Applications to Purchase Homes Rise!

Mortgage applications for purchases of homes rose 2.7 percent last week on an adjusted basis compared to the previous week, according to the Mortgage Bankers Association weekly survey. However, refinancing activity decreased as rates rose.

On an unadjusted basis, mortgage applications increased 2.8 percent. They declined 15 percent compared to the same week a year ago.

The refinance share of mortgage applications decreased 7.1 percent last week. Overall, the bankers’ applications index declined 3.9 percent compared to the previous week.

Here are the average rates:
30-year fixed-rate mortgages increased to 5.01 percent from 4.91 percent.
15-year fixed-rate mortgages increased to 4.33 percent from 4.24 percent.
1-year ARMs remained unchanged at 6.75 percent.

Source: Mortgage Bankers Association (03/24/2010)

10 Staging Tips for Selling Your Home

Want to sell your home? Get out the bucket, mop and Mr. Clean. The key to making a positive first impression is simple; clean, clean and clean said Sandra Rinomato, host of HGTV’s popular “Property Virgins” show, Rinomato offered the following tips for staging a home:

1. Visit model homes and examine shelter magazines for inexpensive decorating ideas. Always keep in mind you are not decorating for yourself but for the general public.

2. Start with the outside. Give the house a fresh coat of paint, add shiny hardware to the front door and plant a few flowers to send a subliminal message the house is loved and well cared for.

3. Declutter every room to make it look larger. Get rid of family pictures, trophies and knickknacks. Closets and drawers should be no more than 30% full.

4. Invest in eco-friendly but bright lights. Open the drapes or remove them completely. “Light, bright rooms give the impression this is a happy place—and everyone wants to move into a happy place,” said Rinomato.

5. Feature only a few pieces of furniture with mainstream appeal. Pull pieces away from walls to make rooms look bigger.

6. Make sure a room’s primary use is obvious. A bedroom should look like a bedroom, not an office, hobby center or gym.

7. Bedrooms and kitchens are difficult to stage because they are in daily use, but make the effort. Clear everything off the counters and nightstands, roll up the rugs and hide the laundry hamper. Buff the cabinets with car wax and clean under the sinks. Invest in pristine white bed linens and towels.

8. Minimize the “pet effect.” Remove food bowls and litter boxes to the utility room. Deodorize thoroughly.

9. Organize the utility room and garage. Hang up the bicycles, roll up the hose. Renting a storage locker is worth the cost if it helps you sell faster and for a higher price.

10. Once your house is staged, invite your friends or Realtor over and walk them through to get an objective opinion.

Some Good Stats...baby steps, but encouraging!

U.S. Foreclosure Activity Decreases 2% in February 2010

RISMEDIA, March 11, 2010—RealtyTrac, a leading online marketplace for foreclosure properties, released its February 2010 U.S. Foreclosure Market Report, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported a decrease of 2% from the previous month but still 6% above the level reported in February 2009. The report also shows one in every 418 U.S. housing units received a foreclosure filing in February.

Tough stuff still, but some good news is better than none! I'm hoping for this to be a continuing trend.

Existing Home Sale Data 2010 vs 2009

Existing-home sales fell in January 2010 but are above year-ago levels, according to the National Association of Realtors. Existing-home sales- including single-family, townhomes, condominiums and co-ops- dropped 7.2% to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5% above the 4.53 million-unit level in January 2009.

Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”

Total housing inventory at the end of January fell 0.5% to 3.27 million existing homes available for sale, which represents a 7.8-month supply at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6% below a year ago, and is at the lowest level since March 2006.

“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”

1]RISMEDIA, March 4, 2010

Interesting Article... So True!

Vacation Homes: Buy Low, Sell Never

Everyone knows one of those guys whose grandparents bought a vacation home for peanuts when property was cheap. Once a year, you get invited—to the lake house, the slopeside cabin—and say the same thing to yourself on the drive back: I wish my family had a place like that.

Well, now's your chance. Low prices and record-low mortgage rates make this the best time in generations to buy your dream escape. Not so you can flip it—those games are thankfully over—but to use it, then, someday, hand it down. Your job is to pick one. Your grandkids will thank you.

Reminder for Tax Credit Deadline

If you're looking to take advantage of the home buyers tax credits, time is short!

Last November, Congress extended and expanded the home buyers tax credit portion of the economic stimulus through April 30, 2010. That leaves just about 2 1/2 months left to purchase a home. Unlike the prior deadline where the transaction had to closed by the expiration date, this time it only needs to be under contract by the April 30th deadline with closing occurring no later than June 30, 2010.

To recap, there are two tax credits available -- an $8,000 tax credit for first-time home buyers and a $6,500 tax credit for repeat buyers for homes priced up to $800,000. Income caps are $125,000 for single buyers and $225,000 for married couples.

Let me know if you need for info!

Real Estate Trends for 2010

Home Improvement Trends for the New Year
By Jean Patteson Print Article
RISMEDIA, December 31, 2009—(MCT)—Most homeowners are unlikely to be building, remodeling or decorating with abandon in 2010, given the slow recovery from the recession. But if you do plan to update your home or garden, here are some trends to keep in mind.
Home decor. The sleek, sophisticated but comfortable style known as “soft contemporary” will be a key look for the New Year, said Kris Kolar, vice president of interior design at Robb & Stucky Interiors. Instead of the eclectic clutter that has been popular for a while, there will be a move toward using just one or two eye-catching accents. These “punctuation-mark pieces,” featuring hand-worked techniques that give a custom look, may include special materials such as mother-of-pearl, flame mahogany and stainless steel.

Furniture. The environmental movement is getting stronger, said Jackie Hirschhaut, spokeswoman for the American Home Furnishings Alliance. Increasingly, furniture is being built using natural-fiber fabrics, recycled metals and sustainable woods. Red will be the trendiest accent color for furniture, she predicted. And home offices will continue to boom as growing numbers of Americans work from their residences.

Color. Classic neutrals and pops of exotic brights are the key shades at Pittsburgh Paints, which recently announced four color palettes for 2010.

The “Canvas” palette includes deep gray-browns and gray-blues, muted beige and chalky white. “Pink City” offers vibrant pinks, spicy oranges, grays and chocolate-brown. “Grace” includes elegant hues such as pale butter, bronze-gold and sea foam. And “Zest” reinvents the style of Palm Springs circa 1950, mixing high-energy yellows with gray, white and black.

Landscaping. Organic vegetable gardens, like the one installed at the White House are likely to be a huge trend in 2010, said Orlando, Fla., horticulture expert Tom MacCubbin. Community gardens are a growing trend, especially those that involve children. Of all vegetables, he predicts tomatoes will be especially popular. In the landscape, perennial plants that last longer than annuals and need less care are a strong trend, he added. Trendy plants include gold mound duranta, a shrub with acid-green foliage, and perennial bulbine, which sports spikes of yellow blooms.

New-home construction. The era of the extravagant McMansion is over, said Nathan Cross of NWC Construction in Orlando. When building new homes, people are increasingly budget-conscious. “It’s back to basics. Even the pool is a no-frills deal,” he said. About the only area where homeowners may be prepared to splurge a little is the master suite. Energy-efficiency will be important. So will going green: “So long as it’s a green trend that doesn’t cost too much.” Outdoors, some homeowners will be installing fireplaces, fire pits and summer kitchens.

Remodeling. The trend toward making minor improvements to home exteriors is likely to extend into next year—for good reason. It gives homeowners the biggest bang for their bucks when it comes to selling their homes. In terms of costs recouped, eight out of the top 10 home-improvement projects this year were exterior upgrades that cost less than $14,000, according to Realtors Report’s annual Remodeling Cost vs. Value Report. A steel entry-door replacement topped the list, recouping 128.9% of costs, followed by upscale fiber-cement siding replacements (83.6%), wood deck additions (80.6%), and several types of window replacements (more than 70%). The two interior projects that landed on the top-10 list were attic-bedroom additions (83.1% recouped) and minor kitchen remodels (78.3%). The least profitable remodeling projects in terms of resale, and therefore not likely to be popular in 2010, were home-office remodels and sunroom additions.

(c) 2009, The Orlando Sentinel (Fla.).

Distributed by McClatchy-Tribune Information Services.



Read more: http://rismedia.com/2009-12-30/home-improvement-trends-for-the-new-year/#ixzz0bH0xqADx