Paint is perhaps the easiest and least expensive way that can change the entire look and feel of a room. I suggest low-VOC paints which gas-off minimally, as the toxicity of cheap paints can be damaging to your health. Also, more expensive paints tend to give better coverage, cutting down on your labor time.
Another fool-proof type of paint I highly recommend is Venetian Plaster, which gives an elegant look and covers inconsistencies in drywall. Pre-mixed in a variety of colors, the best I’ve found is Behr (Home Depot) for about $30/gallon. You apply two coats with a pallet knife in broad strokes and then, after dry, burnish with the pallet knife flat against the wall. It takes some "elbow grease" but the effect is stunning.
From a decorator standpoint, consider an accent wall — one wall of a room painted in a different, often bold, color. The key to a great paint job is preparation.
While the temptation is to get out the paint and brushes or rollers and start in, don’t skimp on time and attention to taping off all areas not to painted, removing fixtures and wall plates and covering floors and furnishings. This will save a lot of time and aggravation on clean-up and make the painting process easier and more fun.
Sunday, February 7, 2010
Tuesday, February 2, 2010
Fannie to Offer Closing Cost Aid on Foreclosures
For help on any home purchasing issues, please contact me and/or visit our new and improved website: www.GreenRoadsRealty.com
Daily Real Estate News | January 29, 2010 | Fannie Mae, the largest provider of residential home funding in the United States, announced Friday that it would pay the closing costs on purchases of foreclosed homes in its inventory.
The government-controlled company said buyers of qualified properties will get up to 3.5 percent in closing costs, or an equivalent amount for the purchase of new appliances.
The goal of Fannie is to clear out the nearly 50,000 properties it has in inventory— listed on HomePath.com, the Web site created by Fannie Mae last year to sell the growing number of foreclosed homes.
"Attracting qualified buyers to the market and reducing inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover," said Terry Edwards, executive vice president for credit portfolio management, in a statement.
Source: Reuters News, Al Yoon (01/28//2010)
Daily Real Estate News | January 29, 2010 | Fannie Mae, the largest provider of residential home funding in the United States, announced Friday that it would pay the closing costs on purchases of foreclosed homes in its inventory.
The government-controlled company said buyers of qualified properties will get up to 3.5 percent in closing costs, or an equivalent amount for the purchase of new appliances.
The goal of Fannie is to clear out the nearly 50,000 properties it has in inventory— listed on HomePath.com, the Web site created by Fannie Mae last year to sell the growing number of foreclosed homes.
"Attracting qualified buyers to the market and reducing inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover," said Terry Edwards, executive vice president for credit portfolio management, in a statement.
Source: Reuters News, Al Yoon (01/28//2010)
Friday, January 22, 2010
Energy Efficiency & Home Buyer Preferences
Residential real estate accounts for a fifth of all energy consumption in the U.S. And the costs of that energy can be significant. Because of that, homeowners and home buyers are looking for ways in which their homes can be more energy efficient. In the NAR Market Intelligence feature this month, Research Economist Arun Barman looks at some of the trends in energy usage, as well as the increasing preference of home buyers for more energy-efficient homes.
According to the U.S. Department of Energy's 2008 Annual Energy Review, the residential real estate sector accounts for roughly a fifth (22 percent) of all energy consumption in the country. This considerable share of all energy consumption has led lawmakers to propose policies to improve energy efficiency in homes. At the same time, homeowners and home buyers are showing a greater preference towards energy efficiency for reasons varying from a desire to become more environmentally conscientious to cutting down on their monthly energy bills. When formulating policy, however, there are several factors to consider.
According to the U.S. Department of Energy's 2008 Annual Energy Review, the residential real estate sector accounts for roughly a fifth (22 percent) of all energy consumption in the country. This considerable share of all energy consumption has led lawmakers to propose policies to improve energy efficiency in homes. At the same time, homeowners and home buyers are showing a greater preference towards energy efficiency for reasons varying from a desire to become more environmentally conscientious to cutting down on their monthly energy bills. When formulating policy, however, there are several factors to consider.
Older vs. Newer Homes
Older homes consume more energy than newer homes. According to the Department of Energy's 2005 Residential Energy Consumption Survey, homes constructed before 1970 consume roughly one and a half times what newer homes consume, on a per square foot basis. It should be noted that the average size of homes has been steadily increasing since the 1970s, though older homes still in existence tend to of similar size compared to recently built homes. However, recently there has been a decline in the median size of homes. This is likely due to the slowing of the housing market over the past couple of years as well as rising energy costs.
Also, according to the 2007 American Housing Survey, older homeowners tend to occupy a larger share of older homes. This is an important point as it may have ramifications in terms of public policy. Government restrictions or mandates that require energy audits or upgrades may place an excessive burden on older home owners who often are retirees with less flexible incomes or restricted in their geographic mobility.
Cost Variations
Regionally, great variations persist in terms of energy consumption and costs. Some of this is attributable to climate variation throughout the country. The Pacific and South Atlantic regions are generally warmer in the winter; in the case of the Pacific the weather is also milder in the summer than in areas like New England or the Middle Atlantic. This variation in climate means that certain regions have lower demand for heating or cooling.
Consequently, energy costs for the typical household can vary widely, according to the DOE's 2005 Residential Energy Consumption Survey. In the Northeast, the typical yearly energy bill was $2,319, compared to $1,491 in the West. Federal legislation regarding residential energy policy should take into account these regional variations when it comes to energy costs.
Similarly, energy consumption varies by state. For instance, the typical yearly energy bill for a home in New York was $2,409 while in California the typical bill was $1,396. A major reason for the difference is heating costs, which account for almost two-fifths of energy bills in the Northeast and Midwest,
compared to approximately one-fifth in the South and the West.
Marketing Homes to Energy-Conscious Buyers
For homeowners looking to sell their properties (as well as the real estate professionals who assist them), they may want to take into account the fact that current home buyers are placing greater significance on homes' heating and cooling costs as well as energy efficient appliances and lighting in their home-buying decisions. According to NAR's 2009 Profile of Home Buyers and Sellers, 88 percent of recent home purchasers indicated a home's heating and cooling costs were at least somewhat important in their home-buying decision. In addition, roughly 70 percent said that energy-efficient appliances and efficient use of lighting was important. In fact, reducing energy costs through energy efficiency appears to take priority over other energy or environmentally friendly home features such as "Landscaping for energy conservation" and "Environmentally friendly community features" which about half of home buyers said were important to their buying decisions.
Homeowners may need to consider improving their homes or retrofitting in order for their current properties to be more energy efficient. A few things need to be considered such as the length of time home owners plans to own their homes (the median, according to NAR's 2009 Profile of Home Buyers and Sellers, is about 7 years) and the cost of the upgrades. There are a few ways that homeowners can benefit from upgrades. First, homeowners will save on energy costs. Some projects have longer payback periods (i.e., the amount of time that it takes to recoup the cost of the energy efficient upgrade through reduced energy usage), while others have a universally low payback period like programmable thermostats which are relatively cheap and easy to install. The energy savings from a programmable thermostat can be recouped in as little as a year. However, some projects may be more expensive to undertake and the payback period can vary greatly depending on the region where the home is located. For example, sealing air ducts or replacing windows may be much more cost effective with a shorter payback in regions where heating costs are greater. Second, since home buyers are increasingly aware of energy efficiency, certain upgrades may increase a home's resale value. Finally, there is the "peace-of-mind" benefit that homeowners may feel by being friendlier to the environment.
Potential Impact
Federal policy options should take into consideration a variety of factors like the variations in region, age of homes, and mix of homeowners when creating new laws. Likewise home buyers and sellers making updates to homes should be aware of such factors when making upgrades to their existing home or when purchasing a home.
For more information about home buyers' views on home characteristics - including energy-related issues - visit www.realtor.org to access the latest 2009 NAR Profile of Home Buyers and Sellers. NAR members can download the full report in PDF format at no cost. Those interested in more complete data on the Department of Energy's tracking of energy consumption and cost should visit www.eia.doe.gov.
Wednesday, December 9, 2009
Living in the West Makes You Feel Younger!
A recent report from the Pew Research Center found that older adults feel younger out west. Fully 78% of adults ages 65 and older who live in the West say they don’t feel old, compared with 67% of older adults who live in the rest of the country.
According to their statistics:
Two-thirds of Westerners ages 65 and older say they feel younger than their chronological years, compared with 57% of older Americans in other regions.
Among older Westerners, half say they feel 10 or more years younger than their actual age and one-in-five say they feel 20 or more years younger.
Older folks living in the West also feel healthier than older folks elsewhere. Among adults ages 65 and older, some 72% of those living in the West say they are in excellent or good health. This compares with 63% of those living in other regions of the country.
So, celebrate the new year and all the possibilities it brings. Don’t worry about that extra candle on the birthday cake. Embrace the future and remember you can always join us Out West. We welcome you in 2010.
To search all properties in the Santa Fe MLS, go to www.GreenRoadsRealty.com.
Call us to discuss property in northern New Mexico. There is no charge to buyers: (505) 995-0195.
According to their statistics:
Two-thirds of Westerners ages 65 and older say they feel younger than their chronological years, compared with 57% of older Americans in other regions.
Among older Westerners, half say they feel 10 or more years younger than their actual age and one-in-five say they feel 20 or more years younger.
Older folks living in the West also feel healthier than older folks elsewhere. Among adults ages 65 and older, some 72% of those living in the West say they are in excellent or good health. This compares with 63% of those living in other regions of the country.
So, celebrate the new year and all the possibilities it brings. Don’t worry about that extra candle on the birthday cake. Embrace the future and remember you can always join us Out West. We welcome you in 2010.
To search all properties in the Santa Fe MLS, go to www.GreenRoadsRealty.com.
Call us to discuss property in northern New Mexico. There is no charge to buyers: (505) 995-0195.
Friday, November 27, 2009
Who Qualifies For Move-Up Tax Credit?
When President Obama signed into law recently an extension of the first-time homebuyer tax credit (up to $8,000), another tax credit for existing homeowners was tacked on, but with a lot of conditions.
The first-time homebuyer is defined as not having owned a primary residence for the past 3 years. A move-up or repeat buyer is defined as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date.
Many real estate analysts have credited the first-time homebuyer incentive as a major impetus in home sales in 2009. Perhaps. But it's hard to imagine how "up to $6,500" in tax credit will be much incentive for people who can qualify for a second home. The tax credit is based on 10% of the home’s purchase price up to a maximum of $6,500. Any homes priced below $800,000 is eligible for the tax credit.
However, you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members. Please consult with your tax advisor for more information. Also see IRS Form 5405.
To qualify, there is an income limit for single taxpayers is $125,000; $225,000 for married taxpayers filing a joint return. Partial credit may be available to those with higher modified adjusted gross income.
It seems to me that giving away this money continues to sap our coffers and has no positive effect on people and their communities. Between the looting of the Treasury, senseless wars, and bailouts of big businesses, insane amounts of taxpayer dollars have been thrown to unlikely and undeserving hands.
Making our money available to us through affordable and reasonable-to-get lines of credit -- that $42,000+ per man, woman and child stolen to bailout the banking industry (which gambled it away in derivitives, and continues those unregulated practices!) -- would go a long way toward giving small business what it needs to operate, and thereby stimulate the economy and innovation.
For more information on the Move-Up and Repeat Buyer tax credit, see http://www.federalhousingtaxcredit.com/faq2.php
The first-time homebuyer is defined as not having owned a primary residence for the past 3 years. A move-up or repeat buyer is defined as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date.
Many real estate analysts have credited the first-time homebuyer incentive as a major impetus in home sales in 2009. Perhaps. But it's hard to imagine how "up to $6,500" in tax credit will be much incentive for people who can qualify for a second home. The tax credit is based on 10% of the home’s purchase price up to a maximum of $6,500. Any homes priced below $800,000 is eligible for the tax credit.
However, you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members. Please consult with your tax advisor for more information. Also see IRS Form 5405.
To qualify, there is an income limit for single taxpayers is $125,000; $225,000 for married taxpayers filing a joint return. Partial credit may be available to those with higher modified adjusted gross income.
It seems to me that giving away this money continues to sap our coffers and has no positive effect on people and their communities. Between the looting of the Treasury, senseless wars, and bailouts of big businesses, insane amounts of taxpayer dollars have been thrown to unlikely and undeserving hands.
Making our money available to us through affordable and reasonable-to-get lines of credit -- that $42,000+ per man, woman and child stolen to bailout the banking industry (which gambled it away in derivitives, and continues those unregulated practices!) -- would go a long way toward giving small business what it needs to operate, and thereby stimulate the economy and innovation.
For more information on the Move-Up and Repeat Buyer tax credit, see http://www.federalhousingtaxcredit.com/faq2.php
Sunday, November 22, 2009
New Real Estate Research To Be Available Spring 2010
The National Association of Realtors recently announced a new product, Realtors® Property Resource (RPR), which is scheduled to be released to Realtors® in April 2010.
RPR promises to be a powerful national database of 140 million property records, both residential and commercial intended become the most superior resource for all real estate matters.
According to the NAR, the system will provide 265 million residential and commercial assessments, sales and mortgage records which will be updated more than 650,000 times each month. Additionally, it will include all the on-market and off-market data from MLS's, including photos, virtual tours and notes by individual agents to create the most accurate source of real estate data in the country.
Distressed Property: Plans are to include 850,000 distressed property records, complete with address, owner and mortgage information and updated monthly.
Schools: Also available will be information on 125,000 public and private elementary, middle and high schools, along with detailed data and parent reviews.
Neighborhood demographic data will detail more than 700,000 communities and feature psychographic data, i.e., consumer spending and consumption habits.
The Realtor Valuation Model is touting 90% accuracy using MLS data, which should be much better than Zillow's use of public records in its estimates, which is often very inaccurate, especially in a small and diverse market like Santa Fe.
Other features to be part of the system are:
- Real time saerches.
- Mapping tools with side-by-side comparisons.
- User-generated data changes.
- Personalized profile management.
- A library of customizable reports.
- Extensive help with live chat and a knowledge database.
- News features and marketing reports.
- A database for market analytics.
There is quite a bit of discussion in the real estate community as to whether RPR will compete with local MLS's and what impact it may have on companies like Zillow. But, if it presents as much accurate data as it claims, Realtors will have more valuable information to share with clients who, ultimately, should benefit from this.
Saturday, November 21, 2009
New! Fights between Santa Fe and Los Angeles
Beginning Nov. 19, 2009, American Eagle, the regional affiliate of American Airlines, launched service to Santa Fe, New Mexico's capital city, with a daily nonstop flight from Los Angeles International Airport (LAX) to Santa Fe Municipal Airport (SAF).
This is in addition to AA flights to Dallas which began earlier in the year. Now, Santa Fe's little airport, located on the southwest side of the city, actually has a few commercial flights. Hooray!
To celebrate this new service to Santa Fe, American is offering double AAdvantage(®) miles and low introductory fares. Log on to AA.com for details.
The schedule to and from Santa Fe (all times local):
Santa Fe to Los Angeles (SAF-LAX)
Flight Departs Arrives Days
3157 2:45 p.m. 3:55 p.m. Daily
Los Angeles to Santa Fe (LAX-SAF)
Flight Departs Arrives Days
3156 12:20 p.m. 3:15 p.m. Daily
Dallas/Fort Worth International Airport to Santa Fe Municipal Airport
(DFW-SAF)
Flight Departs Arrives Days
3572 10:55 a.m. 11:45 a.m. Daily
*2849 1:25 p.m. 2:15 p.m. Daily
*New Flight
Santa Fe Municipal Airport To Dallas/Fort Worth International Airport
(SAF-DFW)
Flight Departs Arrives Days
3544 12:15 p.m. 2:50 p.m. Daily
*2850 3:45 p.m. 6:25 p.m. Daily
*New Flight
This is in addition to AA flights to Dallas which began earlier in the year. Now, Santa Fe's little airport, located on the southwest side of the city, actually has a few commercial flights. Hooray!
To celebrate this new service to Santa Fe, American is offering double AAdvantage(®) miles and low introductory fares. Log on to AA.com for details.
The schedule to and from Santa Fe (all times local):
Santa Fe to Los Angeles (SAF-LAX)
Flight Departs Arrives Days
3157 2:45 p.m. 3:55 p.m. Daily
Los Angeles to Santa Fe (LAX-SAF)
Flight Departs Arrives Days
3156 12:20 p.m. 3:15 p.m. Daily
Dallas/Fort Worth International Airport to Santa Fe Municipal Airport
(DFW-SAF)
Flight Departs Arrives Days
3572 10:55 a.m. 11:45 a.m. Daily
*2849 1:25 p.m. 2:15 p.m. Daily
*New Flight
Santa Fe Municipal Airport To Dallas/Fort Worth International Airport
(SAF-DFW)
Flight Departs Arrives Days
3544 12:15 p.m. 2:50 p.m. Daily
*2850 3:45 p.m. 6:25 p.m. Daily
*New Flight
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