Archive for June, 2009
Replacing Chemical Bug Repellents With Electronic Bug Repellents In Your Home
June 8th, 2009 categories: General
When it comes to controlling pests, bugs and insects in the home, chemical deterrents are a common and effective remedy.
Recently, however, because of environmental and safety concerns, electronic methods are growing in favor. Pest control chemicals can be very dangerous to humans.
Often, an electronic pest repellent is less effective than a similar, home-wide chemical treatment. This is because of how electronic pest repellents work.
Rather than dosing pests with poison to kill them, the electronic devices work by emitting high-frequency soundwaves to disrupt insect communication patterns.
The soundwaves may also disrupt mating and reproduction.
There are a number of “name-brand” products for electronic pest control. Among the more popular is Pest Offense
Electronic pest control isn’t perfect, but it’s safe for humans, pets and the environment. It can also be less expensive than traditional pest control treatment.
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VIDEO : How Do I Prioritize Paying Monthly Bills Versus Saving For Retirement?
June 5th, 2009 categories: General, Market Trends
Suze Orman recently appeared on The Today Show and gave 5 minutes of practical money management advice. Not everyone’s a fan of Ms. Orman, but this is an interview worth watching.
The segment’s theme is “What should you do first?“, pitting real-life financial scenarios against each other, including:
- Pay off credit card debt, or save for an emergency?
- Pay off student loan debt, or pay off credit card debt?
- Save for retirement, or save for a child’s college tuition?
The advice is practical and relevant to most homeowners’ lives and, although financial tips are never one-size-fits-all, there’s some real gems in the segment.
Watch the entire interview at The NBC Today Show website.
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Relocate America Top 100 Places To Live… Knoxville TN is One Of Them!!
June 4th, 2009 categories: Buyers, General
Thinking about Relocating to Knoxville TN?
According to RelocateAmerica.com it is one of top 100 places in the US to consider.
They are right too Knoxville TN is a GREAT Place to live, work and raise a family
In choosing its 2009 lineup of Top 100 Places To Live In America, Relocate America focused on areas with stable local economies and in which the housing market has avoided precipitous price drops.
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The Number Of Homes Under Contract Soar In April. Are Buyers Losing Their Negotiation Leverage?
June 3rd, 2009 categories: Buyers, General, Market Trends
The number of homes under contract to sell soared in April, climbing nearly 7 percent nationwide versus a month ago.
It’s the third straight month in which the Pending Home Sales Index gained and the biggest monthly jump since October 2001, the month prior to the end of the Early 2000s Recession.
A “pending” home sale is one that’s under contract to close, but has yet to do so.
The Pending Home Sales Index is an imperfect statistic because not every home under contract makes it to closing, but the data can a reliable indicator of home buyer activity.
It’s not tough to understand why homes-under-contract are spiking:
- There’s a $8,000 tax credit for first-time home buyers
- Conforming and FHA mortgage rates are hovering near 5 percent
- Home prices are still soft nationwide
These elements are combining to make homes more affordable than they’ve been in the recent past. Indeed, in April, the Home Affordability Index posted its second highest reading since 1970.
We can’t know if home prices will rise or fall going forward, but if Pending Home Sales translate into closed home sales, values will be pressured to rise. This is because each closed transaction takes a home “off the market”, reducing the supply of available properties.
If demand rises while supplies fall, sellers regain the upper-hand in negotiations and higher prices are the inevitable result.
An estimated 80 percent of all Pending Home Sales close within 2 months.
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Mortgage Rates Tack On A Half-Percent For The Second Time In A Week
June 2nd, 2009 categories: Buyers, General, Market Trends
Mortgage rates soared again Monday, tacking on a half-percent in a day for the second time in under a week.
Each half-percent adds $62 to a $200,000 home loan’s monthly payment, or $744 per year.
For home buyers recently under contract, it’s a gut-wrenching time to be shopping for a home loan. Morning mortgage rates have been typically gone by early-afternoon and — in some cases — lenders have changed rates five times in one-day span.
The reasons for surge in rates are varied, but each is related to the idea that the economic recession may be nearing its end.
- Consumer optimism is as high as it’s been all year
- Consumer spending is falling at a slower pace than in months prior
- China’s factories reported an expansion in business
Each of these points bodes well for the economy and pushes Wall Street investors towards more risky investments. As a result, “safe” investments get sold — including mortgage-backed bonds, the basis for conforming mortgage rates.
For as long as the future of the economy remains in question, expect mortgage rates to remain volatile. We won’t get half-point rate swings or five pricings in a day every day, but both are becoming more common.
Be careful when shopping for a mortgage — the rate you’re quoted may not last long.
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What Are Discount Points?
June 1st, 2009 categories: Buyers, General, Market Trends
Most often referred to as just-plain “points”, discount points are an up-front fee charged by a mortgage lender in exchange for a lower mortgage rate.
The dollar value of one point is one percent on the loan size. Discount points appear on Good Faith Estimates and HUD-1 Settlement Statements on Line 802.
Historically, each 1 point paid by a borrower lowers an offered interest rate by a quarter-percent. Since the late-2008, however, this relationship is skewed.
Depending on market conditions, 1 point paid by a borrower can lower a mortgage rate by up to 0.875 percent.
As an example of how points work, a $200,000 home loan may be offered at 5.500 percent with 0 points. With 1 discount point paid at closing — $2,000 – the mortgage rate may lower to 5.125 percent.
In addition to lowering your interest rate, discount points may be tax-deductible, too. Therefore, be sure to provide your home settlement statements from the previous calendar year to your accountant during Tax Season.
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