Tag Archives: Waccabuc Homes

Obama: Help for younger, first-time homebuyers | Waccabuc Real Estate

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President Barack Obama Wednesday moved to make it cheaper for first-time and younger buyers to take out a mortgage.

Obama lowered the mortgage-insurance premium for borrowers who have a down payment of just 3.5 percent of the total home’s purchase price and finance the rest of the purchase with a loan backed by the Federal Housing Administration.

The reduction is expected to save the typical first time homebuyer an average of $900 a year on the insurance, the White House said. The insurance is required because they’re financing so much of the puchase and the loans are riskier.

Existing homeowners who refinance into an FHA mortgage will see similar reductions, the White House said.

The White House estimated that the change will help 800,000 homeowners save on their mortgages and 250,000 new buyers save on mortgage payments over the next three years.

Obama, expected to highlight the lower cost mortgages during a visit to Arizona on Thursday, has been under pressure from the housing sector to help lower costs for borrowers seeking to buy with a low down payment – often younger buyers and first-time home buyers, both a crucial link in home sales.

“We do not see first-time buyers getting into the marketplace. They don’t have a chance to get onto that first rung of housing,” said Chris Kutzkey, president of the California Association of Realtors.

While mortgage lending rates have been near record lows for several years, that has benefited the most creditworthy borrowers, who are often the wealthiest of home buyers. The middle-income segment of the market, with higher debt loads, has faced tougher lending standards. Stagnant income has crimped their ability to put more down towards a home purchase.

“Mortgage underwriting standards have been overly stringent,” said Lawrence Yun, chief economist for the National Association of Realtors.

The premiums rose sharply after the financial collapse, and have not come down even as the economy and housing market have improved.

“It’s almost as if government is ripping off the consumers,” complained Yun, noting that premiums were raised to minimize risks to taxpayers of borrowers defaulting on government-backed loans. “But what has happened is they were punishing current borrowers for the sins of past mistakes. Current borrowers did not harm the market, but they are paying the excessively high premiums.”

One consequence is the shrinking number of new homeowners. Over the past four years, first-time home buyers shrank as a percentage of all FHA loans – from 56 percent down to 39 percent, he said.

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http://www.theolympian.com/2015/01/07/3513236/obama-help-for-younger-first-time.html?sp=/99/102/#storylink=cpy

Universal Design Details You’re Forgetting | #Waccabuc Real Estate

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When Rosemarie Rossetti lost the use of her legs in a freak accident in 1998, she and her husband Mark Leder focused on getting her well. Their experience has become a critique on traditional homebuilding and an impressive exercise in true universal design. Finding the home they lived in would never work for Rosemarie’s new needs, the couple was further discouraged by the dearth of universal design options offered by area builders. Their solution was to become general contractors themselves and built the ultimate universal design custom home.

Today, the Universal Design Living Laboratory is Rosemarie and Mark’s home and office, and an education center for builders, architects, and the public to learn how to create homes that work for all of their residents, no matter their age or ability. Products editor Lauren Hunter recently toured the UDLL and found a number of details worth sharing. Here are nine of her favorites.

Safe and Sound: Knox Box
In emergency situations, first responders will gain access to a home in the most efficient ways possible. If this means breaking down a door, so be it – unless you have a Knox Box. This mini safe works similarly to a lock box that a Realtor might use when showing a home. The fire department has a key to the Knox Box, which stores your emergency house key inside, allowing them to open a door properly rather than breaking it down. Because, as Mark points out, the last thing homeowners should be thinking about in an emergency situation is how much door replacement costs.

Outdoor Enjoyment: Planter Boxes
Adjusting to life in a wheelchair made Rosemarie’s love of gardening a challenge. Mark says chair-height planters bring the gardening to a convenient height for Rosemarie to roll up to and tend any time she likes. The landscaped back yard also incorporates paver ramps and pathways so the couple can enjoy all of its amenities together.

See Through: Multi-level Peep Holes
Traditional entry doors have peep holes positioned at a height between 60 and 66 inches. Consider adding a peephole at closer to 48 inches for wheelchair users, children, and homeowners short of stature. Or, let the door glass do the work for you. In addition to daylighting as a universal design benefit, the glass in this ProVia door has clear panes for viewing at three different heights in the door.

Cooking Confidence: Easy Access Burners
ADA-compliant ranges put the cooktop controls at the front of the appliance so users can access them easily without reaching over hot surfaces. The UDLL takes things a step further by installing individual burners side by side in the cooking area, eliminating the problem of hard-to-reach back burners. In this configuration, Rosemarie can easily and safely reach each cooking element, as well as vent hood controls.

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http://www.remodeling.hw.net/business/design/9-universal-design-details-youre-forgetting_o?utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=RDU_121714&day=2014-12-17

 

Rents Rose for Eight Straight Months | Waccabuc Real Estate

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The national annual effective rent growth reached 4.33% in October, a 2 basis point (bps) increase from September’s 4.31% and the highest point of the year to date, according to the latest data from Axiometrics.. October marked the eighth straight month in which effective rent growth has increased.

The continued strong effective rent growth indicates that the national apartment market is likely to finish the year above the 4% mark. Even taking seasonality into consideration, Axiometrics said it does not expect the market to change too drastically during the remaining two months of the year.

“Effective rent growth typically declines during the fourth quarter, but not so far in the ‘Year of the Apartment,’” said Stephanie McCleskey, Axiometrics Vice President of Research. “Even though the rate of increase has slowed, the fact the market is steady means that the factors fueling the strength of 2014 — job growth, desire to rent instead of own and barriers to homeownership — are still in force.”

YTD Rent Growth Remains Best in this Decade

Whether year-to-date (YTD) effective rent growth remains above 5% during the usual holiday-season leasing doldrums remains to be seen. “But it still looks like a good bet for 2014 YTD effective rent growth to be above 4.0%,” McCleskey said.

YTD effective growth measured 5.2% for the first 10 months of 2014, down 30 bps from September’s 5.5% but up 27 bps from the 4.9% YTD growth recorded in October 2010. The 2010 trend decreased by 40 bps to 4.5% during the last two months of that year; 2014′s rate would have to slide 67 bps to fall below the first year of this decade.

Occupancy Sagged in October

The national occupancy rate dropped to 94.9% in October, the first time it has been below 95% since April, but the news is good when taken in context. October 2014 occupancy is higher than any other October since at least 2008, when Axiometrics started reporting monthly, and occupancy is 95% on a same-store, annual basis.

 

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http://www.realestateeconomywatch.com/2014/11/rents-rise-for-eight-straight-months/

 

Mortgage Rates Average 3.99% | Waccabuc Real Estate

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Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates slightly down from the previous week with the 30-year fixed-rate mortgage dipping just below four percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.99 percent with an average 0.5 point for the week ending November 20, 2014, down from last week when it averaged 4.01 percent. A year ago at this time, the 30-year FRM averaged 4.22 percent.
  • 15-year FRM this week averaged 3.17 percent with an average 0.5 point, down from last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 3.27 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.5 point, down from last week when it averaged 3.02 percent. A year ago, the 5-year ARM averaged 2.95 percent.
  • 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.4 point, up from last week when it averaged 2.43 percent. At this time last year, the 1-year ARM averaged 2.61 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Fixed mortgage rates were slightly down as housing starts declined 2.8 percent in October below the upwardly revised September rate. However, building permits increased 4.8 percent in October after a 2.8 percent boost a month earlier. Lastly, industrial production slipped by 0.1 percent in October, below the market consensus forecast.”

US home builder sentiment rises in November | Waccabuc Real Estate

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U.S. home builders are seeing more buyer traffic through their model homes, and that was enough to boost their overall confidence in November far higher than expected.Builder sentiment in the single family housing market jumped four points to a level of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Anything higher than 50 is considered positive. “Low interest rates, affordable home prices and solid job creation are contributing to a steady housing recovery,” said National Association of Home Builders Chief Economist David Crowe. “After a slow start to the year, the HMI has remained above the 50 point benchmark for five consecutive months, and we expect the momentum to continue into 2015.” Builder confidence was mired in negative territory for the first half of 2014, amid higher home prices, weaker consumer confidence and tight inventory. Several of the nation’s large public home builders admitted they were too aggressive in raising prices last year, and this fall they began to remedy that. The median price of a newly built home sold in September was four percent lower than it was in September of 2013.

All three components of the HMI saw gains in November: Current sales conditions rose five points to 62, future sales expectations rose two points to 66 and buyer traffic increased four points to 45-the only component still negative.

Read More Federal Housing Administration back in the black “Growing confidence among consumers is what’s fueling this optimism among builders,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. “Members in many areas of the country continue to see increasing buyer traffic and signed contracts.” Mortgage interest rates saw a steep drop briefly at the end of October, which may have increased buyer traffic in new model homes. There is also still a tight supply of existing homes for sale. Sales of newly built homes in September were 17 percent higher than they were a year ago. Housing starts are still running very low.

Read More The halo effect of Cleveland’s comeback on housing Regionally, on a three-month running average, all but the Midwest saw gains in home builder confidence. Builders in the South are most optimistic, but confidence in the Northeast is still in negative territory.

 

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http://finance.yahoo.com/news/home-builder-confidence-jumps-4-145948204.html

 

Millionaire Bargain Hunters Swoop on London’s Flatlining Luxury Real Estate | Waccabuc Real Estate

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Luxury London house prices were unchanged in October, the first time in four years without a monthly rise. To thrifty millionaires looking for Luxury residential homes, that’s a buy signal.

London property-buying agents have seen an influx of bargain hunters knocking on their doors. Many are the same clients that balked at eye-watering asking prices earlier this year.

The leveling off in October shown by the Knight Frank data is widely expected to continue ahead of the U.K.’s general election next May.

Data like this encouraged one potential buyer from China to book a trip to view London homes on Dec. 20, said Penny Mosgrove, managing director at buying agent Quintessentially Estates. Her client has left empty handed on four previous trips this year, but “he thinks that right before Christmas he’ll be more likely to get his bargain,” Ms. Mosgrove said.

Evidence of the cooling market has extended beyond price data. Last month, real-estate broker Foxtons GroupFOXT.LN +0.30% warned it would miss year-end targets due to weak London sales volumes. The firm’s stock Friday was trading at 172 pence, about 57% below its peak of 402 pence reached in February.

That share price was all one American client of Ms. Mosgrove’s needed to see to stop dragging his feet after a nine-month search, Ms. Mosgrove said. “He came in and said that’s it, I want a deal,” she said.

However, bargain hunters shouldn’t expect to find a raft of reduced prices. Lots of sellers are still holding firm, said Jo Eccles, managing director of buying agent Sourcing Property. “Everybody is getting very excited about the market collapsing. But the bargain hunters we’re seeing are usually disappointed,” she said.

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http://blogs.wsj.com/moneybeat/2014/11/07/millionaire-bargain-hunters-swoop-on-londons-flatlining-luxury-real-estate/

6 Reasons Why Your Home Isn’t Selling | Waccabuc Real Estate

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Wondering why your home is still sitting on the market after weeks-or even months-of showings? Can’t figure out why your open houses are well-populated but nothing ever comes of them? Or maybe no one is coming to your open houses at all?

It’s easy to get frustrated when your home isn’t selling and you don’t know why. Which is why we’ve rounded up 10 of the top reasons houses sit on the market. Chances are no one’s biting because

Your home is really only worth what people are willing to pay for it.

you’ve committed one (or more) of these mistakes. Identify which ones they are, do the work to set them right, and you could be signing on the dotted line in no time.

1. It’s priced way too high. Like or not, the market dictates how much you get for your home-regardless of how much you think you’re home is “really” worth. Buyers will be looking at comparable homes in your area and seeing how yours stacks up, and if your asking price is much higher, it will work against you.

Remember, your home is really only worth what people are willing to pay for it.

2. Your timing is off. More people house-hunt in the spring, summer and early fall than they do in the winter. It’s simply a matter of convenience — no one wants to trek from house to house in the snow and freezing temperatures, and even if they find a house they like, no one wants to move in at that time, hauling cardboard boxes across snow and ice. Unless they need to find a home ASAP, many put their searches on hold over the winter.

That’s not to say you can’t sell your home during the wintertime, but you need to take the season into consideration. Offering incentives (like a $500 credit towards moving services) and targeting buyers who are on a similar deadline can help.

3. Buyers can’t find it. More and more buyers are searching online, and if your home isn’t listed in all the places they’re looking, they could be passing you by. Make sure your home is listed on major real estate sites like Homefinder, Zillow and Trulia, as well as on the multiple listing service (or MLS) used by realtors.

4. Your photos suck. When buyers do find your home’s listing, your photos (or lack thereof) could be sending them away. Buyers want to get a good feel for what a home has to offer before they decide to arrange to visit it in-person, and they can’t do that if you have no photos, few photos, or photos that are of a very low quality.

Include plenty of shots of the major areas of your home, as well as what the front and back exterior look like. Highlight any special selling points. Make sure these photos are well-lit, in focus and show off your home at its best.

5. It needs some work. While some buyers may be willing to take on a “project,” the majority of them won’t-especially if you’re asking the same price as homes that don’t need any repairs. From big things like a leaky roof to little things like a leaky faucet, you don’t want your buyers creating a running list in their head of projects they’ll need to take on if they buy your home.

Fix everything you can before you list so that when buyers tour your home, they can focus on the home and not how much it will cost them in repairs.

6. It’s got too much “you” in it. Roman statesman Cicero once said that people fail because they “refuse to set aside trivial preferences.” Apparently, he would have been a great at selling homes.

You want people to be able to picture themselves living in your home, and they can’t do that if too many of your personal touches are on display.

Get rid of those family photos on the mantle in the living room and your kids’ drawings tacked up on the fridge. Repaint bold-colored walls a more neutral tone. Remove any statements pieces that aren’t to everyone’s taste. If you’re a big collector, take some of your souvenirs and knickknacks down and box them up for your next home.

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http://realestate.aol.com/blog/2014/11/04/reasons-why-home-isnt-selling/

 

Home Improvement Project Prep | Waccabuc Real Estate

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We’ve all heard horror stories about home improvement projects gone wrong. In fact, many of us have likely lived through renovations and the headaches they can entail, including delays, shoddy work, unacceptable messes and fights with contractors.

For most people, buying a home is the biggest financial investment they’ll ever make, and, understandably, homeowners want to keep their dream home feeling as fresh as the day they got the keys. But before you embark on a project to update your kitchen, spruce up your bathroom or switch out the paint and trim, it’s important to understand the legal issues you may encounter with a home improvement project.

Is a contract really necessary?

The simple answer is yes. Legal advisers strongly suggest homeowners sign a contract with any contractors that, at the very least, outlines the following:

  • The scope of the work and total price
  • The legal name of the parties and the physical address of the contractor
  • The contractor’s license(s) and tax ID number
  • The labor and materials being provided to complete the job
  • The timeframe in which the project will be completed
  • The homeowner’s responsibility, which may include the selection of fixtures, paint colors, etc.
  • The days and times the contractor(s) will have access to the property.

North Andover, MA attorney Ramsey A. Bahrawy says it’s important to list the start and end date in the contract. “If the contractor does not substantially finish the work by the date stated in the contract, he can be penalized a specified amount for each day he is late,” Bahrawy says.

If the contractor will be using subcontractors, the contract should state that all contractors and subcontractors are registered, and their license numbers should be listed in the contract so a homeowner can inquire about them if needed, Bahrawy adds.

Chicago attorney John R. O’Brien, who has 30 years of experience in construction litigation, says the contract should also specify that contractors are independent contractors and not employees of the homeowner.

Confirm that workers are insured

“Each contract should also require the contractor to carry workers’ compensation insurance and show the homeowner proof of insurance,” O’Brien explains. “For larger jobs or more hazardous ones (like roofing), have the contractor get an endorsement on their workers’ comp insurance listing the homeowner as an additional insured.”

Call the insurer to verify that the policy is still in effect

If workers are injured while on the job, who is liable?

Injuries to independent contractors and their employees are generally not the property owner’s responsibility. However, exceptions could occur, such as if the owner told the contractor he would turn off the electric power to the work area and then didn’t, or if he told the contractor’s employee to use the owner’s rickety ladder. If the contractor or employee was injured in such a circumstance, the homeowners insurance policy likely would cover it, O’Brien says.

Bahrawy urges homeowners to call their insurance company to ensure their homeowners insurance covers such events.

Krista Dawkins, partner at Pyka Lenhardt Schnaider Zell in Santa Ana, CA says it’s wise to choose contractors who have their own workers’ compensation insurance. If they don’t offer workers’ compensation, it may mean they’re using laborers who are not legal residents of the state.

“A savvy homeowner would ask, ‘Do I want to run the risk of going with a cheaper, uninsured, fly-by-night operation because I have my own homeowners insurance, or spend more for a contractor that includes workers’ compensation insurance as part of his business plan and margins?’”

Make sure you’re covered for contractor damage or issues

Be sure every contractor has general liability insurance in addition to workers’ compensation insurance. Again, you can call the insurer to determine that the policy is in effect and get details of the type of coverage and deductibles.

Bahrawy says homeowners should also protect themselves from subcontractors or employees who have not been paid by the contractor. “That person can place a mechanic’s lien on the homeowner’s property to protect his or her right to payment. The contract should include a clause that will hold the homeowner harmless from claims by employees and subs.”

O’Brien says this would apply to any job that includes subcontractors.

 

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http://www.zillow.com/blog/cover-legal-bases-home-improvement-162553/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29

How Ikea Became America’s Furniture-Selling Powerhouse | #Waccabuc Real Estate

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Ikea fired a shot heard round the retailing world when it landed on American soil in 1985, opening its doors in a shopping mall just outside of Philadelphia. I was there—writing a story about the Swedish retailer for Metropolitan Home magazine, where the store’s advance buzz had preceded its arrival. Amazingly to a cynical New Yorker, reality more than met the hype. The low prices were awesome: who ever heard of industrial steel towel racks selling for $5 to $24? Where could you find a three-seat sofa for $329? (Even more amazingly, similar products—the 1985 pieces are no longer around—sell for roughly the same prices today). Go visit https://lmhomeinteriors.com.au/ for more furniture options.

The designs themselves were clean-lined and appealing in a Euro-Style way. Even more impressive was the obsessive attention to detail: all the fabric in the store was sewn with the same color thread. Everything was in stock unassembled, of course—and tags included the size of the packing carton, even indicating the dimensions that would fit into specific car models.  Then there was the playroom for kids—a safe place to leave them so parents could shop at their leisure. A cafeteria served Scandinavian food that was cheap and tasty. It was the most user-friendly store I had ever seen. Fire protection tips for your property are easy to find, but they don’t work unless you are using them. Innovation, design and authority on the use of fire barriers are provided from Sinisi Solutions. For more info, visit this page.

ikeaads90_91.jpg
Ikea ads from 1990 and 1991.

Shoppers apparently thought so, too. The crowds were overwhelming. The store had to close its doors because it had run out of merchandise, and it posted a sign saying, “Ikea is full. Please come back next week.” The company rang up $50,000,000 in sales its first year.

The retailer expanded slowly, largely because it hadn’t found a way to meet the overwhelming demand. Before it could open more locations, it had to make sure that there would be enough inventory for them.A manual planer would be for small projects, an electric planer for larger or regular projects due to its speed and the stationary planers are for heavy-duty work which require a lot more space.The source for best planer is here,you can check out here.

When Ikea finally arrived in the New York area, opening an Elizabeth, New Jersey, story in May 1990, shoppers were ready.Twenty-seven thousand people visited it on opening day, buying close to $1.5 million worth of furniture. By the time the first weekend was over, the furniture store had sold over $3 million worth of Swedish-designed products, clogging major traffic arteries and filling auxiliary parking fields to overflowing, and even now a days people continue going to Ikea to find simple and affordable furniture for their home, and for other people with different preferences they can also go to sites as https://www.firesideantiques.com/ to get good antique furniture for their houses.

In August of this year, the company opened its 40th U.S. store in Merriam, Kansas. St. Louis and Las Vegas are on the drawing boards. And it has aggressive plans to open even more in the next five years. “We see 25 possible markets,” says Rich D’Amico, Ikea’s deputy marketing manager. For new store locations, explains Joseph Roth, Ikea’s expansion public affairs manager, Ikea seeks an area with a population of two million people living within a 40 to 60 mile radius, or, alternatively, a 40 to 60 mile drive time.

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http://curbed.com/archives/2014/10/08/how-ikea-became-americas-furnitureselling-powerhouse.php