Sellers Category
A Cleaner, Eco-Friendly Paint For Your Home
January 5th, 2009 categories: General, Sellers
Poor indoor air quality is linked to Sick Building Syndrome, a combination of ailments with more than 50 seemingly separate and unrelated symptoms, including:
- Dizziness and nausea
- Headache
- Symptoms related to Irritable Bowel Syndrome
- Personality changes
Avoiding sickness like this – as explained by The Today Show — may be as simple as choosing the right paint for your home.
Most “standard” paints come loaded with chemicals called VOCs — volatile organic compounds. The naturally-occuring chemicals are added to the paint to help it spread better and last longer. Unfortunately, these same chemicals are damaging to soil and groundwater, react with sunlight to form dangerous ozone, and contribute to global warming.
There is a safer choice.
Non-VOC household paints are widely available for about the same cost as their toxic cousins. They’re eco-friendly and, because recent advances in the manufacturing technology, the paint quality is outstanding.
To buy the non-VOC paints featured in the video, head to your local Benjamin Moore dealer, or get it online from Cox Paint.
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Absorb-Ease Pads Make Grease-Cleaning Easy
December 29th, 2008 categories: General, Sellers
It’s well-known, but worth repeating.
Grease should never be poured down a kitchen drain. The moment that liquid fat touches cold water or cold pipes, it can harden and block pipes.
Traditionally, disposing of grease required:
- Pouring the grease into a glass jar
- Placing the jar in the refrigerator
- Throwing out the jar once the grease had hardened
However, a new, biodegradable product called Absorb-Ease lets you go from Grill to Garbage in one easy step — with no spilled grease and no collecting of glass jars.
Just put an FDA-approved Absorb-Ease pad in a hot, greasy skillet and watch it absorb liquid like a paper towel absorbs a spill. The analogy is fitting, in fact, because Absorb-Ease is made from food-grade, fibrous tree pulp — much like paper towel.
Grease-soaked Absorb-Ease pads can be thrown out with the rest of the garbage and can be bought online in packs of 64. They cost roughly $0.27 each.
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How The Refi Boom May Delay Purchase Closings
December 23rd, 2008 categories: Buyers, Market Trends, Sellers
In late-November, the Federal Reserve pledged $600 billion to buy mortgage-backed securities. The announcement drove down mortgage rates and started the Refi Boom.
Then, the Federal Reserve made a second series of statements after its scheduled meeting last Tuesday, causing mortgage rates to plunge again. This started the Refi Boom’s second wave.
Because of the surge in refinance activity, mortgage lenders are “backed up”; initial file reviews are taking up to 12 business days in some cases.
Typically, this process takes 2 days.
Underwriting delays are problem for refinancing Americans because when a mortgage rate is locked, it’s most often locked for 30 calendar days — the standard Rate Lock Agreement contract length. If the mortgage doesn’t close within those 30 days, the applicant must either pay an “extension fee” to preserve the lock, or risk losing the rate altogether.
30 days may seem like a long time, but let’s consider a few external variables:
- December 24, 25, and 26 plus January 1 and 2 are lost to holiday
- December 27, 28 plus January 3, 4, 10, 11, 17, and 18 are lost to weekends
- January 19 is lost to federal holiday
- 3 days are lost to the Right To Cancel clause
This leaves 13 days to get from Application to Closing, and of those 13 days, 12 of them are being spent on the initial review. 30-day rate locks, therefore, may be inadequate with some mortgage lenders. A 45-day agreement may be required instead.
Typically, 45-day rate locks carry higher rates or higher fees, versus their 30-day counterparts. This amounts to a “tax” on borrowers, a result of the nation’s rush to refinance en masse. It also may preclude a homebuyer’s ability to close in 30 days.
As always, the best way to preserve a rate lock is to be as responsive as possible to the process. Return paperwork when asked, schedule appraisals immediately, and arrange to signing closing paperwork on the first available day.
With mortgage rates low, application volume — and underwriting turntimes — should remain high into early-2009.
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Small Changes That Can Reduce Your Home’s Toxicity Levels
December 22nd, 2008 categories: Sellers
Harmful toxins lurk in our homes and keeping the house clean is just the first step towards protection. This 4-minute video from NBC’s The Today Show talks about the rest.
Some of the healthful tips include:
- Where to physically position a fax/copier in the home office
- What to do with clothes from the Dry Cleaners
- How to check the healthytoys.org website for toys on recall
- Which plants act as natural air purifiers for a home
Household toxins rarely cause immediate health problems but long-term exposure can be damaging. Take preventative steps and protect your family.
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Explaining The Federal Reserve In Plain English (December 16, 2008)
December 16th, 2008 categories: Buyers, Market Trends, Sellers
The Federal Open Market Committee voted to cut the Fed Funds Rate by at least three-quarters percent today. The benchmark rate now rests in a range of 0.000-0.250 percent.
In its press release, the FOMC identified three key economic sectors in which activity has weakened since October. The FOMC noted that:
- The U.S. job market is deteriorating
- Consumer spending levels are falling
- Business investment is contracting nationwide
The Fed intends its rate cut to provide stimulate to each of these areas.
In addition, the voting members of the FOMC singled out inflation as a diminishing threat to the economy. This is an important admission because it’s well-known that cuts to the Fed Funds Rate can spark inflation. Rapidly falling oil prices and commodity costs, therefore, likely paved the way for today’s historic cut.
In its announcement to markets, the Fed gave The People what they wanted — a reassurance that the policy-making group would “employ all available tools” to help turnaround the economy. Lowering the Fed Funds Rate to an all-time low is one such step; its plan to purchase mortgage-backed debt in the open market is another.
After the announcement, stock markets rallied and mortgage bonds did, too. Rates ended the day slightly lower.
Source
Parsing the Fed Statement
The Wall Street Journal Online
December 16, 2008
http://online.wsj.com/internal/mdc/info-fedparse0812.html
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Create Expiring, Custom “House Keys” To Keep Your Home Safe
December 15th, 2008 categories: Market Trends, Sellers
Lock manufacturer Kwikset recently introduced its SmartCode series, a keyless entry system to replace existing door hardware.
As an alternative to keyed-entry systems, the SmartCode series allows you to create two personalized access codes — one for you, and one for a guest, contractor, or anyone else in need of temporary entry to your home.
Locks can be rekeyed at any time for new guests.
A popular feature of the SmartCode series is its motorized, 1-inch deadbolt. The deadbolt opens upon unlocking, eliminating the need to “turn a handle” to open — just push the door.
The SmartCode operates on 4 AA batteries and can be purchased from Amazon.com for $86.27 plus free shipping
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Simple Real Estate Definitions : Refinance
December 12th, 2008 categories: Market Trends, Sellers
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A mortgage is a contract between a lender and borrower, defining the terms by which a home loan must be repaid.
The paperwork, signed by both parties, includes provisions for things like:
- The interest rate
- The length of the loan
- The amount of money to be borrowed
But, like all loans, a mortgage loan can be paid off at any time. So, when market interest rates fall, homeowners will often exercise their right to an “early payoff” by securing a new loan that pays off the old one.
This process is most commonly known as a refinance.
A refinance is the changing of the loan terms against a property, often for a better interest rate or a lower monthly payment. When the refinance process is complete, the original lender’s loan is paid in full using the money from the new lender’s loan and the former’s relationship is officially terminated.
There’s no rule against how many times a person can refinance, nor is there an easy way to determine whether or not a refinance makes sense. In general, if you can reduce your monthly payment while limiting your closing costs, to refinance is a smart decision.
However, there are other reasons to refinance, too, including:
- To convert from an ARM into a fixed rate mortgage (or vice versa)
- To extract equity for paying off third-party debts or for cash
- To extend a loan from 15 years to 30 year for payment relief
Because there are fewer third-parties involved with a refinance, it’s often simpler and less expensive than a comparable purchase transaction. The paperwork stack is often smaller, too.
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Increase Your 2008 Tax Deductions — Pay Your Mortgage A Few Days Early
December 10th, 2008 categories: Sellers
For most Americans, mortgage interest paid on a home loan is tax-deductible in the year in which it was paid.
With advance planning, therefore, homeowners can increase their 2008 tax deductions and limit their tax liability on April 15.
The key is to make the January 2009 mortgage payment before the New Year begins.
In making the payment in 2008, the payment’s mortgage interest is applied against this year’s tax deductions instead of next year’s. And lest you think you’re paying “in advance”, remember that mortgage interest is paid in arrears; a payment due January 1 accounts for interest that accumulated in December 2008 anyway.
Tax planning is a complicated issue and not all homeowners will qualify for mortgage interest tax deductions. Check with your tax professional before making tax planning decisions.
If you don’t have an accountant you trust, call or email me anytime; I’m happy to make a recommendation to you.
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If Your Heating Systems Are On, Please Check For Abnormally High Levels Of Carbon Monoxide
December 8th, 2008 categories: Market Trends, Sellers
As the weather turns cooler and home heating systems get fired, it’s important to safeguard your home from carbon monoxide gas. Often called the “slient killer”, the odorless and colorless gas accidentally poisons about 170 Americans each year.
The video above from CBS News tells the story of 2 such deaths.
Throughout the 5-minute piece (and after the commercial), note the mother talking about headaches, fatigue and nausea. Because carbon monoxide poisoning shows similar symptoms to the flu, many people confuse the two — sometimes with fatal consequences.
Experts say to outfit each room in your home with a carbon monoxide monitor. The recommended monitor from the video is available at Amazon.com for $10 off.
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How 78 Consecutive Days Of Falling Gas Prices Helps Sell Real Estate
December 3rd, 2008 categories: Market Trends, Sellers
For the 78th consecutive day, gas prices fell nationwide yesterday. At $1.81 per gallon, the average price at the pump is less than half what it was at its peak in July.
And although gas prices vary by locale, the cost of a fill-up is worthy of national news.
The main reason why national gas prices matter is because of something called the Wealth Effect — people’s tendency to spend more money when they have a perceived feeling of being worth more.
Low gas prices can amplify the Wealth Effect, leading to higher levels of consumer spending nationwide — the primary driver of the U.S. economy.
But more important than the Wealth Effect is the reverse Wealth Effect. That’s when consumers have a perceived feeling of being worth less and their spending reflects it. This past summer is a terrific example of it.
Soaring gas prices, Wall Street troubles, and negative campaigning constantly reminded Americans of what was wrong with the economy. It follows, therefore, that retail sales figures plunged in September and October. Once the election passed, however, and gas prices fell, a gentle optimism returned.
Not surprisingly, consumer confidence rose in November.
All of this matters to real estate because as Americans regain their confidence and feel more “wealthy”, they will be more likely to make “move up” purchase, buy new home appliances, and take other actions that propel the economy forward.
Oh, and mortgage rates trolling at 3-year lows certainly helps, too.
(Image courtesy: GasBuddy.com)
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