to determine how much mortgage debt you can handle, and thus the maximum loan amount you will be offered. The ratio is based on how much personal debt you are carrying in relation to how much you earn, and it's expressed as a percentage.
The ideal ratio
Mortgage lenders generally use a ratio of 36 percent as the guideline for how high your debt-to-income ratio should be. A ratio above 36 percent is seen as risky, and the lender will likely either deny the loan or charge a higher interest rate. Another good guideline is that no more than 28 percent of your gross monthly income goes to housing expenses.
Doing the math
First, figure out how much total debt you (and your spouse, if applicable) can carry with a 36 percent ratio. To do this, multiply your monthly gross income (your total income before taxes and other expenses such as health care) by .36. For example, if your gross income is $6,500:
$6,500 (Gross monthly income)
x .36 (Debt-to-income ratio)
= $2,340 (Total allowable monthly debt payments)
Next, add up all your family's fixed monthly debt expenses, such as car payments, your minimum credit card payments, student loans and any other regular debt payments. (Include monthly child support, but not bills such as groceries or utilities.)
Minimum monthly credit card payments*: ____________
+ Monthly car loan payments: ____________
+ Other monthly debt payments: ____________
= Total monthly debt payments: ____________
*Your minimum credit card payment is not your total balance every month. It is your required minimum payment -- usually between two and three percent of the outstanding balance.
To continue with the above example, let's assume your total monthly debt payments come to $750. You would then subtract $750 from your total allowable monthly debt payments to calculate your maximum monthly mortgage payment:
$2,340 (Total allowable monthly debt payments)
- $750 (Total monthly debt payments other than mortgage)
= $1,590 (Maximum mortgage payment)
In this example, the most you could afford for a home would be $1,590 per month. And keep in mind that this number includes private mortgage insurance, homeowner's insurance and property taxes. To determine the price of home you can afford based on this amount, use a home affordability calculator.
Exceptions to the 36 percent rule
In regions with higher home prices, it may be hard to stay within the 36 percent guideline. There are lenders that allow a debt-to-income ratio as high as 45 percent. In addition, some mortgage programs, such as Federal Housing Authority mortgages and Veterans Administration mortgages, allow a ratio higher than 36 percent. But keep in mind that a higher ratio may increase your interest rate, so you may be better off in the long run with a less expensive home. It's also important to try to pay down as much debt as possible before you begin looking for a mortgage, as that can help lower your debt-to-income ratio.
Before you start touring homes for sale, it's important to start off with a budget so you know how much you can afford to spend. Knowing what mortgage payment you can handle will also help you narrow the field so you don't waste precious time touring homes that are out of your reach.
Where to begin
The key factor in figuring how much home you can afford is your debt-to-income ratio. This is the figure lenders use to determine how much mortgage debt you can handle, and thus the maximum loan amount you will be offered. The ratio is based on how much personal debt you are carrying in relation to how much you earn, and it's expressed as a percentage.
The ideal ratio
Mortgage lenders generally use a ratio of 36 percent as the guideline for how high your debt-to-income ratio should be. A ratio above 36 percent is seen as risky, and the lender will likely either deny the loan or charge a higher interest rate. Another good guideline is that no more than 28 percent of your gross monthly income goes to housing expenses.
Doing the math
First, figure out how much total debt you (and your spouse, if applicable) can carry with a 36 percent ratio. To do this, multiply your monthly gross income (your total income before taxes and other expenses such as health care) by .36. For example, if your gross income is $6,500:
$6,500 (Gross monthly income)
x .36 (Debt-to-income ratio)
= $2,340 (Total allowable monthly debt payments)
Next, add up all your family's fixed monthly debt expenses, such as car payments, your minimum credit card payments, student loans and any other regular debt payments. (Include monthly child support, but not bills such as groceries or utilities.)
Minimum monthly credit card payments*: ____________
+ Monthly car loan payments: ____________
+ Other monthly debt payments: ____________
= Total monthly debt payments: ____________
*Your minimum credit card payment is not your total balance every month. It is your required minimum payment -- usually between two and three percent of the outstanding balance.
To continue with the above example, let's assume your total monthly debt payments come to $750. You would then subtract $750 from your total allowable monthly debt payments to calculate your maximum monthly mortgage payment:
$2,340 (Total allowable monthly debt payments)
- $750 (Total monthly debt payments other than mortgage)
= $1,590 (Maximum mortgage payment)
In this example, the most you could afford for a home would be $1,590 per month. And keep in mind that this number includes private mortgage insurance, homeowner's insurance and property taxes. To determine the price of home you can afford based on this amount, use a home affordability calculator.
Exceptions to the 36 percent rule
In regions with higher home prices, it may be hard to stay within the 36 percent guideline. There are lenders that allow a debt-to-income ratio as high as 45 percent. In addition, some mortgage programs, such as Federal Housing Authority mortgages and Veterans Administration mortgages, allow a ratio higher than 36 percent. But keep in mind that a higher ratio may increase your interest rate, so you may be better off in the long run with a less expensive home. It's also important to try to pay down as much debt as possible before you begin looking for a mortgage, as that can help lower your debt-to-income ratio.
Saturday, January 9, 2010
There's no foolproof way to make an offer that's guaranteed to be accepted by the seller. But once you find your perfect house, it's wise to move fast. A good rule of thumb is to make an offer that's eight to 10 percent below the asking price, though that might not work in some areas based on trends in the market. This gives you some room to negotiate, but don't top what you've predetermined to be the highest price you can afford.
The deposit
Also known as earnest money, this is a demonstration of good faith and commitment by the buyer to the seller. It is usually 1 percent of the home's purchase price and is included in an offer to purchase. Either the real estate agent or the seller's lawyer holds the deposit in trust until the deal closes. If you decide not to close on a deal once your offer has been accepted, you may lose your deposit and be sued for damages. If the seller does not accept your offer, your deposit will be returned. If the sale proceeds, your deposit is usually applied to your down payment.
Contingencies
These are certain requirements specified in a contract that need to be met before the buyer is required to close. Typical among them: the buyer's securing of financing and an acceptable house inspection. Generally speaking, an inspection contingency covers a 10-to-14-day period from the acceptance of the contract, and financing contingencies run for 30 days. But in a seller's market, buyers may be asked to fulfill their contingency requirements in shorter time frames.
Home inspection
In a home inspection, a professional conducts a thorough examination of a property to assess its structural and mechanical condition. The idea here is that a trained home inspector will be able to catch potential problems that a buyer might not detect.
The contract
This follows the acceptance of an offer by the seller, and it is a legal and binding obligation, on the part of the buyer, to purchase the property if any contingencies are met. It outlines the details of the transaction, including: a description of the property, the selling price, the date of closing, the possession date and any applicable contingencies.
Settlement sheet
Also called a "closing statement" or a "settlement statement," this is a document that the Department of Housing and Urban Development requires to account for all financial aspects surrounding the sale and purchase of a home. It provides an enumerated list of the funds that were paid at closing. Items on the statement include real estate commissions and initial escrow amounts (money or securities deposited with a neutral third party - the escrow agent - to be delivered upon fulfillment of certain conditions). The Real Estate Settlement Procedures Act requires that a copy of the settlement sheet be distributed to both parties at least one day prior to settlement.
Closing documentation
Before you can close on a house, some paperwork must be completed. This includes a title search to make sure the title is clear, title insurance to protect the buyer and the lender from an oversight regarding a claim on some aspect of the property and an application for homeowner's insurance (necessary for securing a mortgage).
Closing costs
The total amount of closing costs varies, but may include: a loan origination fee, an appraisal fee, the cost of a credit report, a lender's inspection fee, the cost of title insurance, a mortgage broker fee, taxes and a fee for document preparation. Your lender is required to give you prior notice of fees associated with your loan.
There's no foolproof way to make an offer that's guaranteed to be accepted by the seller. But once you find your perfect house, it's wise to move fast. A good rule of thumb is to make an offer that's eight to 10 percent below the asking price, though that might not work in some areas based on trends in the market. This gives you some room to negotiate, but don't top what you've predetermined to be the highest price you can afford.
The deposit
Also known as earnest money, this is a demonstration of good faith and commitment by the buyer to the seller. It is usually 1 percent of the home's purchase price and is included in an offer to purchase. Either the real estate agent or the seller's lawyer holds the deposit in trust until the deal closes. If you decide not to close on a deal once your offer has been accepted, you may lose your deposit and be sued for damages. If the seller does not accept your offer, your deposit will be returned. If the sale proceeds, your deposit is usually applied to your down payment.
Contingencies
These are certain requirements specified in a contract that need to be met before the buyer is required to close. Typical among them: the buyer's securing of financing and an acceptable house inspection. Generally speaking, an inspection contingency covers a 10-to-14-day period from the acceptance of the contract, and financing contingencies run for 30 days. But in a seller's market, buyers may be asked to fulfill their contingency requirements in shorter time frames.
Home inspection
In a home inspection, a professional conducts a thorough examination of a property to assess its structural and mechanical condition. The idea here is that a trained home inspector will be able to catch potential problems that a buyer might not detect.
The contract
This follows the acceptance of an offer by the seller, and it is a legal and binding obligation, on the part of the buyer, to purchase the property if any contingencies are met. It outlines the details of the transaction, including: a description of the property, the selling price, the date of closing, the possession date and any applicable contingencies.
Settlement sheet
Also called a "closing statement" or a "settlement statement," this is a document that the Department of Housing and Urban Development requires to account for all financial aspects surrounding the sale and purchase of a home. It provides an enumerated list of the funds that were paid at closing. Items on the statement include real estate commissions and initial escrow amounts (money or securities deposited with a neutral third party - the escrow agent - to be delivered upon fulfillment of certain conditions). The Real Estate Settlement Procedures Act requires that a copy of the settlement sheet be distributed to both parties at least one day prior to settlement.
Closing documentation
Before you can close on a house, some paperwork must be completed. This includes a title search to make sure the title is clear, title insurance to protect the buyer and the lender from an oversight regarding a claim on some aspect of the property and an application for homeowner's insurance (necessary for securing a mortgage).
Closing costs
The total amount of closing costs varies, but may include: a loan origination fee, an appraisal fee, the cost of a credit report, a lender's inspection fee, the cost of title insurance, a mortgage broker fee, taxes and a fee for document preparation. Your lender is required to give you prior notice of fees associated with your loan.
Final arrangements
Before the deal is closed and you take possession, you must make some practical arrangements regarding utility service and first mortgage payment.
Settlement
Settlement describes the payment of the balance of the purchase price the buyer owes on the property, and the transfer of the title. It takes place on the possession date specified in the agreement.
The deposit
Also known as earnest money, this is a demonstration of good faith and commitment by the buyer to the seller. It is usually 1 percent of the home's purchase price and is included in an offer to purchase. Either the real estate agent or the seller's lawyer holds the deposit in trust until the deal closes. If you decide not to close on a deal once your offer has been accepted, you may lose your deposit and be sued for damages. If the seller does not accept your offer, your deposit will be returned. If the sale proceeds, your deposit is usually applied to your down payment.
Contingencies
These are certain requirements specified in a contract that need to be met before the buyer is required to close. Typical among them: the buyer's securing of financing and an acceptable house inspection. Generally speaking, an inspection contingency covers a 10-to-14-day period from the acceptance of the contract, and financing contingencies run for 30 days. But in a seller's market, buyers may be asked to fulfill their contingency requirements in shorter time frames.
Home inspection
In a home inspection, a professional conducts a thorough examination of a property to assess its structural and mechanical condition. The idea here is that a trained home inspector will be able to catch potential problems that a buyer might not detect.
The contract
This follows the acceptance of an offer by the seller, and it is a legal and binding obligation, on the part of the buyer, to purchase the property if any contingencies are met. It outlines the details of the transaction, including: a description of the property, the selling price, the date of closing, the possession date and any applicable contingencies.
Settlement sheet
Also called a "closing statement" or a "settlement statement," this is a document that the Department of Housing and Urban Development requires to account for all financial aspects surrounding the sale and purchase of a home. It provides an enumerated list of the funds that were paid at closing. Items on the statement include real estate commissions and initial escrow amounts (money or securities deposited with a neutral third party - the escrow agent - to be delivered upon fulfillment of certain conditions). The Real Estate Settlement Procedures Act requires that a copy of the settlement sheet be distributed to both parties at least one day prior to settlement.
Closing documentation
Before you can close on a house, some paperwork must be completed. This includes a title search to make sure the title is clear, title insurance to protect the buyer and the lender from an oversight regarding a claim on some aspect of the property and an application for homeowner's insurance (necessary for securing a mortgage).
Closing costs
The total amount of closing costs varies, but may include: a loan origination fee, an appraisal fee, the cost of a credit report, a lender's inspection fee, the cost of title insurance, a mortgage broker fee, taxes and a fee for document preparation. Your lender is required to give you prior notice of fees associated with your loan.
There's no foolproof way to make an offer that's guaranteed to be accepted by the seller. But once you find your perfect house, it's wise to move fast. A good rule of thumb is to make an offer that's eight to 10 percent below the asking price, though that might not work in some areas based on trends in the market. This gives you some room to negotiate, but don't top what you've predetermined to be the highest price you can afford.
The deposit
Also known as earnest money, this is a demonstration of good faith and commitment by the buyer to the seller. It is usually 1 percent of the home's purchase price and is included in an offer to purchase. Either the real estate agent or the seller's lawyer holds the deposit in trust until the deal closes. If you decide not to close on a deal once your offer has been accepted, you may lose your deposit and be sued for damages. If the seller does not accept your offer, your deposit will be returned. If the sale proceeds, your deposit is usually applied to your down payment.
Contingencies
These are certain requirements specified in a contract that need to be met before the buyer is required to close. Typical among them: the buyer's securing of financing and an acceptable house inspection. Generally speaking, an inspection contingency covers a 10-to-14-day period from the acceptance of the contract, and financing contingencies run for 30 days. But in a seller's market, buyers may be asked to fulfill their contingency requirements in shorter time frames.
Home inspection
In a home inspection, a professional conducts a thorough examination of a property to assess its structural and mechanical condition. The idea here is that a trained home inspector will be able to catch potential problems that a buyer might not detect.
The contract
This follows the acceptance of an offer by the seller, and it is a legal and binding obligation, on the part of the buyer, to purchase the property if any contingencies are met. It outlines the details of the transaction, including: a description of the property, the selling price, the date of closing, the possession date and any applicable contingencies.
Settlement sheet
Also called a "closing statement" or a "settlement statement," this is a document that the Department of Housing and Urban Development requires to account for all financial aspects surrounding the sale and purchase of a home. It provides an enumerated list of the funds that were paid at closing. Items on the statement include real estate commissions and initial escrow amounts (money or securities deposited with a neutral third party - the escrow agent - to be delivered upon fulfillment of certain conditions). The Real Estate Settlement Procedures Act requires that a copy of the settlement sheet be distributed to both parties at least one day prior to settlement.
Closing documentation
Before you can close on a house, some paperwork must be completed. This includes a title search to make sure the title is clear, title insurance to protect the buyer and the lender from an oversight regarding a claim on some aspect of the property and an application for homeowner's insurance (necessary for securing a mortgage).
Closing costs
The total amount of closing costs varies, but may include: a loan origination fee, an appraisal fee, the cost of a credit report, a lender's inspection fee, the cost of title insurance, a mortgage broker fee, taxes and a fee for document preparation. Your lender is required to give you prior notice of fees associated with your loan.
Final arrangements
Before the deal is closed and you take possession, you must make some practical arrangements regarding utility service and first mortgage payment.
Settlement
Settlement describes the payment of the balance of the purchase price the buyer owes on the property, and the transfer of the title. It takes place on the possession date specified in the agreement.
Friday, January 8, 2010
Understanding Points, Rates, and Fees
Not only do you have to understand what type of mortgage you should choose, you have to understand the costs associated with your mortgage. All of these costs will be paid upon closing your mortgage.
Purchase Points
Purchase points, also known as a "buy-down" or "discount points," are an up-front fee paid to the lender at closing to buy-down or lower your interest rate over the life of the loan. Each point is equal to one percent of your total loan amount. If you have a $100,000 loan, one point would equal $1,000. The more points you buy, the lower your interest rate, but the more money you'll need at closing.
How do you decide whether you should buy points and if so, how many? Well, the decision should be based on how long you plan on living in your home and what you can afford to pay each month toward your mortgage. If you plan on living in your home for more than five years, it's probably a good idea to purchase points. The longer you live in your home, the more you can save on interest over the life of the loan.
Interest Rate
When you get a mortgage, you are charged an interest rate.this is the rate which the lender charges you for using their money to buy a home. It determines how much your monthly payments will be. Generally speaking, the higher the interest rate, the higher your monthly payment.
Mortgage interest rates change constantly.daily, even hourly. If you speak to a lender and are quoted a specific interest rate, that's not to say you'll necessarily get that rate when you close on your loan. Not unless you formally lock-in that rate with the lender.locking in an interest rate will guarantee you get your loan with a particular interest rate. Lenders will allow you to lock in for 15, 45 or 60 days. But the longer you lock in, the more expensive it will be, since it's more of a risk to lenders.
Fees
There are always fees associated with getting a mortgage, these fees cover the cost of processing and underwriting the loan. These fees can include charges for ensuring the title to the home is free and clear; paying for a land survey; or paying for a home appraisal which gives you the estimated value of the property (lenders require an appraisal to close on your mortgage).
Deciding which mortgage to get may depend on what each lender does because different lenders may charge different amounts. Some may charge lesser closing fees to lure you in, but may charge you a higher interest rate, which means you may pay more in the long run. But everyone has different needs.you may or may not be able to afford to pay more at closing and are willing to pay more over the long term.
Before it comes time to close, do your homework, make sure there are no hidden fees, and ask your lender lots of questions so that you understand all the costs involved with your mortgage.
*Please consult your tax advisor.
Purchase Points
Purchase points, also known as a "buy-down" or "discount points," are an up-front fee paid to the lender at closing to buy-down or lower your interest rate over the life of the loan. Each point is equal to one percent of your total loan amount. If you have a $100,000 loan, one point would equal $1,000. The more points you buy, the lower your interest rate, but the more money you'll need at closing.
How do you decide whether you should buy points and if so, how many? Well, the decision should be based on how long you plan on living in your home and what you can afford to pay each month toward your mortgage. If you plan on living in your home for more than five years, it's probably a good idea to purchase points. The longer you live in your home, the more you can save on interest over the life of the loan.
Interest Rate
When you get a mortgage, you are charged an interest rate.this is the rate which the lender charges you for using their money to buy a home. It determines how much your monthly payments will be. Generally speaking, the higher the interest rate, the higher your monthly payment.
Mortgage interest rates change constantly.daily, even hourly. If you speak to a lender and are quoted a specific interest rate, that's not to say you'll necessarily get that rate when you close on your loan. Not unless you formally lock-in that rate with the lender.locking in an interest rate will guarantee you get your loan with a particular interest rate. Lenders will allow you to lock in for 15, 45 or 60 days. But the longer you lock in, the more expensive it will be, since it's more of a risk to lenders.
Fees
There are always fees associated with getting a mortgage, these fees cover the cost of processing and underwriting the loan. These fees can include charges for ensuring the title to the home is free and clear; paying for a land survey; or paying for a home appraisal which gives you the estimated value of the property (lenders require an appraisal to close on your mortgage).
Deciding which mortgage to get may depend on what each lender does because different lenders may charge different amounts. Some may charge lesser closing fees to lure you in, but may charge you a higher interest rate, which means you may pay more in the long run. But everyone has different needs.you may or may not be able to afford to pay more at closing and are willing to pay more over the long term.
Before it comes time to close, do your homework, make sure there are no hidden fees, and ask your lender lots of questions so that you understand all the costs involved with your mortgage.
*Please consult your tax advisor.
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