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His-and-Her Closet: Sharing is Caring

May 21, 2013 by Leave a Comment

Whether you live in a small apartment or a single family home, the amount of closet space you’re gifted to work with in your bedroom never seems to be enough. And when there are two of you, sharing a closet can take space restraints to a whole new level. Learning how to manage the confines of your bedroom closet will allow both of you to fit your clothes in it in an organized fashion so you’ll no longer have to deal with messy closet spill-out, bulging doors that won’t close and that nefarious case of evil-eye your partner happens to suffer from every time he or she opens the closet.

1) De-Clutter the Closet
Everyone has certain items in their bedroom closets that simply don’t belong in there. It could be a couple of folded up comforters on the floor, garments you no longer wear or fit into, or non-clothing items like briefcases or a video camera bag. Take everything out of your closet and decide what should be stored elsewhere, donated or thrown away.

Sort through the remaining garments and separate them into his and her piles. You can also separate the piles even further into seasonal clothes and then store any non-seasonal items elsewhere. Keeping only seasonal clothing in the closet at any given time will greatly increase the amount of closet real estate you have to work with.

Once the closet is completely emptied out, clean it thoroughly so you have a nice clean slate to work with.

2) Visualize the Closet in His and Her Partitions
Look at your bedroom closet and assess the situation. In most cases, women are going to require more space than men simply because they have a larger range of garment types, so drawing an imaginary line down the exact middle of the closet will most likely not work. Men should be realistic about his-and-her closet requirements and not demand an equal 50-50 share of the space available.

3) Consolidate Ties and Belts
Nothing can make a closet look like a mess like a bunch of ties and belts all over the place. Gather up all of your ties and belts and use a belt and tie hanger to keep them organized and in one place.

4) Invest in Storage Options if Necessary
There are a ton of storage products available on the market and some of them can be quite expensive. Of course, on the other hand, some of them can be quite practical and useful too, so if your closet organization skills need some help, you can always incorporate storage options like shoe holders, baskets, shelf dividers or a complete closet organization kit to help you partition your closet into his and her sections.

5) Keep the Closet Tidy and Clean
The fastest way to ruin a well-organized closet is to become lazy once you have it separated and tidy. Don’t hang your clothes just anywhere in the closet; keep your items on your side of the fence. If you have a lot of button-down shirts or blouses, button the top few buttons to make sure they don’t drop off the hanger. If you store handbags in your bedroom closet, keep them buckled or snapped closed and place them in their respective cubbyholes or on the shelf when you are done using them.

If at all possible, try to keep the floor of your bedroom closet open and clean, especially if it’s a walk-in closet. If the closet floor becomes a collect-all, then your closet separation will quickly deteriorate because it will be become easier just to hang the clothing on the nearest rod rather than put the garment in its proper place.

6) Repeat Step 1 Every Few Months
A well-organized closet doesn’t just stay that way; it does require work and dedication, so don’t be surprised if after a few months you are noticing the lines starting to blur between your two sections. If this happens, don’t get mad; it’s just time to re-establish the boundaries and organize the closet again.

Dave Donovan contributed to this post.

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Finding Foreclosures Online: The Truth About Princes, Frogs, and Phonies

May 21, 2013 by Leave a Comment

There’s an old adage that says women searching for their true love may have to kiss a few frogs before finding their prince. If those women are also searching online for a foreclosure today, they might just be kissing a whole lot of frogs, or something worse altogether. Someone should tell them that there is a frog-free market full of princes right at their fingertips.

The landscape of “foreclosures” in online real estate search is unnecessarily confusing. Real estate websites use a vast array of terms to draw potential buyers in to their claws: Foreclosures, pre-foreclosures, auctions, bank-owned, REO, ORE, defaults, and sheriff’s sales, just to name a few. While these terms mean many different things, they’re often used to draw buyer traffic, but not necessarily educate the consumer about their meaning.

So, for that frustrated frog-kisser, here is a straightforward guide to what foreclosures really are, and where you can find one online that you might actually be able to buy:

Princes:  Bank-Owned Homes

The vast majority of home buyers searching for a foreclosure are actually looking for a bank-owned home. These properties are sometimes called REO (Real Estate Owned) or ORE, and they are homes that have already gone through the entire foreclosure process. They are now owned by a lender, and that lender wants to sell them.

These homes will usually, at some point, be listed by a broker on the local MLS. A buyer can get a mortgage to finance the home. Most of the regular home buying transaction applies to buying a bank-owned home. Buyer protections, including most seller disclosures and contingencies, are available to a buyer who wants to purchase a bank-owned home.

The best part: these homes are easy to find. Consumers don’t have to scour county records or subscribe to foreclosure-tracking services. They’re listed on sites like Realtor.com, and your local Realtor’s website, directly through the MLS.

As far as minimizing risk to the buyer, allowing for mortgage financing, confidence in the sales process, and ease of finding the foreclosure inventory, bank-owned homes are by far the preferred foreclosures of most consumers. There will still certainly be buyers competing for bank-owned homes, but they’re sold in a much more transparent playing field than other types of foreclosures.

In short, bank-owned homes on the MLS are princes–ready, qualified, and able.

Frogs:  Foreclosure Auctions

Buying a foreclosure at an auction is a strikingly different process. In most cases, all-cash purchases are necessary. This rules out a lot of buyers.

More importantly, there are much higher risks to the buyer in an auction, or sheriff’s sale, scenario. The title or lienholder may selling the home, but the home could still have other outstanding associated liens that the buyer may not be aware of. Buying a home at auction requires detailed research of a property’s title history to ensure there are no other outstanding debts that the buyer might automatically take on if he/she purchases the home.

Furthermore, homes sold at auction can often not be entered by the buyer until after the closing the transaction. Since the current owners retain property rights until the sale takes place, the tenants can not only forbid buyer tours, but also trash the home before leaving. Auction buyers often have to pay the former owners or tenants a “cash for keys” bribe to get them to move out of the home peacefully after the sale has concluded.

There are definitely some diamonds in the rough that can net a foreclosure auction buyer a princely profit. There are a whole lot of plain old frogs in the pond, too.

Pre-Foreclosures:  Phonies

 Imagine this scenario for a moment: A hospital administrator goes to a headhunter and says, “I need to hire a new doctor. Find me one.” The headhunter comes back to the administrator with 10 college freshmen and states, “These are all pre-PhDs. They’ll be doctors soon.”

This, in a nutshell, illustrates the validity of the term “pre-foreclosure.” The term encompasses a wide range of properties in a vast number of situations, and attempts to market them as homes for sale. They are useless to most consumers.

Pre-foreclosures are simply homes that, at some point, had owners who missed mortgage payments and received some sort of default letter from their lenders.  They very well may be:

  • Homes that are now back on track, current with mortgage payments
  • Properties with a loan modification in the works
  • Houses that will be transferred to a family member
  • Homes that will actually go through foreclosure–1 to 3 years from now

The reality of pre-foreclosures is that there are only a small fraction of them that will ever be available to the public who are viewing them online. These homes are not “for sale”, and most never will be foreclosure sales. Even the few that do go through the foreclosure process will often not be made available at auction until a couple of years down the road.  This is in no way useful to a home buyer who is trying to purchase a foreclosure now.

So, why would a website advertise these kinds of “pre-foreclosure” listings? Simply put, to sell subscriptions to foreclosure data companies, and more ad space to their partners. These listings generate traffic, generate home buyer leads, and drive revenue. The two things they don’t generate: foreclosure purchases and education for the buyers.

It’s cynical. It’s a disservice to consumers. Wasting hours searching through these phony listings only to find out they were never even for sale might make you feel like you kissed something far worse than a frog.

Trust The Sources That Align Their Goals With Yours

You want to buy a foreclosure. You want clear options, and you want them quickly. Focus your foreclosure search on a real estate site that displays the integrity to only list properties that are actually worth your time. Whether that is Realtor.com on the national level, or your local Realtor’s MLS-fed site in your city, you’ll find only bank-owned foreclosures that are available now.

Now that you understand how to discern the princes from the frogs and the phonies, go find your foreclosure and pucker up.

Sam DeBord is a Realtor® and Managing Broker at Coldwell Banker Danforth & Associates. Find him on SeattleHome.com.

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What Goes With You When You Sell Your Home?

May 20, 2013 by Leave a Comment

When you are getting ready to sell one of the things you will need to consider is what stays in the home and what goes. There are certain things that are generally considered to be part of the home and others which are often negotiable. Before you put the home up for sale you will want to figure out what things you absolutely want to take with you and what might be up for discussion. If you know where you will be moving to next then you are already one step ahead of the game because you know what is in your new place. If not, or if you are moving far away, it can be trickier to decide what is worth moving or putting in storage and what is worth offering to the buyers of your home.

Generally things that are not attached go with the seller. If there are things you are absolutely certain you want to take with you that are attached, make sure you tell your Realtor and so that they are included in the listing and you don’t end up breaking any potential buyer’s heart.

Some people, especially if they are downsizing or moving far away, may choose to include the furniture as part of the package. This can be tricky because furniture will not factor into an appraisal value so if it adds significant numbers to the sale price then the sale may need to be done separately. These items can also be included as a value add for the potential buyer.

There are several areas which generally feature in this type of discussion:

Lighting: Lighting fixtures are often something that people are attached to because they often reflect personal style. In general things that are attached to the home such as lighting fixtures are generally considered to be part of the home. For example, when I bought my condo, the owners wanted to take their crystal chandelier in the dining room with them. For me this wasn’t an issue, the chandelier wasn’t my style and I was happy with having the chance to replace it with something else. However if I hadn’t known this in advance and I had my heart set on the way the dining room looked with the chandelier it  could have been an issue. Fixtures are to remain in the home unless the seller explicitly stated the item is not to be included in the sale. The seller also needs ensure that the item be removed without damage to the home. Lamps are moveable items and are considered personal items that can be claimed by the seller when they vacate the home.

Appliances:  Appliances are often an area where the buyer and seller can negotiate.  In some cases, the buyer may actually prefer that the seller remove appliances because they have their own. Other times, the seller may be ready to take the appliances but could use them as an incentive to get the buyer to pay the list price because the buyer won’t have to pay for new appliances. If you are absolutely certain that you want to take the appliances with you make sure your agent notes that. If you are willing to negotiate let your agent know that too. Most appliances are moveable items that the seller would normally be allowed to remove from the home. Moveable items are considered personal items or possessions of the seller.

Landscaping: Plants, shrubs and trees are items that are affixed to the property and will remain with the home however if you have container gardens or perhaps flower-filled urns on the front porch those can be negotiable. Backyard equipment, such as lawn chairs, tables, swings and grills, are all considered personal items. The swing set may get a bit tricky because it can be claimed that it is attached to the ground in some cases. The seller may often be very willing to sell all of the backyard items for a price.

Window Treatments: Window treatments are another area that can be negotiated. Often window treatments were bought to fit the specific size and shape of the windows and so the seller may not be interested in taking them to a new home. If you are planning to leave the window treatments behind be sure to let your agent know so that it can be added to the listing. This is often a great selling point to use because it means the person can move in and not have to worry about privacy.

Susan Wellish contributed to the post.

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Do You Need A 30 Year Mortgage?

May 20, 2013 by Leave a Comment

Do You Need A 30 Year Mortgage?It’s not always easy to think even a year or two into the future but when it comes time to apply for a mortgage we are often looking at a commitment that spans 30 years. While the 30-year loan is standard in the industry it isn’t the only option for homeowners and there may be some real advantages to having a shorter mortgage.

A 15-year mortgage will have you making higher payments for a shorter period of time as compared to making smaller monthly payments over a longer period of time. Making this decision depends a lot on where you are in your life.

There are some disadvantages for a shorter mortgage. They may also be harder to receive approval for than other mortgages. It may also be difficult to make a larger payment and it is important to continue to save for retirement and for emergencies even as you pay down your mortgage. You don’t want to rely on your home as your sole source of savings.

Below are some of the key benefits of both terms. For this exercise in order to compare apples to apples we will assume that both mortgages are fixed but there are also adjustable rate mortgage products available.

Benefits of a 30-Year Mortgage

  • Allows you to put less down and have more manageable monthly payments.
  • You may be able to buy a more expensive home because you will be paying less per month.
  • You can deduct the interest off your taxes for a longer period of time.
  • Your interest rate may be lower than it would be with a shorter mortgage.
  • Because you are paying less you have more money to devote to other savings and can diversify more easily.

Benefits of a 15-Year Mortgage

  • Your home is paid off in half the time and you end up paying less interest.
  • You accumulate equity in the home more rapidly and pay down the principal faster.
  • You may be able to finish paying before you retire.
  • Because you are gaining equity in the home faster you may be able to obtain a home equity loan if needed.
In order to make a sound choice be sure to discuss all options with your mortgage broker. Consider comparison shopping to find the lowest interest rates and the best terms.
Wendy Dickstein contributed to this article. 

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Saturday Morning Roundup: J-Lo’s New Mansion, Google Glass and More

May 18, 2013 by Leave a Comment

We try to cover as much top real estate news as we can here at realtor.com, but occasionally we miss a few things. Here’s a round-up of top stories from our friends across the web:

 

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Mortgage Rates Climb

May 16, 2013 by Leave a Comment

Due largely to strong data on consumer spending, the average U.S. rates on fixed mortgages climbed for the second consecutive week, but still remain close to historic lows. Cheap loans have kept home-buying and refinancing desirable as the real estate market and economy at large continue to rebound.

Two weeks removed from hitting a historic low, the average rate on a 15-year fixed loan saw another slight uptick, increasing to 2.69% from 2.61% a week ago, according to the latest survey by mortgage buyer Freddie Mac. The average interest rate on a 15-year fixed previously achieved a historic low the week of May 2nd, when it fell to a record 2.56%.

The average on a 30-year fixed-rate loan also climbed for the second consecutive week. Previously listed at 3.42%, the average for a 30-year fixed mortgage increased to 3.51% this week. Despite the week-over-week rise, the average rate on the 30-year fixed remains close to the historic low of 3.31% achieved in November, the lowest on record dating back to 1971.

Many, including Freddie Mac vice president and chief economist Frank E. Nothaft, attribute the uptick in mortgage rates to a rise in retail sales.

Mortgage rates followed U.S. Treasury bond yields higher this week on signs of stronger consumer spending. Advanced retail sales rose 0.1 percent in April, above the market forecast consensus of a 0.3 percent decline. Excluding such items as automobiles and gasoline, sales were up 0.5 percent for the second time in three months.

Looking ahead, both the bond market and mortgage rates are expected to be impacted by a pair of reports relating to consumer spending, says mortgage expert Al Bowman. The University of Michigan will release its Index of Consumer Sentiment, which measures consumer inclination, will be released Friday. April’s Leading Economic Indicators will also be issued this week. It is used to predict economic activity in the short-term (i.e. 3-6 months), and could potentially push mortgage rates even higher:

It is expected to show a 0.3% increase from March’s reading, meaning that economic activity is likely to strengthen slightly over the next few months. A decline would be good news for the bond market and mortgage rates, while an increase could cause mortgage rates to inch higher tomorrow.

Hybrid adjustable-rate mortgage loans also climbed this week. The 5-year ARM, which achieved a record low of 2.56% two weeks ago, rose to 2.62% up from 2.58%. Additionally, the average rate on a 1-year ARM also saw a slight uptick, trending to 2.55% up from 2.53% a week ago.

The refinance share of mortgage activity stayed at 76% of total applications, while the Refinance Index dropped 8%. In comparison, the Purchase Index fell 4%, while the Market composite Index, which measures loan application volume, fell 7.3% week-over-week.

Mortgage rates are expected to continue to rise or remain unchanged moving forward. In the latest Mortgage Rate Trend Index by Bankrate.com, 92% of mortgage experts surveyed believe rates will remain static or continue to trend upwards, with many pointing to the Federal Reserve as the reason. “The yield on Treasuries has gone up in the last week, while mortgage yields have barely moved,” says Bankrate.com assistant managing editor Holden Lewis. “I draw the inference that this means that the Fed is actively managing mortgage rates, trying to box them into a narrow range.”

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Why You Need To Check Out Surrounding Properties Before You Buy

May 16, 2013 by Leave a Comment

Imagine shopping for your dream home in the hot Seattle area market. You go to an open house, it’s crowded, you know there are multiple offers. But you feel like this is it, your dream home. It even has a great swath of vacant land behind the home for added privacy. The situation is tight, there isn’t time for a traditional inspection, and emotions are running high. This is the type of scenario in which reason tends to fly out the window and one of the reasons to have an agent on your side can be so valuable. In this case, the agent, Tony Gilbert, of RealFX had an intuition that something wasn’t right about the deal. Rather than allowing his clients to get caught up in the emotion and hype, he helped them do a quick check of county records on vacant plot of land. “Come to find out, it was zoned for mining – and owned by a mining company!  Needless to say… they were horrified, and moved on. “

It’s not always easy to do the investigative research necessary on a property especially when you don’t really want to find anything that will dissuade you from the path that this is your dream home. But this sort of story is not that uncommon. When you are looking at your potential home, check out the neighborhood not just for what it is now but what it could be. Some questions to ask include:

1) Is the area zoned for commercial use? What other types of properties are nearby?

2) Are there any upcoming major development projects in the area?

3) You’ll also want to know what the restrictions are for remodeling, not just for your own projects but for what your new neighbors might do. Are there height restrictions or could your neighbor add a level that might block your light?

4) Have there been any environmental hazards such as chemical spills or contamination near the area you are looking?

5) What are the local crime statistics? Have there been any incidents at houses nearby?

Gilbert advises clients to start with country records but says that it’s also important to just eat lunch or have coffee in the area to get a feel for what is going on. He explains a situation in which he was lunching with buyers who started up a conversation with another customer of the sandwich shop. “That person answered all sorts of questions the buyers had about the area, some of which they knew I would not able to address, due to “Fair Housing” reasons. I simply turned to stare out the window and checked my email while they were talking.”

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List Price And Inventory Increases Point To Continuing Housing Recovery

May 15, 2013 by Leave a Comment

List Price And Inventory Increases Point To Housing Recovery

The home buying season shifted into high gear last month as inventory and home list prices on realtor.com® increased by 4.12 percent and 2.63 percent, month over month, respectively. As of April, homes are on the market nationwide approximately 81 days—a decrease of nearly 11 percent since April 2012—highlighting that while new homes are entering the market they are not available for long.

Despite the increase in inventory month over month, nationwide inventory declined year over year in all but 11 of the 146 markets realtor.com® monitors. Approximately 36 markets registered a decrease of listings by 20 percent or more, still highlighting near records lows of available homes.

Approximately 37 markets experienced a decline in list price since last year, a figure that has been improving throughout the home buying season. The number of markets throughout the nation experiencing a steady or slight decline in median list prices is decreasing throughout the home buying season, another positive signal for the overall housing market recovery. In April, median list prices increased in 109 markets.

National Data

  • In April, the total number of single-family homes, condos, townhomes and co-ops for sale in the U.S. (1,750,839) increased by 4.12 percent month-over-month. On an annual basis, however, inventory decreased by 13.54 percent.
  • The national median list price for single-family homes, condos, townhomes and co-ops ($194,900) increased by 2.63 percent vs. March, and 3.12 percent since April last year.
  • The median age of inventory of for sale listings (81) fell by nearly 11 percent in comparison to April last year.

Local Data

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Looking At An FHA Loan? Start Your Paperwork Before June 3

May 15, 2013 by Leave a Comment

couple rentingLooking to refinance or buy a home using an FHA loan? June 3 is a deadline you may want to mark on your calendar. After June 3, homeowners with an FHA loan can no longer cancel their mortgage insurance premiums once the outstanding principle balance of the loan reaches 78% of the original balance. This was traditionally a major savings for owners as the loan continued.

Loans where the starting loan balance is higher than 90% of its appraised value will require that the owner pay the premiums for the life of the loan. If the loan to ratio value starts at 90% or less then the borrower must pay mortgage insurance premium payments for 11 years even if the loan drops under 78% of the original balance.

The FHA raised the annual mortgage insurance premium on most loans that have a case number starting with April 1. On most FHA loans, the premium will increase by 0.10 percentage point or $100 per year for each $100,000 in loan amount. For jumbo loans greater than $625,000 with a term longer than 15 years, the increase will be 0.05 percentage point or $50 per year for each $100,000 loan amount.  Writing about the changes, Best Rate Home Loans showed the impact of this using a hypothetical Florida FHA borrower. That borrower is paying a $50 MIP per month on a 30-year loan. If that person gets an FHA case number before June 3, 2013, it might take them 281 months to reach that 78 percent mark where their monthly MIP could then be dropped. If that person did not get a case number prior to June 3, they might have to pay an MIP for all 360 months of a 30-year loan, or 79 months more than if they had acted before June 3. Over the life of the loan that $50 a month becomes $3,950. These increases don’t apply if a borrower refinances an existing FHA loan endorsed on or before May 31, 2009.

The changes come as FHA loans have been heating up. Interest rates have been low and lenders have funded $233 billion in mortgages, a 22% increase from the previous year. The FHA is making the decision because their reserves are running low. It is experiencing the after effects of bad loans made during the housing crisis and has reserves in the red. These moves are deemed necessary to rebuild the Mutual Mortgage Insurance Fund.

Some are wondering if an FHA loan is still a good option. Traditionally these loans have allowed buyers with a lower income and credit score to get in the game. They also have lower interest rates and require a lower down payment but as the new rules kick in, that lower down payment could cost you more in the long run. If you have a strong credit score and are able to put down a large down payment, conventional loans may offer competitive rates and more options. It’s important to connect with a mortgage broker who can review how these new rules affect your individual case.

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Five Painting Strategies For A Strong Sell

May 15, 2013 by Leave a Comment

9 Simple DIY Weekend Decorating ProjectsJust about every home seller knows that a fresh coat of paint is one of the most inexpensive fixes you can do to perk up your home. Making a good first impression is so important partly because a potential buyer won’t spend long looking at your home if it appears that it is dirty or in bad shape.  One of the easiest and most dramatic ways to enhance that first impression is through paint . A few key tips can help you make the most of your painting budget.

1) Repaint your door. Brightly colored doors are often charming and frequently appear on design blogs and Pinterest. However there is a risk here when reselling, some people may not like the color and that could put them off your home. One way to be more secure about your choice is to check out your neighborhood. What colors are others using? You can also check houses for sale in the area online in order to get more ideas. Also, if you are in a development with a homeowners association there may be some rules about what you can and can’t do in terms of color.  If you are repainting your door make sure to use an outdoor paint that can weather the elements.

2) Touch up the trim. Peeling or faded exterior trim on your home will send a measure that the home isn’t well maintained. Newly painted trim can also make it appear as if the entire exterior has been freshened up. Make sure to do to wash and patch first so that the overall finish is smooth and clean.

3) Prep work makes great work. A sloppy paint job can be worse than no paint job at all. All walls should be patched, smoothed and taped before painting begins and drop cloths should be spread over all exposed surfaces. Even if the trim is a similar color to the rest of the wall, use trim paint for the trim and paint it separately. Make sure to wait between coats and touch up any missed or thin spots.

4) Go neutral. As with doors, vivid colors delight design bloggers but don’t necessarily resonate with potential homeowners. Buyers want to imagine your home as a blank canvas for their own vision. Ivory, white, and pale beige not only won’t clash with your buyer’s furniture but they will also help amplify the experience of light and space in the home.

5) Green it up. One way to help your home go green and appeal to sellers is to use a low or non VOC paint indoors.  VOC stands for volatile organic compounds. These compounds contribute to ozone and smog formation and are linked to respiratory illnesses. That new paint smell often gives people headaches. If you use an eco-friendly paint be sure to mention it in your listing description. Buyers, especially those who are chemically sensitive or have young children, will often look favorably upon this feature.

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