Use this list from Realtor Magazine for some quick, easy updates that can help you have your home looking its best in no time! Here’s their list:
Buff up curb appeal
Enrich with color
Upgrade the kitchen and bathroom
Add old-world patina
Screen hardwood floors
Clean out and organize closets
Update window treatments
Hire a home inspector
With just a few quick, easy home upgrades, you could easily add a momentous amount of value to your home! It’s also good to always remember that sometimes you can gain the most value on your home by just fixing a lot of the “little” problems. Some of the bigger projects are not always worth the time and effort for the amount of value you will get out of them!
To read the full article from Realtor Magazine, click here.
Check out this month’s issue of Alice P’s Market Update that is now online by clicking here. This month’s issue includes a feature article from our stager, Kathy Lanning; some great resources and tips for earning rebates and tax credit for purchasing energy-efficient appliances, and a brief look at how interest rates really affect your monthly mortgage payments and 30 years worth of savings.
Although short sales are likely to increase in 2010, the jump in these transactions is unlikely to have any real impact on the housing market, according to a new study by Housing Predictor. While more at-risk homeowners are turning to short sales as an alternative to foreclosure, Housing Predictor says the small number of short sales that are actually approved by banks represent less than 1 percent of all homes facing foreclosure. In the first half of 2009, only 40,000 short sales were completed, according to the most recent data available from the Office of the Comptroller of Currency shows.
In addition, Housing Predictor said only an estimated 8 to 12 percent of all homeowners who request short sales accomplish a completed transaction. Because lenders only write off short sales as a loss when a property is sold, this small percentage of completed transactions leaves a gaping hole in the troubled banking industry’s problem with short sales.
In an announcement Friday, HUD said homeowners with mortgages insured by the Federal Housing Administration (FHA) who are experiencing financial hardship are now eligible for loss mitigation assistance before they fall behind on their mortgage payments.
Previously, these homeowners were not eligible for such assistance until after they had missed payments. But the Helping Families Save Their Home Act of 2009 signed into law by President Obama expanded FHA’s authority to use its loss mitigation tools for borrowers facing “imminent default.” FHA issued guidance Friday to its loan servicers on how to assist these homeowners before they default.
According to FHA Commissioner David Stevens, FHA has always required lenders to establish early contact with delinquent borrowers to discuss the reason for missing a payment and to evaluate reinstatement options. But now, he says, servicers will have additional options for those homeowners who seek help before they go delinquent, increasing the likelihood that the borrower will be able to retain their home.
Effective immediately, the loss mitigation options of forbearance and FHA’s Home Affordable Modification Program may be used to assist borrowers facing imminent default. FHA defines a “borrower facing imminent default” to be one who is current or less than 30 days past due on their mortgage obligation, and who is experiencing a significant reduction in income or some other hardship that will prevent them from making the next required payment.
Under the agency’s forbearance program, the loan servicer can agree to postpone, reduce, or suspend payments due on a loan for a limited and specific time period. FHA-HAMP allows qualified FHA-insured borrowers to reduce their monthly mortgage payment to an affordable level by permanently reducing the payment through the use of a partial claim combined with a loan modification. The partial claim defers the repayment of a portion of the mortgage principal through an interest-free subordinate mortgage that is not due until the first mortgage is paid off. The remaining balance is then modified through re-amortization and in some cases, an interest rate reduction.
The borrower must be able to document the cause of the imminent default, such as unemployment or reduced pay, or a change in household financial circumstances such as a death in the family or serious illness. FHA said loan servicers are required to document the basis for their determination that a payment default is imminent and retain all documentation used to reach that conclusion. The servicer’s documentation must also include information on the borrower’s financial condition.
Check out this month’s issue of Alice P’s Market Update by clicking here. This month we introduce the new rebates program for home owner purchases of Energy Star Appliances. We also have included the full NAR Profile of Home Buyers and Sellers, which takes an in-depth look into overall buying and selling trends over the past year. And last, but not least, our Healthy Home Tips section this month has some great ideas for budgeting organic foods into your diet. Enjoy!!
From Jennifer Guerriero of the National Association of Home Builders Remodelers, she predicts some major trends for 2010 in kitchen and bathroom remodels. To see the full list, click here for the NCHBA’s Plumb Line newsletter. The article can be found on page 7.
Guerriero predicts the “in” color for 2010 is going to be turquoise. The top theme for bathroom remodels is “retreat”, featuring colors of neutral beiges, olives and pale tones.
The top kitchen remodel theme is listed as “ livable” with colors that pop! Any bright color on walls, surfaces and even appliances is expected. Energy Star appliances are also expected to have a big influence on kitchen remodels.
To get remodeling tips, Guerriero encourages homeowners to attend home shows, seminars, and search the vast amount of information online. Lastly, don’t forget input from friends and family for suggestions, as well!
Any homeowners who have been thinking about upgrading their home appliances should make the decision to do so—starting in March. As a part of the Recovery and Reinvestment Act of 2009, each state has been given funds to rebate homeowners for their participation in purchasing Energy Star home appliances.
Colorado has been granted $4.7 million for this project to rebate back to any homeowners who participate in the program. The program is tentatively set to begin in March—so hold off on any appliance purchases until then.
Eligible appliance upgrades include:
Refrigerators
Washer/Dryer
Dishwasher
Gas storage water heaters
Gas tankless water heaters
Gas furnaces
Gas boilers
For more information on appliances and pricing, visit Energy Star’s web site by clicking here.
The program does not include retroactive purchases, so be sure to wait for the launch of the program before you purchase any new appliances. Similarly, not all appliances qualify. The Governor’s Energy Office web site has more information for program participants. The program will be continued on until the funds are exhausted—so don’t wait too long to get started on renovation projects!
Check out this month’s issue of Alice P’s Market Update, our monthly e-zine by clicking here! This month’s articles features some great tips for effectively upgrading your home, ways to keep your kitchen energy-efficient & clean, and the latest mortgage rates information from Dave White!
A recent report released from the Federal Housing Finance Agency revealed statistics about home prices and trends across the nation–the good news, is that Colorado ranked 9th on their list of states for year-over-year price appreciation!
The report puts Colorado at -.03 percent for price appreciation for the year, and projects an appreciation rate of 6.87 percent in five years. This puts Colorado very close to being back in the positives for home price appreciation!
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