Apr 11, 2014 | Uncategorized
When it comes to choosing a fence for your home, you should always consider the style of your home itself. If you end up choosing a fence that compliments your home and works cohesively with the style, you can easily skyrocket the value of your home by adding to its curb appeal.
So whether you’re selling your home or just in search of ways to add to its aesthetic, here are some fencing options for various styles of homes.
For the Contemporary Home: Horizontal Wood Fence
If you have a contemporary, ultra-modern home, you certainly want to be careful when choosing the type of fence to install. Be sure that the fence you go with is just as modern as the home itself.
A wise choice might be to go with the classic stained wooden fence, but opt for the more modern, contemporary version with horizontal wood instead of vertical. The right stain can provide an attractive contrast to the white siding or glass that makes up the exterior of your modern home.
Commonly these kinds of fences provide added privacy for the modern glass that likely encompasses your contemporary abode.
For The Colonial Home: White Picket Fence
If you have a colonial home that is representative of the classic American residence, a classic white picket fence might be just the right choice. These modest and low-laying fences can offer just the contrast needed to make your house “pop” against its neighbors, instantly skyrocketing your home’s appeal.
Typically these types of fences are made of wood and painted white, with a charming gate and walkway that leads to the front entrance of the home. This acts to highlight the home’s entrance as the focal point as well, giving your home an added visual aesthetic.
For practicality, however, you can opt for vinyl fencing that is virtually identical to the wooden white picket fence, but does not require painting or repainting. Vinyl may initially cost more than wood, but being much easier to maintain, would likely be more cost-effective over time.
For The Bungalow: Ornamental Metal Fence
If you have a single or two-story bungalow house, you want to ensure that you don’t install a fence that will take away from the home’s visual appeal or be too overwhelming for the home’s stature to handle. Often the perfect addition to this kind of humble abode is a simple, ornamental metal fence.
This low-maintenance fencing was traditionally made of cast iron metal, but commonly today the same design in fencing is composed of powder-coated, galvanized steel or aluminum, or sometimes a combination of both. This can be the perfect solution for you bungalow, and one that requires little upkeep too.
Bringing up your home’s appeal while adding to the feeling of privacy when you are enjoying your home itself is certainly a project worth taking on. With the various options and styles available to you, you are sure to find a fence that is perfectly suitable for your house, creating a higher appeal for potential buyers and drawing more admiring glances from your neighbors.
For more information on fence styles that are perfect for your home, contact your trusted real estate professional today.
Apr 10, 2014 | Uncategorized
While the traditional method of trawling for sale listings, making bids, and negotiating with the seller has been a popular rite of passage for many home buyers, buying a house at auction is swiftly becoming a favored way to purchase property.
Buying a home through auction can be tricky, so it’s best to do your research and keep your cool on auction day, lest you find yourself stuck with a less-than-ideal place to live for a price you didn’t expect to pay. If you’re in the market to buy through auction for the first time, here are some things you need to know.
How To Find Houses Up for Auction
Real estate agents will often use the same methods to sell a house by auction as they do in a traditional sale: adverts in newspapers and online, posters in their office windows, and signs outside the property.
Depending on the reason for the sale, a home auction may be held at a local courthouse, an auction house, or, in some cases, online.
Viewing A House Before Auction
It’s always best to try before you buy, so make sure you are able to view the house prior to the auction. Some real estate agents will insist on exterior views of the home only, but, if you’re a new buyer, this may not be enough.
Seasoned home buyers can often pick a house by looking at the exterior and reading a description; buyers new to the game should bank on seeing inside first.
Checking The Price Of An Auction
Look into the price that is offered for the home you seek to buy; sometimes, if a house is in foreclosure, the starting price of the home may be the balance of the mortgage, or a lower price to get people to begin bidding. Lenders, such as banks, are not permitted to make a profit from selling a foreclosure and may often sell homes at a loss; look out for these bargains when checking house prices in your local area.
Bidding At An Auction
On auction day, make sure you enter the auction knowing the general value of the house and the maximum amount you are willing to pay; having these parameters set out will help prevent you from getting swept up in the auction process and bidding more than what you have or what the house is worth.
On the day, bring a cashier’s check – auction holders ask winners to pay for auction fees, bidding fees, and a deposit on the purchase. If you are successful on auction day, you will then have to close the deal with the seller just like any other property purchase.
If you need financing, you may wish to be pre-cleared by your lending company before the auction. Also, be aware that your winning bid may not be accepted. Many homes have a reserve price, and if the reserve is not met, the house will not be sold on the day.
If you are interested in buying a home through auction, go into the process knowing that auctions can be riskier than buying a home via traditional means. Also remember that just because a house is up for auction doesn’t mean you are guaranteed a good price. Some houses sell for a lot of money, and others sell cheaply but have hidden costs, such as urgent maintenance.
When you’re ready to find your new home by auction, call your local trusted real estate professional for information, answers, and the best deals in town.
Apr 9, 2014 | Uncategorized
By Amy Tierce
It’s a seller’s market again this spring so we are dusting off this blog from last year in hopes that it helps some of you get your offers accepted…
Market forces have shifted and today it’s a seller’s market in many communities. Here are some tips for frustrated buyers and buyer’s agents to help get offers accepted!
Make a Large Down Payment– the larger your down payment the more attractive your offer. Why? Because if the appraisal comes in low the buyer with the largest down payment may not have their financing impacted by a low appraisal and can move forward on the purchase without further negotiation.
Pay Cash– If you can, make a cash offer. If the purchase timeframe allows you can still get a mortgage or you can mortgage the property after the purchase transaction is concluded.
Date Flexibility– if you can determine exactly what the sellers’ need in terms of closing dates and then meet those dates – your offer could win even if the price you are offering is lower than others. You can go for an extended closing or even offer to rent the property back to the seller for up to 60 days. Meeting challenging timing needs for the seller can make you the perfect buyer!
Removal of Contingencies/ Financing– We are never comfortable recommending that a buyer remove their mortgage contingency unless they can truly pay cash for the property- BUT we certainly know a winner when we see one and often have buyers who remove their mortgage contingencies with a very THOROUGH pre-approval process.
For added protection– IF you choose to remove a mortgage contingency or make a cash offer or one with a large down payment, the buyer can put an appraisal contingency into their offer so that they have options if the property appraisal comes in low.
Removal of Contingencies/Home Inspection- If you are knowledgeable about home construction or have a friend or family member who is an expert, you might want to consider removing your inspection contingency. Of course you will have no recourse if a structural problem arises that you were not aware of… Removing contingencies also removes protection for the buyer so keep that in mind.
The Personal Approach – Introduce yourself!
Selling a home is a very emotional experience for many people and often they want to know that their home is going to a ‘good’ family or person, especially if this was the sellers first home or they raised their family there. A letter from a perspective buyer introducing themselves and explaining why buying this property means so much could make a difference in the offer process and negotiation.
Don’t Give Up
It can be really disappointing and frustrating for buyers today. Don’t give up! As the market improves more sellers will be ready to put their property on the market increasing inventory and perhaps eliminating the multiple offer effect that we are seeing in some areas today.
It is anticipated that rates will remain low for the foreseeable future. However, even if not at their record lows it is important to keep rate movement in perspective. Rates can go up much more before they start to come up off the historic lows that we are seeing today.
Amy Tierce
Regional Vice President
Fairway Independent Mortgage
(781) 719-4665
amyt@fairwaymc.com
www.amyrates.com
Apr 9, 2014 | Uncategorized
Paying your income taxes each year leave your wallet a bit thin? There may be money hiding in your home that lessens your tax burden. Here are four places to look:
1. Home-Office Deduction
If you work from home, you could qualify for a home-office deduction. Taking the deduction can be a bit complicated; so many people who qualify don’t claim the exemption. An estimated 26 million Americans have home offices, but only 3.4 million claim them on their tax return.
Perhaps that’s why the Internal Revenue Service attempted to simplify the process in 2013.
The write-off takes into account depreciation, utilities, insurance, the amount of square footage dedicated for office space, whether you host clients at your house and other factors.
Because the parameters involved in filing a home-office exemption are rather complicated, it’s best to keep all business-related receipts, records of client meetings and other pertinent information to make things easier when you prepare your return.
2. Casualty Loss
Damage to your home from an act of God or a theft or burglary may qualify you for an income tax exemption. To qualify for the write-off, the causality loss must meet the “sudden event test.” That means it must be sudden, unpredictable, have involved some natural force and occur in a single instance.
To claim thefts and burglaries, you must be able to prove that a wrong doing has actually occurred. It can’t just be a case of a lost item that you suspect was stolen. Proof can come in the form of witness statements, police reports or newspaper accounts.
3. Energy Efficiency Upgrades And Repairs
Upgrading your home with energy efficient improvements can qualify you for a tax deduction. New roofs, insulation, windows, doors and a number of additional items qualify for the deduction. The deductions lets homeowners claim 10 percent of the total bill for energy efficient materials. The maximum credit is $500.
4. Real Estate Taxes And Newly Purchased Homes
New home owners should look at their settlement statement a bit closer. If the previous owner prepaid property taxes that cover any of the time you owned the home, you can include the prepaid taxes in your property tax deduction.
Don’t pay more than you have to when you file your taxes each April. Consider these commonly overlooked deductions that can lessen the amount you have to pay.
Apr 8, 2014 | Uncategorized
Something that the Europeans have been doing for decades has finally made its way over the Atlantic Ocean to North America: the trend is called micro housing, and it’s turned into an entirely new way of living.
With micro housing, we’re beginning to do away with oversize condos and even detached homes, learning to live in a more minimalistic manner and curbing our hoarding habits for good.
The affordability of micro housing is making it possible even for young adults and students to purchase their homes in the city centers across North America. But one must ask, is the micro housing trend good for the globe too?
Sustainability Of Micro Condominiums
Being able to pack a higher number of salable units into one building and lowering the prices to widen the market and encourage young buyers to purchase instead of rent is certainly economically beneficial; but is this trend sustainable and beneficial for the planet too?
As it turns out, the cost of building a micro-apartment structure over a regular sized one has a much lighter footprint on our earth. Micro-housing is a sustainable part of urban design because it is made to be a contributing asset to compact cities across North America, requiring less infrastructure cost, fewer resources, and a smaller environmental impact from shipping to construction to ongoing management and maintenance.
Some micro-buildings even have shared areas like kitchens and lounges; this helps to cut back on building costs even further and lessens air pollution from shipping.
Micro Homes: Are They Green?
Though micro detached homes are also on the rise, they have run into problems with bylaws in certain cities across North America. They may just be the way of the future, though, with the real estate prices in many areas growing out of control.
These micro homes are similar to the micro condominium units in their petite sizes, however they typically do not have a standard foundation, instead resting on screw piles that are attached to the ground. These easy-to-assemble micro homes, though perhaps battling with particular municipalities and their bylaws, offer practical housing that is sustainable too.
Green features of these micro homes include the additional options of a composting toilet, solar power energy systems, grey water treatment system and a rainwater collection system.
The Lifestyle Of The Micro-Housing Trend
Another factor that should be taken into consideration when looking at the sustainability of the micro-housing trend in the kind of lifestyle it is promoting. Generally situated in the dense city centers, micro housing encourages a lifestyle that is affordable, thereby attracting residents who will take public transit or be within walking distance to work or school, and lessening the need for the daily use of a vehicle.
Perhaps we’re looking a little too enthusiastically at the future, but as it seems, the micro housing trend is bringing with it all kinds of benefits, both economically and sustainably. A lifestyle and housing solution that finally benefits the planet is always accepted among our modern cities across North America, and soon it may just be the reason to purchase instead of rent, allowing us to walk instead of drive.
For more information on the micro housing trend in your area, call your trusted real estate advisor today, and get in the know!
Apr 7, 2014 | Uncategorized
Last week’s economic news included readings on February construction spending and multiple reports on employment data.
Private sector employment was higher in March, but The Bureau of Labor Statistics reported that Non-Farm Payrolls for March fell short of expectations. According to Freddie Mac, mortgage rates ticked upward.
Employment And Unemployment News
ADP’s payrolls report for March was higher than February’s reading, with 191,000 new private sector jobs added. In February, 178,000 jobs were added. February’s reading originally showed 138, 000 new jobs added.
While analysts were confident that private-sector employment was showing signs of stability, the U.S. Bureau of Labor Statistics swamped excess confidence in labor markets Friday with its March reading for Non-Farm Payrolls.
192,000 jobs were added in March against predictions of 200,000 jobs added and February’s reading of 197,000 jobs added.
The news was not all bad as job gains for January and February were revised upward. January’s job gains were revised from 129,000 to 144,000 and February’s reading was revised from 175,000 to 197,000 jobs added. The revised readings represent a total of 37,000 more jobs added.
As data impacted by severe winter weather “shakes out,” it would not be surprising to see a revision to March’s new jobless claims reading as well.
Unemployment Rate Holds Steady, Workforce Numbers Higher
While readings on employment have been up and down in recent months, the national unemployment rate has held relatively steady, with last week’s reading at 6.70 percent. 503,000 workers joined the workforce this increased the labor participation rate for March from 63 percent to 63.20 percent.
Mortgage rates were incrementally higher last week according to Freddie Mac. The average rate for a 30-year fixed rate mortgage increased by one basis point to 4.41 percent; discount points moved from 0.60 percent to 0.70 percent.
The average rate for a 15-year fixed rate mortgage rose by five basis points to 3.47 percent with discount points unchanged at 0.60 percent. 5/1 adjustable rate mortgages had an average rate of 3.12 percent, which was two basis points higher than the previous week. Discount points for 5/1 adjustable rate mortgages were unchanged at 0.50 percent.
This Week’s Economic News Highlights
Job openings for February, FOMC minutes and the University of Michigan consumer sentiment index for March are set for release this week. As usual, Freddie Mac will post results of its latest Primary Mortgage Market Survey and weekly unemployment claims will also be reported.
