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The spring selling season got off to a sunny start in March with the sale pace reaching an 18-month high.
Existing home sales rose to more than 6% in March. |
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Ask These 7 Questions to Create a Whole House Color Palette
It seems so simple, but picking a paint color is one of the biggest obstacles my clients have when updating their homes. Once they realize they’re really picking an overall palette, they’re positively paralyzed.
I’ve been part of the process in thousands of homes, and it really is easier than most people think. Answer a few questions, make a few quick decisions, and then narrow those decisions down to an ultimate choice. I usually give myself a week to make a final decision.
What Do You Like, and How Do You Want to Feel?
Flipping through magazines and websites can be a big help when you’re looking for inspiration, but first, take a minute to answer two important questions that people often forget: What are your favorite colors, and how do you want to feel in your home?
Are you looking for a serene oasis from the world or a fun and funky vibe? Finding yourself on that spectrum and considering the colors most likely to take you there is where you want to start. We react to color on such a gut level that instinct will serve you well. If you’re really having a tough time, head to the closet and note the colors of your favorite clothes. Check out the bedding and the art on the walls. You’ll be surprised how quickly you see a pattern that resonates. Choose three colors to get started.
What Are the Elements You Can’t Control?
Now, factor in the elements of the architecture and design that you can’t change. Cabinets, carpet, floors and furniture are more permanent fixtures, and it’s easier – and more affordable – to paint around those things rather than remodeling just to match the paint. Now, which of your three colors come off the list? Decide quickly, be brutal, and keep moving. You can do this!
Which Rooms Can You See from Other Rooms?
Even if you’re not working with an open floor plan, you want to consider everything in your line of sight as you choose colors for particular rooms. This won’t necessarily result in removing any of the colors from the list, but you may end up choosing a different tint or shade of the color you like for another room in your sight line.
Are You Ready to Commit? (You Still Get to Pick Three!)
Time to make a call. Start with your three main paint chips, and then choose one or two of its neighbors on either side to give you a spectrum of the colors you like. This will give you options for accent colors or for picking a broader whole-house color palette. The chips will look different in the store than they will at home, so head home and tape them up somewhere that gets some natural light, so you get a sense of how they look in all kinds of light. Remove the “non-contenders” as soon as you can until you’re down to one chip for at least two of your three colors.
Can Your Choices Pass a Test?
This is a crucial part of the process. Pick up an eight-ounce sample of your chosen colors and brush some on every wall they’re intended for. Depending on the light, one color will often look like two different shades when painted on different walls. Live with them for at least three days – viewing them morning, noon and night – again noting the difference in shades under different light sources, and start narrowing.
If you’re still having trouble deciding, vow to eliminate one color a day. Remember, you can always change paint, and you’ve already chosen colors you actually like.
Do You Want a Different Look Between Upstairs and Downstairs?
If you’re working with a two-story layout, you’re no doubt trying to decide if you want a different color upstairs. Many of my clients do, often choosing warmer, cozier shades for their more private spaces. If possible, try to look for colors somewhere on the spectrum of your anchor color. But whatever you choose, just repeat the process upstairs.
Do You Have Any Neutral Nooks?
Stairwells that connect your two living areas, small hallways and the other nooks and crannies of the house where colors come together are often best left in a neutral shade to avoid clashing. For these spaces, look at shades of white, beige, or “greige,” a taupey color that will work with just about anything. Believe it or not, our eyes want an occasional rest from color, and this is a great way to achieve that, and bring the colors you do use into more sharp relief.
Hopefully these questions will help you develop a palette that’s a perfect reflection of your personality. If you have any of your own suggestions, please share them in the comments!
I’ve been part of the process in thousands of homes, and it really is easier than most people think. Answer a few questions, make a few quick decisions, and then narrow those decisions down to an ultimate choice. I usually give myself a week to make a final decision.
What Do You Like, and How Do You Want to Feel?
Flipping through magazines and websites can be a big help when you’re looking for inspiration, but first, take a minute to answer two important questions that people often forget: What are your favorite colors, and how do you want to feel in your home?
Are you looking for a serene oasis from the world or a fun and funky vibe? Finding yourself on that spectrum and considering the colors most likely to take you there is where you want to start. We react to color on such a gut level that instinct will serve you well. If you’re really having a tough time, head to the closet and note the colors of your favorite clothes. Check out the bedding and the art on the walls. You’ll be surprised how quickly you see a pattern that resonates. Choose three colors to get started.
What Are the Elements You Can’t Control?
Now, factor in the elements of the architecture and design that you can’t change. Cabinets, carpet, floors and furniture are more permanent fixtures, and it’s easier – and more affordable – to paint around those things rather than remodeling just to match the paint. Now, which of your three colors come off the list? Decide quickly, be brutal, and keep moving. You can do this!
Which Rooms Can You See from Other Rooms?
Even if you’re not working with an open floor plan, you want to consider everything in your line of sight as you choose colors for particular rooms. This won’t necessarily result in removing any of the colors from the list, but you may end up choosing a different tint or shade of the color you like for another room in your sight line.
Are You Ready to Commit? (You Still Get to Pick Three!)
Time to make a call. Start with your three main paint chips, and then choose one or two of its neighbors on either side to give you a spectrum of the colors you like. This will give you options for accent colors or for picking a broader whole-house color palette. The chips will look different in the store than they will at home, so head home and tape them up somewhere that gets some natural light, so you get a sense of how they look in all kinds of light. Remove the “non-contenders” as soon as you can until you’re down to one chip for at least two of your three colors.
Can Your Choices Pass a Test?
This is a crucial part of the process. Pick up an eight-ounce sample of your chosen colors and brush some on every wall they’re intended for. Depending on the light, one color will often look like two different shades when painted on different walls. Live with them for at least three days – viewing them morning, noon and night – again noting the difference in shades under different light sources, and start narrowing.
If you’re still having trouble deciding, vow to eliminate one color a day. Remember, you can always change paint, and you’ve already chosen colors you actually like.
Do You Want a Different Look Between Upstairs and Downstairs?
If you’re working with a two-story layout, you’re no doubt trying to decide if you want a different color upstairs. Many of my clients do, often choosing warmer, cozier shades for their more private spaces. If possible, try to look for colors somewhere on the spectrum of your anchor color. But whatever you choose, just repeat the process upstairs.
Do You Have Any Neutral Nooks?
Stairwells that connect your two living areas, small hallways and the other nooks and crannies of the house where colors come together are often best left in a neutral shade to avoid clashing. For these spaces, look at shades of white, beige, or “greige,” a taupey color that will work with just about anything. Believe it or not, our eyes want an occasional rest from color, and this is a great way to achieve that, and bring the colors you do use into more sharp relief.
Hopefully these questions will help you develop a palette that’s a perfect reflection of your personality. If you have any of your own suggestions, please share them in the comments!
Interior designer Kerrie Kelly writes on home décor for The Home Depot. Kerrie is an award-winning designer and the author of Home Decor: A Sunset Design Guide. To view a wide variety of Home Depot paint and trim colors, you can visit the company’s website.
Higher Prices Don’t Deter First-time Buyers
A new survey of first-time buyers in Canada reveals they are more financially savvy than the general population, well-educated, employed and married or in a common-law relationship. Most of them are millennials (34 or younger) and they share the desire of their parents to own their homes.
The survey, commissioned by mortgage insurer Genworth Canada, “shows that today’s first-time buyers have their eyes wide open, their hands firmly on their pocketbook and are thinking hard before assuming the responsibility of homeownership,” says Stuart Levings, president and CEO of Genworth Canada.
Rising prices have raised concerns about affordability across the country but especially in Vancouver and Toronto, where the average price for a detached home now exceeds $1 million. The high prices and warnings that interest rates could rise and prices could fall are not deterring first-time buyers, who are taking a hard look at the market and their own finances before making the jump into homeownership.
The survey says first-timers are managing their debt carefully, by not taking on additional debt since buying their home. One-third have been able to reduce their mortgage debt by increasing payments or making lump-sum payments.
“With good incomes, solid jobs and a financial partner with whom to share the responsibility of homeownership, most first-time homebuyers generate a positive profile from the perspective of a mortgage insurer,” says Levings.
At a recent conference where the survey was unveiled, Levings said that since the federal government tightened mortgage insurance regulations, the quality of first-time buyer applications has improved. “There has been a big focus on safety to qualify (applicants),” he said. “We have a more responsible, high-quality homebuyer today than what we would have seen in 2007 and 2008.”
Erica Nielsen, a vice-president at RBC, told the conference that “as a lender, we take a lot of time to stress-test our portfolio, looking at interest rate shocks as well as other micro-economic factors. We feel comfortable with the performance of our portfolio.”
However, the survey did show that nine per cent of respondents said they had to draw on their savings to get by, and four per cent said they had to borrow money to get by.
How are most first-timers coming up with their down payment? The survey says they have higher incomes than the general population, with 31 per cent having household incomes of more than $100,000. Almost seven in 10 paid for their down payment from savings or non-registered investments, while 39 per cent made a withdrawal from their RRSP.
A growing number of them — almost 30 per cent — are getting gifts or loans from family members, particularly in the cities where homes cost the most.
Levings said, “The parents have a lot of equity and sometimes that is being drawn out through a line of credit so the kids can get into a home.”
Nielsen said that because interest rates are so low, “many parents are finding the best place to fund (their children’s) down payment may be from their own home, because it’s so cost-effective to borrow.
Levings added that many baby boomers are tapping their home equity for renovations, second homes or investment properties, so it’s not surprising to see some of that money going to help out their children.
A recent report about generation trends in luxury real estate by Sotheby’s International Realty Canada says that in the luxury market, “Despite above-average incomes… 85 to 95 per cent of luxury buyers are reliant on mortgages. The vast majority also receive outside financial assistance towards down payments, primarily from baby boomer parents.” The report said that only a small number of Generation X (born from 1965 to 1979) buyers receive gifts or loans on their initial down payment.
David MacDonald of Environics Research Group, which conducted the survey, said that although the millennials are educated and used to researching financial and real estate matters on the Internet, they still want to consult professionals when buying a home. Asked where they found “important sources of information”, the first-timers most often cited mortgage professionals, family/friends, bank/credit union representatives and real estate agents.
Phil Soper, president and CEO of Royal LePage Real Estate Services and another panel participant, was asked if for-sale-by-owner and discount real estate commission companies are gaining market share.
“Naw, they don’t have a chance,” he joked. “If you look at the percentage of people (buying a home) who are not using a licensed professional Realtor, it hasn’t changed. It’s about 10 per cent outside of Quebec and 50 per cent in Quebec” where private sales are a well-established tradition. That number hasn’t grown, he said.
“Millennials want to work with professionals,” said MacDonald. He said when it comes to personal finances, “when you start to see six digits in a row, you want to make sure you are doing the right thing so that means working with a financial advisor or a mortgage professional or a real estate agent to help you.”
He says professionals working with millennials to buy a home should “open their eyes to the tools (that are available to them, such as mortgage calculators on the Internet) and show them the step-by-step process they need to go through to make a decision. Let them know it requires a little bit of work right now but it will all be worth it in the end.”
The survey, commissioned by mortgage insurer Genworth Canada, “shows that today’s first-time buyers have their eyes wide open, their hands firmly on their pocketbook and are thinking hard before assuming the responsibility of homeownership,” says Stuart Levings, president and CEO of Genworth Canada.
Rising prices have raised concerns about affordability across the country but especially in Vancouver and Toronto, where the average price for a detached home now exceeds $1 million. The high prices and warnings that interest rates could rise and prices could fall are not deterring first-time buyers, who are taking a hard look at the market and their own finances before making the jump into homeownership.
The survey says first-timers are managing their debt carefully, by not taking on additional debt since buying their home. One-third have been able to reduce their mortgage debt by increasing payments or making lump-sum payments.
“With good incomes, solid jobs and a financial partner with whom to share the responsibility of homeownership, most first-time homebuyers generate a positive profile from the perspective of a mortgage insurer,” says Levings.
At a recent conference where the survey was unveiled, Levings said that since the federal government tightened mortgage insurance regulations, the quality of first-time buyer applications has improved. “There has been a big focus on safety to qualify (applicants),” he said. “We have a more responsible, high-quality homebuyer today than what we would have seen in 2007 and 2008.”
Erica Nielsen, a vice-president at RBC, told the conference that “as a lender, we take a lot of time to stress-test our portfolio, looking at interest rate shocks as well as other micro-economic factors. We feel comfortable with the performance of our portfolio.”
However, the survey did show that nine per cent of respondents said they had to draw on their savings to get by, and four per cent said they had to borrow money to get by.
How are most first-timers coming up with their down payment? The survey says they have higher incomes than the general population, with 31 per cent having household incomes of more than $100,000. Almost seven in 10 paid for their down payment from savings or non-registered investments, while 39 per cent made a withdrawal from their RRSP.
A growing number of them — almost 30 per cent — are getting gifts or loans from family members, particularly in the cities where homes cost the most.
Levings said, “The parents have a lot of equity and sometimes that is being drawn out through a line of credit so the kids can get into a home.”
Nielsen said that because interest rates are so low, “many parents are finding the best place to fund (their children’s) down payment may be from their own home, because it’s so cost-effective to borrow.
Levings added that many baby boomers are tapping their home equity for renovations, second homes or investment properties, so it’s not surprising to see some of that money going to help out their children.
A recent report about generation trends in luxury real estate by Sotheby’s International Realty Canada says that in the luxury market, “Despite above-average incomes… 85 to 95 per cent of luxury buyers are reliant on mortgages. The vast majority also receive outside financial assistance towards down payments, primarily from baby boomer parents.” The report said that only a small number of Generation X (born from 1965 to 1979) buyers receive gifts or loans on their initial down payment.
David MacDonald of Environics Research Group, which conducted the survey, said that although the millennials are educated and used to researching financial and real estate matters on the Internet, they still want to consult professionals when buying a home. Asked where they found “important sources of information”, the first-timers most often cited mortgage professionals, family/friends, bank/credit union representatives and real estate agents.
Phil Soper, president and CEO of Royal LePage Real Estate Services and another panel participant, was asked if for-sale-by-owner and discount real estate commission companies are gaining market share.
“Naw, they don’t have a chance,” he joked. “If you look at the percentage of people (buying a home) who are not using a licensed professional Realtor, it hasn’t changed. It’s about 10 per cent outside of Quebec and 50 per cent in Quebec” where private sales are a well-established tradition. That number hasn’t grown, he said.
“Millennials want to work with professionals,” said MacDonald. He said when it comes to personal finances, “when you start to see six digits in a row, you want to make sure you are doing the right thing so that means working with a financial advisor or a mortgage professional or a real estate agent to help you.”
He says professionals working with millennials to buy a home should “open their eyes to the tools (that are available to them, such as mortgage calculators on the Internet) and show them the step-by-step process they need to go through to make a decision. Let them know it requires a little bit of work right now but it will all be worth it in the end.”
Five Tips for Beautiful Granite Countertops
The interior design industry has been trying for years to break homeowners’ addiction to granite counters. They’ve introduced stainless, concrete, glass, quartz, wood, marble and other ideas to wean people away, but the alternative surfaces just don’t have the luxury look that granite does.
If you’re getting granite countertops for the first time, here are five things you need to know:
Choose the right stone. Granite is a general term that describes a type of granular igneous rock formed by cooled magma and indigenous minerals. Depending on where the granite is quarried, it can be stunning with streaks of gray, pink, red, green, blue or gold. The rarity of the vein of granite can drive up the price considerably, as well as the thickness and the type of fabrication you choose.
When you shop for granite, don’t choose from a sample. You’re basically buying the whole slab so that’s how you should shop. Look only at whole slabs, as the fabricators will use as much as possible to match sections and to minimize waste. Sometimes it’s possible to buy two or more slabs from the same lot. They are sliced just like pieces of toast so they can accommodate large kitchens. If they’re put back to back, they form butterfly or mirror images of each other.
The beauty of granite is the movement of color and the pattern of streaks and dapples, so choose wisely. A strong graphic pattern will be highly energizing, while a softer color and pattern will be calming.
Hold the Dumb End of the Tape. Granite is sold by the square foot. You can get an idea of the number of square feet you need by multiplying length by width for each section of the kitchen, such as countertops, backsplash, and an island. Then add the square feet of each section together.
But that’s not all there is to measuring. There’s an edge allowance, seam allowance, sinks and other things to consider. You can tell your salesperson how many square feet you think you’ll need, and he or she can direct you to slabs and lots that are large enough to fulfill your order. Once you choose, the salesperson will “hold” the slab with a deposit, until the fabricator can come out to measure exactly.
Meanwhile, your cabinets should be installed before the fabricator comes out. Most appliances fit under the countertops, but if you’re installing a new sink or cooktop, the fabricator will need those measurements, too. Let the fabricator take the measurements. That way the fit is guaranteed.
Be aware of slab thickness. Not all granite slabs are sliced the same, so expect to pay more for a three-inch thickness than a one-inch thickness. If you choose a thick granite, make sure your cabinets can support that much weight.
Next, you’ll choose an edge that is bullnose, ogee or beveled, or raw-edged. The finish can also change the look of the granite. Polished granite is glossy and reflective. Honed granite is a smooth matte finish. Leather is a textured finish.
Ask for as few seams as possible. If you’re doing a large area like a kitchen, you want to use as few seams as possible so that the flow of the granite pattern and color is less interrupted. A seamless slab in a kitchen looks beautiful and holds more value than seamed pieces because it’s like a work of art. Ask the fabricator if any parts of the job can be done without a seam. Sometimes it’s very possible, depending on the design of your kitchen.
To save money, you can choose granite tiles, which is like a tile, so there will be no seams, but they add little value to your home. You can also order from scraps the dealer may have leftover from other jobs, but they’re only be suitable for small jobs where you don’t have to match another granite, such as a powder bath or laundry.
Granite requires care. Granite is fairly heat-resistant and easy to clean, but you should keep in mind that it’s also porous. It can crack, chip, stain and show scratches.
Don’t put hot pans directly on the surface; use a trivet or hot pad. Use only granite-safe cleansers. Don’t use bleach, ammonia products, scouring pads, or anything acidic such as lemon or vinegar to clean. Don’t use dish soap to clean as it can leave a dulling film on the surface. Spills of wine, juice and tomato sauce should be cleaned up quickly.
Some finishes such as polish act as more of a seal, but you can also purchase granite sealers at your local market. Just wipe it on once a year or so to keep your countertops looking their best.
If you’re wondering whether your countertop needs sealing, spill some clean water or the surface and cover it with a paper towel. If it leaves a stain, it will go away eventually, but you’ll know it’s time for sealant.
If you’re getting granite countertops for the first time, here are five things you need to know:
Choose the right stone. Granite is a general term that describes a type of granular igneous rock formed by cooled magma and indigenous minerals. Depending on where the granite is quarried, it can be stunning with streaks of gray, pink, red, green, blue or gold. The rarity of the vein of granite can drive up the price considerably, as well as the thickness and the type of fabrication you choose.
When you shop for granite, don’t choose from a sample. You’re basically buying the whole slab so that’s how you should shop. Look only at whole slabs, as the fabricators will use as much as possible to match sections and to minimize waste. Sometimes it’s possible to buy two or more slabs from the same lot. They are sliced just like pieces of toast so they can accommodate large kitchens. If they’re put back to back, they form butterfly or mirror images of each other.
The beauty of granite is the movement of color and the pattern of streaks and dapples, so choose wisely. A strong graphic pattern will be highly energizing, while a softer color and pattern will be calming.
Hold the Dumb End of the Tape. Granite is sold by the square foot. You can get an idea of the number of square feet you need by multiplying length by width for each section of the kitchen, such as countertops, backsplash, and an island. Then add the square feet of each section together.
But that’s not all there is to measuring. There’s an edge allowance, seam allowance, sinks and other things to consider. You can tell your salesperson how many square feet you think you’ll need, and he or she can direct you to slabs and lots that are large enough to fulfill your order. Once you choose, the salesperson will “hold” the slab with a deposit, until the fabricator can come out to measure exactly.
Meanwhile, your cabinets should be installed before the fabricator comes out. Most appliances fit under the countertops, but if you’re installing a new sink or cooktop, the fabricator will need those measurements, too. Let the fabricator take the measurements. That way the fit is guaranteed.
Be aware of slab thickness. Not all granite slabs are sliced the same, so expect to pay more for a three-inch thickness than a one-inch thickness. If you choose a thick granite, make sure your cabinets can support that much weight.
Next, you’ll choose an edge that is bullnose, ogee or beveled, or raw-edged. The finish can also change the look of the granite. Polished granite is glossy and reflective. Honed granite is a smooth matte finish. Leather is a textured finish.
Ask for as few seams as possible. If you’re doing a large area like a kitchen, you want to use as few seams as possible so that the flow of the granite pattern and color is less interrupted. A seamless slab in a kitchen looks beautiful and holds more value than seamed pieces because it’s like a work of art. Ask the fabricator if any parts of the job can be done without a seam. Sometimes it’s very possible, depending on the design of your kitchen.
To save money, you can choose granite tiles, which is like a tile, so there will be no seams, but they add little value to your home. You can also order from scraps the dealer may have leftover from other jobs, but they’re only be suitable for small jobs where you don’t have to match another granite, such as a powder bath or laundry.
Granite requires care. Granite is fairly heat-resistant and easy to clean, but you should keep in mind that it’s also porous. It can crack, chip, stain and show scratches.
Don’t put hot pans directly on the surface; use a trivet or hot pad. Use only granite-safe cleansers. Don’t use bleach, ammonia products, scouring pads, or anything acidic such as lemon or vinegar to clean. Don’t use dish soap to clean as it can leave a dulling film on the surface. Spills of wine, juice and tomato sauce should be cleaned up quickly.
Some finishes such as polish act as more of a seal, but you can also purchase granite sealers at your local market. Just wipe it on once a year or so to keep your countertops looking their best.
If you’re wondering whether your countertop needs sealing, spill some clean water or the surface and cover it with a paper towel. If it leaves a stain, it will go away eventually, but you’ll know it’s time for sealant.
Tech To Attract Affluent Home Buyers
ERA Real Estate and HGTV reported 46 percent of consumers see smart-home technology as important for their current and future residences. But luxury homebuyers are willing to make the ultimate sacrifice. According to Digital Interiors, 94 percent of buyers surveyed would sacrifice 1,000 square feet of living space for more technology in their new home. Oversized houses are no longer the driving trend in the luxury real estate market and agents are under pressure to respond to the demand. Here’s what affluent homebuyers are looking for and which gadgets are must-haves.
Get a Smart Thermostat
Outfit your listings for luxury with smart-home additions like a smart thermostat . The Nest programs itself based on your preferences and can adjust whenever you leave to conserve energy. Your clients can control the system right from their smartphones. Owners can warm up the living room before an evening entertaining clients. Talk about how they can jet set to their vacation home and simply check-in on their property as needed. The idea behind a smart thermostat is really about controlling the overall climate of the home as opposed to an exact temperature.
Enhance your Home Surveillance
Home security systems have always dabbled in the high-tech world of smart automation. In the past, most alarms simply triggered an annoying sound and contacted the police at signs of danger.
Today, home security cameras keep an eye on the inside and outside of the home with wireless cameras. A wireless camera system can be mounted to the wall or ceiling and monitored remotely. Home buyers are sure to be wowed by its sleek and discreet design. Some home security companies, like Lorex Technology, even offer subscription-free monitoring options, yet another attractive feature for potential buyers.
New owners can keep an eye on their home from vacation, at work or on a spontaneous outing without worry.
Go High-Tech Culinary
Updating a kitchen has always been a recommended way to raise a home’s price tag and attract buyers. But affluent home shoppers are looking for more than just new appliances and chef’s kitchens. The latest technology trends include no-touch faucets and smart refrigerators that can alert you when you’re running low on groceries. The LG model features an internal camera to check on its contents, built-in Wi-Fi to connect to your mobile device and offers available accessories that can be 3-D printed. Other high-tech touches like Bluetooth smart cooking thermometers tell your mobile device when your food is ready to create perfect dishes every time.
Upgrade your Luxury Entertainment
Just about every home has a flat-screen television; some piped for surround sound and home theaters. Let your clients take entertaining to a new level by controlling everything from one device like Savant. Your clients can adjust the lighting, change the channel on your smart TV and turn on music. A system like Savant can also help monitor your home’s security and adjust the climate as needed. While clients are getting ready upstairs for an evening with friends, they can adjust the entertainment area and living room downstairs to create a luxurious atmosphere.
Copyright © 2015 Realty Times. All Rights Reserved.
Get a Smart Thermostat
Outfit your listings for luxury with smart-home additions like a smart thermostat . The Nest programs itself based on your preferences and can adjust whenever you leave to conserve energy. Your clients can control the system right from their smartphones. Owners can warm up the living room before an evening entertaining clients. Talk about how they can jet set to their vacation home and simply check-in on their property as needed. The idea behind a smart thermostat is really about controlling the overall climate of the home as opposed to an exact temperature.
Enhance your Home Surveillance
Home security systems have always dabbled in the high-tech world of smart automation. In the past, most alarms simply triggered an annoying sound and contacted the police at signs of danger.
Today, home security cameras keep an eye on the inside and outside of the home with wireless cameras. A wireless camera system can be mounted to the wall or ceiling and monitored remotely. Home buyers are sure to be wowed by its sleek and discreet design. Some home security companies, like Lorex Technology, even offer subscription-free monitoring options, yet another attractive feature for potential buyers.
New owners can keep an eye on their home from vacation, at work or on a spontaneous outing without worry.
Go High-Tech Culinary
Updating a kitchen has always been a recommended way to raise a home’s price tag and attract buyers. But affluent home shoppers are looking for more than just new appliances and chef’s kitchens. The latest technology trends include no-touch faucets and smart refrigerators that can alert you when you’re running low on groceries. The LG model features an internal camera to check on its contents, built-in Wi-Fi to connect to your mobile device and offers available accessories that can be 3-D printed. Other high-tech touches like Bluetooth smart cooking thermometers tell your mobile device when your food is ready to create perfect dishes every time.
Upgrade your Luxury Entertainment
Just about every home has a flat-screen television; some piped for surround sound and home theaters. Let your clients take entertaining to a new level by controlling everything from one device like Savant. Your clients can adjust the lighting, change the channel on your smart TV and turn on music. A system like Savant can also help monitor your home’s security and adjust the climate as needed. While clients are getting ready upstairs for an evening with friends, they can adjust the entertainment area and living room downstairs to create a luxurious atmosphere.
Copyright © 2015 Realty Times. All Rights Reserved.
The refinance that sounds too good to be true
The Refinance That Sounds Too Good To be True But Is 100% Real
By Jaymi Naciri
By Jaymi Naciri
Have an FHA loan with a rate that’s beyond what you’d pay today? Have yet to refinance because you think you’re not a candidate? You’re paying too much, plain and simple. And the streamline refinance may be everything you didn’t know you needed to improve your loan – and your bank balance.
“The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages,” said The Mortgage Reports. “FHA streamline refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages into today’s mortgage rates.”
Lenient Approval Process
In a nutshell, a streamline refi can lower your rate, and therefore your payment, without going through any tedious approvals. It’s a simple process with little effort needed on the part of the borrower, and it applies to those who may not qualify for other refinancing programs because of a change in job status or a poor credit score.
“A streamline refinance offers several advantages for homeowners who are looking to save on their mortgage,” said smartasset. “With no credit check or employment verification required, it’s relatively easy to qualify compared to a traditional refinance.”
Many people with an FHA loan may not have received the most favorable rates when they purchased because of their combination of credit score and down payment. In a typical scenario, a borrower could lower their initial interest rate from 4.75 to 3.75 after a minimum of six months by doing a streamline refi and save hundreds of dollars per month. In addition, a streamline refinance can help borrowers take advantage of a new rule for 2014 and beyond that reduced Private Mortgage Insurance (PMI) fees; this will lower their monthly payments even further.
“Your existing loan’s MIP is 1.35 percent of the loan amount each year, while your new loan will have an MIP of just 0.85 percent thanks to the recent rule change,” said The Mortgage Reports. “That change saves you about $500 per year for each $100,000 of your loan amount.”
Home Value
There is also no appraisal needed for a streamline refi, so the value of your home today is essentially irrelevant as it relates to the approval. Even if you owe more than it’s worth, you can still qualify.
“The FHA streamline refinance program’s defining characteristic is that it does not require a home appraisal. Instead, the FHA will allow you to use your original purchase price as your home’s current value, regardless of what your home is actually worth today,” said The Mortgage Reports. “In this way, with its FHA streamline refinance program, the FHA does not care if you are underwater on your mortgage. Rather, the program encourages underwater mortgages. Even if you owe twice what your home is now worth, the FHA will refinance your home without added cost or penalty.”
Qualifications
While there are no approvals and appraisals, there are a few qualifications:
- You have to be current with your loan payments.
- You have to wait six months from the date of your home purchase
- You can’t take cash out.
- “The streamline refinance must reduce your mortgage payment by at least 5 percent,” said HSH.com.
Costs of the loan
Like any mortgage, streamlined refis have closing costs; these can range between $1,500 and $4000, according to My Mortgage Insider. But that doesn’t mean the borrower has to pay for them out of pocket.
“Lenders want your business,” they said. “Loans with streamlined processes are in high demand. They take lenders less time and manpower to get through the system compared to other loan types.” Because of this, lenders will often negotiate.
Copyright © 2015 Realty Times. All Rights Reserved.
It Doesn’t Pay to Wait To Buy A Home
It Doesn’t Pay to Wait To Buy A Home
By Blanche Evans
April 2, 2015
There will always be those who try to “time the market,” but there’s one factor you can’t know — when buying a home will become more expensive.
Certainly you can tell from recent trends whether or not prices and mortgage interest rates are in your favor. Monthly prices have risen year-over-year for three years. Mortgage interest rates are slowly rising, but remain at extremely attractive levels.
You could wait for prices to fall, but there are two problems with that idea. First, it would take an economic recession to lower prices, which could take months or years. With the exception of the Great Recession, you won’t know if you’re in or out of a recession until the talking heads online inform you.
Second, mortgage interest rates have been kept artificially low for five years. That’s a very long time. With steady gains in employment, it’s not likely they will go any lower. In fact, higher interest rates could wipe out any gains you could save by waiting to buy.
Here’s a real life example:
If you buy a home and get a $200,000 30-year, fixed-rate mortgage at 4.5 percent, your monthly payment will be $1,013.37 and you’ll pay $164,813.42 in interest over the life of the loan.
The same home at 5.0 percent interest costs $1,073.64, a difference of $60.27 more per month and $186,511.57 in interest over the life of the loan. The difference in interest payments alone is $21,698.15.
If your home dropped 5% in value and you were able to buy it at $190,000 and 4.5% interest, your payment would be $962.70, a difference of $50.67 per month, with $156,572.75 in interest over the life of the loan. You’d save $50.67 more per month than if you’d paid $200,000.
At 5.0 percent, your $190,000 home costs $1019.96, or $53.68 more per month than if you’d gotten the loan at 4.5 percent. Your interest payments would total $177,185.99 over the life of the loan. The difference in payments is $20,613.24.
Currently, mortgages for borrowers with good credit are around 4.00 percent. If you had purchased your $190,000 home a year and a half ago when prices were lower and interest rates were at 4.00% interest, it would cost you $907.09 per month and a total of $13,6552.06 in interest.
The question is — did you?
There’s never a perfect time to buy a home and you shouldn’t buy a home just for financial reasons. Buy your home to raise your family, be close to friends and relatives and to be free from a landlord where you get nothing back but cancelled checks at the end of the lease.
Don’t put your dreams off to gamble with the market. Think of getting the home you want at a reasonable price and payment as the best way to beat the market.
By Blanche Evans
April 2, 2015
There will always be those who try to “time the market,” but there’s one factor you can’t know — when buying a home will become more expensive.
Certainly you can tell from recent trends whether or not prices and mortgage interest rates are in your favor. Monthly prices have risen year-over-year for three years. Mortgage interest rates are slowly rising, but remain at extremely attractive levels.
You could wait for prices to fall, but there are two problems with that idea. First, it would take an economic recession to lower prices, which could take months or years. With the exception of the Great Recession, you won’t know if you’re in or out of a recession until the talking heads online inform you.
Second, mortgage interest rates have been kept artificially low for five years. That’s a very long time. With steady gains in employment, it’s not likely they will go any lower. In fact, higher interest rates could wipe out any gains you could save by waiting to buy.
Here’s a real life example:
If you buy a home and get a $200,000 30-year, fixed-rate mortgage at 4.5 percent, your monthly payment will be $1,013.37 and you’ll pay $164,813.42 in interest over the life of the loan.
The same home at 5.0 percent interest costs $1,073.64, a difference of $60.27 more per month and $186,511.57 in interest over the life of the loan. The difference in interest payments alone is $21,698.15.
If your home dropped 5% in value and you were able to buy it at $190,000 and 4.5% interest, your payment would be $962.70, a difference of $50.67 per month, with $156,572.75 in interest over the life of the loan. You’d save $50.67 more per month than if you’d paid $200,000.
At 5.0 percent, your $190,000 home costs $1019.96, or $53.68 more per month than if you’d gotten the loan at 4.5 percent. Your interest payments would total $177,185.99 over the life of the loan. The difference in payments is $20,613.24.
Currently, mortgages for borrowers with good credit are around 4.00 percent. If you had purchased your $190,000 home a year and a half ago when prices were lower and interest rates were at 4.00% interest, it would cost you $907.09 per month and a total of $13,6552.06 in interest.
The question is — did you?
There’s never a perfect time to buy a home and you shouldn’t buy a home just for financial reasons. Buy your home to raise your family, be close to friends and relatives and to be free from a landlord where you get nothing back but cancelled checks at the end of the lease.
Don’t put your dreams off to gamble with the market. Think of getting the home you want at a reasonable price and payment as the best way to beat the market.
Copyright © 2015 Realty Times. All Rights Reserved.
7 Renovations You Don’t Want To Waste Your Money On
Home renovation is a $400 billion business. But that doesn’t mean every renovation is a successful one. So how do you know which ones bring home the ROI and which ones you shouldn’t waste your time – and money – on?
We consult Remodeling magazine’s Cost versus Value Report to find the highest return on investment for home projects. But how about the ones that don’t pay you back?
Here are seven you should be wary of.
1. Mid-Range Bathroom Remodel
“The average cost is $16,634 with an average resale value of $10,668. The cost recouped is 64%,” said WCVB. A high-end bathroom remodel fares even worse, with a $76,429 spend providing a 59.8% ROI.
2. Master Suite Addition
“The average cost is $108,090 and the average resale value is $68,146, putting the cost recouped at 63%,” said WCVB. Where it’s feasible to create an attic bedroom instead, the ROI is significantly better, at 77.2% with $55,696 spent on a midrange project.
3. Family Room Addition
With an average cost of $85,740, a family room addition typically pays back $53,624 for a 62% ROI. Direct those funds toward a deck addition instead, and this desirable amenity will pay you back with an 80.05% ROI and will cost just $10,048 on a midrange project.
5 Designer Tips For Choosing a Fire Pit
We’ve all been waiting for the sun to come out so we can enjoy a little more time outdoors. As my clients begin to get their backyard entertaining spaces up and running again, there is almost always talk of a fire pit. There’s just something about gathering around a fire at the end of the evening with some hot chocolate or a glass of wine that’s as warm as the fire itself.
If you’re thinking of adding an outdoor fire pit, here are five quick tips to consider before you get started.
1. Location, Location, Location!
For safety and security, an outdoor fire pit should be at least 10 feet away from the house and shouldn’t be placed on your wooden deck. Some communities have specific requirements about placement in relationship to the house, so check your local city or county website for details.
Next, map out the space you’ll need for the fire pit itself. Outdoor fire pits are generally anywhere between 18 and 48 inches in diameter. You’ll need space for people to sit comfortably around the fire, but remember that people tend to back away from the fire as time progresses. Plan for an additional six to eight feet of space for chairs and movement.
2. All About That Base
Outdoor fire pits come in all kinds of shapes and sizes these days, but they boil down to three base styles:
An actual fire pit is dug into the ground and completed in any of several different finishes (more on that below). These are obviously permanent structures, so plan your backyard layout accordingly.
Coffee table fire pits resemble low tables and, when not in use, they can be covered and used as an actual table.
Raised bowls bring a stylish, artistic element to the space. Whether metal or concrete, deep or shallow, these simple components can be customized for exactly the look you want.
3. Find a Fabulous Finish
You’ll have a lot of choices in terms of materials for your new outdoor fire pit. First, decide whether a mobile or stationary unit is best for your space and the way you entertain.
Mobile fire pits are great when you have the space to move the party, depending on the weather or the view at a particular time of the year. They’re also a great way to try out a fire pit before you invest in a more permanent structure.
Mobile fire pits are almost exclusively made of metal, but can be found with accents and finishes for traditional or contemporary design styles. Rust, patina or paint can be leveraged to customize the look for your particular taste.
Stationary fire pits offer a custom look, and actually become a part of the architecture of the house. Choose a finish that complements the exterior of your home and the outdoor furniture youâll be using.
Stone finishes that resemble slate, natural stone, limestone or even pavers are a safe and solid choice that works well with traditional or transitional spaces. Concrete bowls are trending these days, and look great in more contemporary spaces with an eco-friendly design.
Click Here to Read More >>
If you’re thinking of adding an outdoor fire pit, here are five quick tips to consider before you get started.
1. Location, Location, Location!
For safety and security, an outdoor fire pit should be at least 10 feet away from the house and shouldn’t be placed on your wooden deck. Some communities have specific requirements about placement in relationship to the house, so check your local city or county website for details.
Next, map out the space you’ll need for the fire pit itself. Outdoor fire pits are generally anywhere between 18 and 48 inches in diameter. You’ll need space for people to sit comfortably around the fire, but remember that people tend to back away from the fire as time progresses. Plan for an additional six to eight feet of space for chairs and movement.
2. All About That Base
Outdoor fire pits come in all kinds of shapes and sizes these days, but they boil down to three base styles:
An actual fire pit is dug into the ground and completed in any of several different finishes (more on that below). These are obviously permanent structures, so plan your backyard layout accordingly.
Coffee table fire pits resemble low tables and, when not in use, they can be covered and used as an actual table.
Raised bowls bring a stylish, artistic element to the space. Whether metal or concrete, deep or shallow, these simple components can be customized for exactly the look you want.
3. Find a Fabulous Finish
You’ll have a lot of choices in terms of materials for your new outdoor fire pit. First, decide whether a mobile or stationary unit is best for your space and the way you entertain.
Mobile fire pits are great when you have the space to move the party, depending on the weather or the view at a particular time of the year. They’re also a great way to try out a fire pit before you invest in a more permanent structure.
Mobile fire pits are almost exclusively made of metal, but can be found with accents and finishes for traditional or contemporary design styles. Rust, patina or paint can be leveraged to customize the look for your particular taste.
Stationary fire pits offer a custom look, and actually become a part of the architecture of the house. Choose a finish that complements the exterior of your home and the outdoor furniture youâll be using.
Stone finishes that resemble slate, natural stone, limestone or even pavers are a safe and solid choice that works well with traditional or transitional spaces. Concrete bowls are trending these days, and look great in more contemporary spaces with an eco-friendly design.
Click Here to Read More >>
The Millennial Cometh: Is This Elusive Target Finally Ready To Step Up To Homeownership?
Homebuyers born between 1981 and 1997 have been as elusive as the Loch Ness monster, and at least as critically studied by a real estate market that needs an influx of young money.
“Instead of representing the 38% to 40% of purchases that real estate industry economists say would have been expected for first-timers, they’ve lagged behind in market share, sometimes by as much as 10 percentage points,” said the L.A. Times.
But is the tide turning? Recent trends may portend an end to the millennial freeze-out.
A Millennial Surge
“Expect the open-house crowds to skew a little younger during this year’s spring homebuying season,” said Bloomberg Business. “Millennials made up 32 percent of the U.S. housing market in 2014, up from 28 percent two years earlier, and have pulled ahead of the older Generation X as the largest segment of buyers.”
The L.A. Times agrees. “Call them the prodigal millennials: Statistical measures and anecdotal reports suggest that young couples and singles in their late 20s and early 30s have begun making a belated entry into the homebuying market, pushed by mortgage rates in the mid-3% range, government efforts to ease credit requirements and deep frustrations at having to pay rising rents without creating equity.”
In fact, rising rents have become so problematic in many areas that younger buyers who previously may not have considered buying now see the benefits.
“Young people are getting squeezed because the gap between rents and incomes is widening to an unsustainable level in many areas of the country,” said Bloomberg Business. “In the past five years, the typical rent jumped 15 percent, while the income of renters increased by just 11 percent.”
On the other end, a stabilized housing market, near-historic-low interest rates, and new incentives are driving millennials toward buying.
“Regulators pushed hard last year to pass measures that make it easier to obtain a mortgage, especially for young first-time buyers,” said CNBC.
Added the L.A. Times: “Key sources of financing for entry-level buyers—the Federal Housing Administration and giant investors Fannie Mae and Freddie Mac—have announced consumer-friendly improvements to their rules. “The FHA cut its punitively high upfront mortgage insurance premiums and Fannie and Freddie reduced minimum down payments to 3% from 5%.”
Click Here to Read More
“Instead of representing the 38% to 40% of purchases that real estate industry economists say would have been expected for first-timers, they’ve lagged behind in market share, sometimes by as much as 10 percentage points,” said the L.A. Times.
But is the tide turning? Recent trends may portend an end to the millennial freeze-out.
A Millennial Surge
“Expect the open-house crowds to skew a little younger during this year’s spring homebuying season,” said Bloomberg Business. “Millennials made up 32 percent of the U.S. housing market in 2014, up from 28 percent two years earlier, and have pulled ahead of the older Generation X as the largest segment of buyers.”
The L.A. Times agrees. “Call them the prodigal millennials: Statistical measures and anecdotal reports suggest that young couples and singles in their late 20s and early 30s have begun making a belated entry into the homebuying market, pushed by mortgage rates in the mid-3% range, government efforts to ease credit requirements and deep frustrations at having to pay rising rents without creating equity.”
In fact, rising rents have become so problematic in many areas that younger buyers who previously may not have considered buying now see the benefits.
“Young people are getting squeezed because the gap between rents and incomes is widening to an unsustainable level in many areas of the country,” said Bloomberg Business. “In the past five years, the typical rent jumped 15 percent, while the income of renters increased by just 11 percent.”
On the other end, a stabilized housing market, near-historic-low interest rates, and new incentives are driving millennials toward buying.
“Regulators pushed hard last year to pass measures that make it easier to obtain a mortgage, especially for young first-time buyers,” said CNBC.
Added the L.A. Times: “Key sources of financing for entry-level buyers—the Federal Housing Administration and giant investors Fannie Mae and Freddie Mac—have announced consumer-friendly improvements to their rules. “The FHA cut its punitively high upfront mortgage insurance premiums and Fannie and Freddie reduced minimum down payments to 3% from 5%.”
Click Here to Read More
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