Archives for 2013

REAL Trends July 2013 Market Report

July 22, 2013 By EmmanuelFonte Leave a Comment

The July 2013 report shows that the rate of housing sales increased strongly in June 2013 growing 10.2 percent from June 2012. The annual rate of new and existing home sales for June 2013 was 5.612 million up from the 5.091 million recorded in June 2012 but down from the 5.984 million annualized rate in May 2013.

The average price of homes sold increased by 7.8 percent in June 2013 compared to June 2012.

July 2013 – The REAL Trends Housing Market Report showed that the combination of new and existing home sales in June 2013 continued to show strength across all regions in both unit sales and the average price of homes sold when compared to a year ago.

The annualized rate of the combination of new and existing home sales increased to 5.612 million in June 2013 up from the 5.091 million recorded in June 2012 but down from a rate of 5.984 million in May 2013.

The average price of homes sold in June 2013 was up 7.8 percent from the average price of homes sold in June 2012 marking the 15^th consecutive month of increased home sale prices on a year over year basis.

Housing unit sales for June 2013 were up 14.6 percent in the South, the strongest showing in the country. The next highest region was the Midwest region at 12.5 percent, the Northeast region was up 6.3 percent and the West was up 4.7 percent.

The average price of homes sold in June 2013 increased 7.8 percent across the country, nearly the same increase as that recorded a month earlier. The West had the best results with the average price of homes sold increasing 15.5 percent followed by the Midwest region at 9.5 percent and the South at 9.3 percent. The Northeast saw a small decrease in average price coming in with a decrease of 0.3 percent.

“June 2013 sales of new and existing homes continued to show strength across all regions and are evidently shaking off the impact of relatively low inventories in most markets. The two regions of the country with the lowest average sales prices, the South and Midwest, continue to outperform other regions in terms of unit sales increases. The average price of homes sold was up solidly again due to supply and demand imbalances. As this report and other housing indicators show the scarcity of inventory and buyer demand are creating a situation where prices are advancing at far greater rates than had been predicted due to high levels of housing affordability and restricted inventory,” said Steve Murray, editor of the REAL TrendsHousing Market Report.

Via: REALTrends.com

Filed Under: Blog, Housing Market, Real Estate Updates

Upgrading Your Kitchen on a Budget

July 21, 2013 By EmmanuelFonte Leave a Comment

Last week, MintLife posted an article on how to update your kitchen inexpensively…

If your kitchen’s design makes you feel like you should be grooving to the Village People, it’s probably time for an upgrade.

Whether you want to make your home more attractive to prospective buyers or you just want to add some extra oomph to your space, these small “face-lift” projects will make your kitchen stylish again without dipping into your savings.

Change the dishwasher panel.

If your dishwasher’s exterior has seen better days, but it still cleans dishes just fine, you’ll save a ton of money and brighten the entire kitchen by changing its front panel.

Visit your local hardware store or hop online and check out some options – you’ll bling out your dishwasher for a fraction of the cost of a full replacement!

Update the backsplash.

Your backsplash is the panel behind your sink or stove that protects the wall from splashes (hence the name).

The beauty of this spot is that it’s usually not very big!

That means that the tile-count for a redesign project will be way lower than if you decided to update your countertop or floor.

Switch the lights.

Everything looks better in the right lighting.

If you’re eating spaghetti dinners under the harsh intensity of fluorescent lighting, switching to a few dimmable pendant lights will open up a whole new world of lighting warmth.

Tip: For a super cost-effective change, switch up your under-cabinet lighting.

Paint the cabinets.

A cabinet paint job is basically like a haircut for your kitchen – it makes it look fresh and clean!

Tip: If your kitchen is small, paint your cabinets a light color to make them appear larger.

Change the hardware.

Rusty or old handles in the kitchen definitely makes things look a little dated.

For less than the cost of a nice dinner on the town ($30 for 25 handles) you can buy a slew of modern door handles – put ‘em on and enjoy the shine next time you grab a fork or spoon.

Ditch the doors.

“Naked” pantries and cabinets are all the rage these days, so jump on the bandwagon by removing the doors and hardware associated with them.

Tip: Add a pop of color by painting the shelves or cabinets inside your pantry. Without the doors, the color will shine through!

Upgrade your walls.

Nothing dates a kitchen faster than peeling paint or wallpaper.

Give your walls a new color or pattern to brighten up the space – just make sure the new color works with your cabinets.

Tip: Avoid painting your kitchen blue, because it’s a natural appetite suppressant.

Filed Under: Appliances, Blog, Home Remodel

Open-PlanTerraced Townhouse

July 20, 2013 By EmmanuelFonte Leave a Comment

Restricted on both sides, contiguous townhouses present a fascinating set of architectural issues, not least of which is natural lighting. In this renovation, a series of floating platforms helps solve this perennial problem.

renovatefd home open plan

Redesigned by RichardHO Architects (images by Vineyard Production), the structure itself was deemed sound but the spatial configurations were simply not conducive to modern living. Their solution involved opening up living, dining and kitchen areas to form continuous volumes, making the entire place feel more spacious but also letting light in from the front, back and above via skylights and air wells.

renovated interior exterior design

Perhaps the most stunning feature is the central pool which serves to anchor the core of the living area and sits at the bottom of a multi-story atrium, providing a conceptual and actual nexus of activity, air and light.

renovatd master bed bath

Meanwhile, peripheral spaces including master bedrooms and bathroom enjoy direct access to windows and decks and a degree of privacy and separation from the otherwise-open approach.

Filed Under: Architecture, Blog

Pricing Your Home For Sale

July 19, 2013 By EmmanuelFonte Leave a Comment

There is no doubt that the housing market is coming back nicely. What, if anything, could slow down the current momentum? We believe it may be sellers’ over exuberance when it comes to pricing. There is little doubt that house prices have appreciated over the last twelve months in most regions of the country. However, with both the inventory of homes for sale and interest rates increasing, we have to be careful to not over judge what the market can bare.

Trulia just reported that asking prices have jumped dramatically and the increase is accelerating:

Year-Over-Year prices jumped 10.7%
Quarter-Over-Quarter prices jumped 4.1% (16.4% annualized)
Month-Over-Month prices jumped 1.5% (18% annualized)

No expert is expecting home prices to shoot up 18% in the next twelve months. If anything, price appreciation may slow as rates and inventories increase. Investors will begin to slow their purchases and the first-time buyers expected to take their place will be working within a pre-set budget in many cases.

Buyers’ Purchasing Power

Let’s look at an example: A young couple is looking for a home and have predetermined that their budget will only allow them to spend $1,000 a month on a mortgage. At today’s mortgage rate of 4.5%, they could afford a $200,000 mortgage ($1,013 principal & interest). However, if rates jump to 5%, they would have to lower their mortgage amount to $190,000 in order to keep their monthly payment where they need it ($1,020). At 5.5%, the mortgage would need to be no more than $180,000 ($1,022).

The Impact on Prices

This decrease in buyers’ purchasing power will have an impact on home values going forward. We do not believe it will cause a decrease in prices. However, we do believe it will likely cause current rates of appreciation to slow.

If you are thinking about selling your home, don’t get carried away with current headlines about home price increases that have taken place over the last twelve months. Instead, call a local real estate professional. They will be best prepared to explain where prices are headed over the next six months.

Filed Under: Blog, Housing Market, Real Estate

The Automated Home

July 19, 2013 By EmmanuelFonte Leave a Comment

As technology becomes more affordable, more and more home owners incorporate automation into their everyday lives. Take a look at this infographic to see the various way home are becoming automated.

Filed Under: Appliances, Architecture, Blog

What Buyers Want In A Home

July 18, 2013 By EmmanuelFonte Leave a Comment

Filed Under: Appliances, Architecture, Blog, Home Care, Home Remodel

Seattle Market Review

July 17, 2013 By EmmanuelFonte Leave a Comment

Seattle housing prices rise as U.S. cities post solid gains:

U.S. home prices jumped 12.1 percent in April from a year ago, buoyed by strong demand and a limited supply of available homes. Strong gains in most cities measured point to a broad-based housing recovery. The Standard & Poor’s/Case-Shiller 20-city home-price index released Tuesday also showed a 2.5 percent increase in April from March, the biggest month-over-month gain on records dating back to 2000.Source: The Seattle Times, July 2, 2013 http://seattletimes.com/html/businesstechnology/2021266046_caseshillerxml.html

New apartments in Seattle area don’t halt rise in rents:

Despite the construction of more new apartments this year than in any year in the past two decades, rent prices in King and Snohomish counties have continued to rise while vacancies remain low, according to a leading research firm. While the price bump doesn’t bode well for renters, the relatively seamless absorption of more than 2,000 new apartments indicates a healthy rental market, said Tom Cain of Apartment Insights, an industry analysis firm.Source: The Seattle Times, July 1, 2013 http://seattletimes.com/html/businesstechnology/2021308680_rentpricesxml.html

Seattle-area Realtors ‘desperate’ for more houses as market sizzles:

Low- to mid-priced houses for sale in Western Washington are getting as many as seven offers, a real estate group said Wednesday. Rising mortgage rates, tight inventory and declining unemployment are driving more buyers into what is already an “extremely competitive housing market,” said OB Jacobi of the Northwest Multiple Listing Service.Source: Puget Sound Business Journal, July 3, 2013 http://www.bizjournals.com/seattle/news/2013/07/03/seattle-area-realtors-desperate-for.html?ana=e_sea_rdup&s=newsletter&ed=2013-07-05&u=g3qEy5+PUIyH77YLguBBiC7bz23&t=1373382927

King County median home price up 12.5 percent from June 2012:

The recession may have permanently hit paychecks and the number of jobs available, but median prices for homes sold in the Seattle area are approaching the peak hit six years ago before the housing market tanked. The Northwest Multiple Listing Service reported Wednesday that the median sale price of a single-family home in King County in June was $427,500, up 12.5 percent from the same month a year ago and up 2.4 percent from May. That’s just $27,500 from the highest median price of $455,000, July 2007.Source: The Seattle Times, July 3, 2013 http://seattletimes.com/html/businesstechnology/2021322836_junehomesalesxml.html

Residential real-estate market makes recovery:

After a bumpy 2011 and a slow-starting 2012, there is no disputing the residential real-estate market this year has pulled out of the depths of the mortgage crisis. For the last 18 months, the median home price in King County has gone up each month when compared to the same month a year ago. Since January, the median price also has gone up each month from the previous month. Median means half the homes sold for more, half for less. The high-water mark was set in July 2007, when the median price of a single-family home in King County was $481,000.Source: The Seattle Times, July 13, 2013 http://seattletimes.com/html/businesstechnology/2021376857_sundaybuzz14xml.htm

Filed Under: Blog, Housing Market Tagged With: seattle real estate

Homeowners Association: What You Should Know

July 17, 2013 By EmmanuelFonte Leave a Comment

With many neighborhoods associated with a homeowners association, chances are that you may live in one.

When you move into a neighborhood with an association, you are agreeing to abide by certain rules, and you acknowledge that rule breakers may face financial consequences. Understanding the association’s rules and your rights and responsibilities as a homeowner will facilitate harmonious living.

Whether you call it a homeowners association, a community association, or a common interest community, these names can confuse new homeowners, but the concept of all three entities is similar:

The association is a legal entity registered with the state of Nevada and was created at the onset of your neighborhood’s construction.
Its responsibility is to maintain your neighborhood’s common areas.
It has the right to enforce deed restrictions on your home.

In Washington, associations have been established in newer neighborhoods and condominium and townhome developments. Your home may have more than one homeowners association if it’s located in a planned community.

Understand the Rule Book

Your association’s rules are found in the “Covenants, Conditions and Restrictions” (CC&Rs) and other governing documents. Per the law, the seller or builder provides you with these documents at the time of purchase, and they become part of your home’s title.

CC&Rs describe a variety of items, such as how residents are elected to your association board, meeting rules, dues, home maintenance requirements, pre-approvals for changes to your property, restrictions on your home’s use, and fines. They also describe the association’s responsibilities for the maintenance of common areas, like parks, pools, a gated entrance, or landscaping.

The rules can vary greatly by association. Some communities are age restricted and require residents to be of a minimum age. Others may designate a specific area for adults only, while others may provide a pre-approved desert paint palette that will prevent you from painting your craftsman-style home in neon polka dots. Some rules will prevent you from turning your home into a rental or will limit the number or size of pets. Fines of different amounts may be levied on those who do not follow the rules.

Because the rules can vary, it is essential to read and understand all CC&Rs before you buy your home.
If you do not agree with them, it is simple — do not buy in that neighborhood.

When Problems Arise

Problems can arise even when you understand the rules. Perhaps a neighbor files a complaint or you are notified of a possible violation. CC&Rs list the protocol for conflict resolution: who to contact and how to appeal a violation or fine.

Like policy-based governance, a homeowners association only has the rights that are set forth in its CC&Rs. They cannot make up new rules. If this kind of management concerns you, you may want to consider buying a single-family home where there are fewer, less stringent or no restrictions at all.

Filed Under: Blog, Real Estate, real estate financing, Real Estate Investment

The Music Player Evolution

July 17, 2013 By EmmanuelFonte Leave a Comment

Filed Under: Appliances, Blog, Music, Technology