So you wanna move to Elmira?

tombuergel — Wed, 22 Feb 2012 15:00:58 +0000

January housing stats were positive. Existing home sales jumped 4.3% in January from one month prior, according to data released by the National Association of Realtors. On a national scale, median home prices overall could still use a lift. The numbers are off by about 15% from 2008 levels.

But there are metro areas around the U.S. that have debunked the myth that housing is down across the board. The following five regions, for example, have experienced an increase in their median home sales price from 2008 to the close of 2011, according to Smart Money.

Elmira, NY — Up 18%
Shreveport-Bossier, LA — Up 12.8%
Davenport-Moline-Rock Island, IA – IL — Up 17%
Buffalo-Niagara Falls, NY — Up 13.1%
Indianapolis, IN — Up 11.4%

Cities like Indianapolis weathered the bust better than other places, in part because their housing values grew steadily over time. Although typical values can spike when buyers enter the market and purchase larger, more expensive homes, the stats are encouraging.

Moving to Elmira may not be a realistic option for your household. But let the numbers speak loudly; housing continues to be a financial investment that can pay off over time.

Foreclosure conversions in the Windy City

tombuergel — Tue, 21 Feb 2012 15:00:41 +0000

The Obama administration is looking to entice investors into redeveloping foreclosed properties. Amy Hoak of the Wall Street Journal shares the story of one Chicago-based real estate firm that’s been in the business of converting foreclosures into rentals for some time. Mack Companies cherry-picks houses located in communities with solid infrastructure and good schools. Of course, the mechanics of the house also matter. Older homes that require new plumbing, roofing, and windows, for example, may be passed up for newer properties that need moderate repairs or updates. Mack companies is on track to redevelop 250 homes this year, setting the pace for investors elsewhere.

http://online.wsj.com/video/investing-in-foreclosures-how-one-company-does-it/08159368-9CE4-4D5C-BE15-1DD13BC08DF8.html

Homeownership is good for the heart

tombuergel — Fri, 17 Feb 2012 15:00:58 +0000

CNN Money reports that homeownership is good for love. That’s not hard to believe, since owning a house can signal fiscal responsibility to some romantics. But Trulia put the theory to the test.

On Trulia’s behalf, Harris Interactive queried 1,000 single men and women on home-related traits they found most appealing. While there is a marked preference for homeowners, survey results showed that renting is certainly no deal-breaker. More than a third of women responded that they preferred to date homeowners, whereas 18% of men felt the same.

But while both homeowners and renters can find love, one demographic will be romantically-challenged. Jobless young adults who have returned home after graduating from college may need to put their employment search into high gear. Less than 5% of singles surveyed would date boomerangers. Which rooms of the house found favor with both sexes? The master bath, walk-in closet, and gourmet kitchen.

And there was bad news for the growing number of boomerang kids — the young adults who went off to college, graduated and then wound up back in their old bedrooms. It’s going to be hard to find love, except (perhaps) from your parents. Less than 5% of all singles surveyed said they would date someone living in their childhood homes.

“That’s a real deal-breaker,” said Michael Corbett, a spokesman for Trulia. “If you’re still living with your folks, you’re dead-on-arrival for dating.”

When property taxes are too high

tombuergel — Wed, 15 Feb 2012 15:00:22 +0000

When property values declined, many homeowners expected their real estate taxes to follow suit. This hasn’t happened for most. If you are seeking to challenge the assessed value on your house, learn some important tips from the Wall Street Journal’s Gwendolyn Bounds and Smart Money’s Alyssa Abkowitz.

http://online.wsj.com/video/reassessing-property-taxes/EBB56F37-BCD2-4CAC-A3A9-B5F568D562EB.html

Best apps for remodeling

tombuergel — Fri, 10 Feb 2012 15:00:13 +0000

Homeowners of the 21st century have access to the latest tools of the trade. Whether you prefer to tackle your own projects or hire professionals to complete them, technology offers helpful shortcuts. This Old House has published its “Best New Home Products of 2011″ list, which includes design and carpentry apps that can be downloaded for a small price. Remodeling is not just about measuring and hammering; it’s also about doing the research and visualizing finished spaces before starting the work.

Designing a kitchen is simpler with icabinetapp.com, which allows the user to drag and drop cabinets and appliances into virtual place.
How much paint, tile, and carpet does one room really need? Calculate the amount of materials required for a specific job by entering measurements with clevermatrix.do.uk.
Whether woodworking is a hobby or profession, the U.S. Army’s 223-page Field Manual on carpentry is indispensable and now available in digital copy at doubledogstudios.com.
The Woodshop Widget app provides information on 288 types of wood materials and their expansion and contraction properties in varying conditions; woodshopwidget.com.
To properly plan a redesign, you need to be able to see it first. Create a floor plan in 2-D and 3-D on livecad.net.

A good neighborhood makes the best houses

tombuergel — Tue, 07 Feb 2012 17:00:56 +0000

What is the best way for a household with children to determine if a community is right for them? Real estate consultant Barbara Corcoran shares her favorite safety barometer — look at the SAT scores of the high school(s) in the area. High test scores indicate that property values will hold steady or increase. Why? Corcoran says that smart families look specifically for neighborhoods that feature top quality schools.

If you’re in the market to buy a house, Corcoran recommends that parents scope the area in strategic fashion:

Tour the home and the neighborhood in the morning and on evenings to catch a glimpse of potential neighbors and to observe noise levels.
Go to the local playground or sports games to watch the interaction of children, parents, and caregivers.
Visit the town on nights and weekends to get a real time complexion of the people who live there and their favorite hot spots.

According to Corcoran, many homebuyers focus on the property alone, paying too little attention to the people who make up the neighborhood. Unless your household is comprised of hermits, your neighbors have the unique ability to make the community feel more or less like home. Watch the full video at Forbes.

Transform your house to sell

tombuergel — Fri, 03 Feb 2012 15:00:07 +0000

Spring is around the corner, and it’s the time of year when many households consider putting their properties on the market. If the sheer idea of preparing your house to sell feels daunting, watch this video from Expert Real Estate Tips. One professional stager and two homeowners walk us through the before and after takes. In the entry, living room, dining area, and master bedroom, the trio de-personalize, de-clutter, and decorate to create spaces that invite prospective buyers to re-imagine themselves living in the home.

http://youtu.be/Q-xn_mUn0Fs

What’s real estate got to do with the Superbowl?

tombuergel — Wed, 01 Feb 2012 19:00:43 +0000

The National Retail Federation Survey forecasts that consumer spending on Superbowl paraphernalia — food, munchies, booze — will hit a record high of $11 billion dollars. That exceeds the heights of holiday spending this past year, when Americans spent $7 billion on Halloween and another $6 billion on Christmas decorations. (Has your jaw dropped yet?)

An estimated 110 million viewers will watch the New York Giants and New England Patriots vie for the championship. But that’s not all. Big companies plan to unveil commercial ads that aim to humor, entertain, and pull at consumer heartstrings. Will real estate get in the game? You betcha. Century 21 Real Estate will make a debut appearance with a 30-second spot during the third quarter. The ad features Donald Trump and notables in the sports world being outsmarted by none other than a real estate pro.

Will you be watching Superbowl XLVI? Game starts at 6:30 p.m. EST on NBC this Sunday, February 5. Catch a preview of the ad at Inman News.

Seattle says no to auto courts

tombuergel — Mon, 30 Jan 2012 15:00:50 +0000

Town-houses try to pack it all in — living spaces in smaller lots and parking garages for individual units. The architectural result is sometimes awkward. In Seattle, that will change, according to the Seattle Times.

Last year, the Seattle City Council updated its multi-family building code with rules and incentives to discourage developers from utilizing the auto-court style. The City hopes to foster visible pedestrian entry doors and windows that face the street. Common outdoor spaces in town-house complexes are now allowed, and developments located in areas with superior access to transit service need not include individual unit parking.

Seattle has lagged behind Snohomish County, where the multi-family code was updated in 2009 to help create town-house complexes with better curb appeal. Bellevue has not had much of an issue with auto courts; it’s simply not been a design focus there.

For prospective home buyers who want town-house living with greater architectural aesthetics, the new code could mean multi-family neighborhoods where the garage is the back door.

Real estate dictionary in the works

tombuergel — Fri, 27 Jan 2012 15:00:54 +0000

Buyers and sellers utilize multiple listing services to gain information about homes on the market. How many baths does the house have? How many days has the property been on the market? The answers to these and other house-related questions might get different answers, depending on the local or regional MLS that manages the property information entered by individual real estate professionals. Variances may soon become streamlined, however, as a formal real estate dictionary is in the works.

The Data Dictionary is a project led by the Real Estate Standards Organization (RESO). The goal? With the input of various MLS organizations, vendors, and consultants, the Data Dictionary aims to define common field names used in MLS entries. Over 900 MLS providers exist around the nation. Professionals in the industry who champion the cause feel that the project is a necessary step in standardization.

Board members for the Real Estate Standards Organization (RESO fosters the development and use of data standards in the real estate industry) will meet in April to decide the project’s adoption. In the future, buyers and sellers may finally agree on terms such as full, half, and quarter bath.