Atlanta Housing Source

Specialty rooms and spaces are becoming more and more popular. If you have an extra room or unused corner in your home, think about turning it into one of the following areas. Here are some ideas for planning that special space:

* Media Area: Enjoy audio, video, and other media and store the equipment.
* Wine Cellar: A cool, dark place is best for wine storage.
* Library: Set up elaborate or simple shelving, a comfortable chair, and a reading lamp.
* Sewing Room: Arrange a work table, ironing board, shelves, and storage.
* Meditation Room: Retreat from noise and other distractions.
* Hobby Room: Plan plenty of work space for crafts, scrapbooking, painting, and the like.
* Mini-Gym: Make working out fun with a stationary bike, weights, treadmill, and a TV!
* Playroom: Set aside space for children or grandchildren to play and store toys.
* Extra Closets: Make a great place to store out-of-season clothes.

With a little imagination and planning, you can use every corner, area, or room of your home efficiently. Feel free to call or email me if I can help you, a friend, or a family member with any of your real estate needs.

Why do some homes sell quickly for top dollar while others sit on the market for a long time? The answer is “curb appeal”!

Homes that invoke an emotional response in prospective buyers when they first drive up to the property have what is called curb appeal. Whether you own a town home in the city or a suburban house complete with a lawn, trees, and flowers, you can apply these tips to help you add curb appeal and create a positive emotional response to your home:

* Wash and dry windows until they sparkle.
* Clean the front porch or entryway of all debris.
* Paint your front door, railings, and other parts that need touch-up.
* Open curtains and shutters and turn on the lights.
* Revitalize flower beds with fresh, blooming flowers or plants.
* Keep the garage doors closed, storing bicycles and toys out of sight.
* Confine your pets to keep them safe and out of the way of people who may be afraid of or allergic to animals.

A potential buyer’s first impression is extremely important and can set the tone for the entire showing of your home. When a house has plenty of emotional appeal, it generally sells more quickly and for a higher price.

Please feel free to call or email me if you’d like more information about preparing your home for the market or if you have any real estate questions.

Most of us spend a great deal of time in the kitchen—and not just while cooking. The kitchen is the traditional heart of the home. And with the holidays coming up, you may be looking for fast and easy ways to make your home more welcoming to guests.

Whether yours is a huge kitchen with a family room attached or a cozy convenience kitchen, several quick and inexpensive tricks let you spruce up your kitchen without undertaking a complete overhaul:

Nothing changes a room faster than a fresh coat of paint. It immediately brightens the walls and ceilings.

If your cabinets have seen better days, consider painting them—even if they are natural wood.

Express your style and liven up your cabinets with unique knobs, handles and hinges. Kitchen cabinets are a popular do-it-yourself project and can enhance the beauty of your home.

New linoleum is fairly inexpensive and provides a clean, fresh look.

Get rid of the refrigerator magnets—unless of course, they hold your family’s art gallery.

Select a brightly colored rug and dish towels to provide accent color.

Hang a window valence to tie it all together.

Line the windowsill with pots of herbs grown from seed.

Redecorating your kitchen is an easy way to change the whole look and feel of your home. And here’s something to remember when you decide to sell: the kitchen is considered by many to be the most important room in the house.

These tips can also be used to help stage your home to sell for the best possible price. If you’d like more ideas for getting your home ready to sell, feel free to email or call any time.

I have been telling folks that home demand was down with kids living with parents longer, financial issues and job losses have families doubling up and multiple generations living together to get past the Greatest Depression.  Now the statics that support me are told in this great article from Alan J. Heavens.  We are down at least 2 million households in the last two years according to his material.  Enjoy reading, Mark.

Housing glut blamed on drop in people forming households
By Alan J. Heavens

Inquirer Real Estate Writer

U.S. household formations are at their lowest since 1947, data from the Census Bureau show. And that’s helping to keep the supply of unsold homes at near-record levels nationwide, even though relatively few houses are being added to the inventory.

Between March 2009 and March 2010, the number of households rose just 357,000, according to the census data. In the previous 12 months, the number increased only 398,000, the third-smallest increase on record since World War II.

Between 2002 and 2007, before the economy started on its downward trajectory, household formations averaged 1.3 million a year, U.S. census data show.

“That’s the consequence of the consumer fear of what’s happening with the economy and with the job market,” said Lucien Salvant, a spokesman for the National Association of Realtors.

“When people are afraid of losing their jobs or not being able to get into the job market, they are not thinking about buying a home,” Salvant said. “Many opt to stay at home with parents, or to share rentals with friends.”

The nation’s gross vacancy rate – the proportion of housing units that are vacant – stood at 14.5 percent at the end of the second quarter of 2010, census data show.

In a well-functioning economy, household formations “would be closer to 1.25 million,” said Mark Zandi, chief economist of Moody’s Analytics in West Chester.

During normal times, builders need to add about 1.7 million houses a year to meet underlying demand stemming from, among other things, the need for replacement homes and the desire for second homes, as well as conversions from nonresidential to residential uses and increases in the number of households.

For example, about 250,000 new homes are needed per year to replace houses that are destroyed by fires and natural disasters or that wear out from neglect or old age. Demand for second homes combined with other miscellaneous factors accounts for 50,000 to 100,000 new houses a year.

Household growth typically requires 1.3 million to 1.4 million units.

“The sharp drop in household formation largely explains why the housing glut remains stubbornly high, despite the plunge in housing starts in recent years,” said housing economist Patrick Newport, of IHS Global Insight in Lexington, Mass.

Two major sources of household formation – immigration and marriage – remain well below the averages of recent years.

The National Center for Health Statistics reports that the number of marriages per thousand population fell from 8.2 in 2000 to 6.8 in 2009. Divorces per thousand population fell from 4.0 in 2000 to 3.4 in 2009.

There are no hard data on “doubling up” – young people sharing rentals or moving in with their parents in a tight job market – though anecdotal evidence indicates the latter has become more commonplace in recent years.

During the late 1990s and in the first years of this decade, the housing industry banked on immigration for a good part of its growth.

Between 1990 and 2000, the U.S. population grew by nearly 33 million, with almost half of that gain attributable to immigration, according to data provided in 2003 by James Johnson Jr., a professor at the Kenan-Flagler Business School at the University of North Carolina in Chapel Hill.

In the 1990s, census data show, immigrants accounted for 250,000 household formations a year. Immigrants typically rent for their first few years in this country, housing economists say. Then, after becoming established, they become a major factor in the for-sale marketplace.

Newport believes that a drop in immigration might have played a greater role early in the recession than it did later on. In 2009, census data show, households headed by the native-born under age 35 fell by 338,000, indicating that doubling up was the larger contributor.

The number of households headed by those ages 15 to 24 fell 124,000 (students moving back in with parents), while households with six or more people rose 355,000, an 8 percent increase.

A common misconception, Newport said, is that foreclosures account for the oversupply of houses.

“A foreclosure or a bank taking possession of a home,” he said, “does not by itself add to the housing glut.”

If a household vacates a home and moves into a rental unit, the housing supply is unchanged. Supply increases, however, if one household moves in with another, Newport said, or if its members become homeless.

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Contact real estate writer Alan J. Heavens at 215-854-2472 or aheavens@phillynews.com.

(c) 2010, The Philadelphia Inquirer.
Distributed by McClatchy-Tribune Information Services.

At the end of the month, there were 39,129 single family residences actively for sale on the FMLS.   In the prior 30 days 2,386 homes had sold for an average sales price of $203,114.  The average sales price represents selling at 93.3% of the average listing price.  The average days the homes were on the market before they sold were 89 days.

Brought to you by Mark Lackey, Assoc Broker, EcoBroker with Atlanta Housing Source at Solid Source Realty – 404.886.8789 – mark@AtlantaHousingSource.com

At the end of the month, there were 5,942 single family residences actively for sale on the FMLS. In the prior 30 days 426 homes had sold for an average sales price of $161,157. The average sales price represents selling at 96.84% of the average listing price. The average days the homes were on the market before they sold were 85 days.

Brought to you by Mark Lackey, Assoc Broker, EcoBroker with Atlanta Housing Source at Solid Source Realty – 404.886.8789 – mark@AtlantaHousingSource.com

Do you save everything? Are you sentimental about the ill-fitting sweater your aunt knitted five years ago, or your ragged alma mater sweatshirt? If so, your closets may be very full.

Fall is an ideal time to clean out your home. Cleaning out your closets regularly will save you time and energy and keep you from feeling overwhelmed by the task later on. Plus, if your closet is packed with old clothes that you don’t or can’t wear anymore, you may hesitate to update your wardrobe.

Here are some tips to help you organize and unclutter your closet:

Get rid of the clothes you haven’t worn in over a year.
Store out-of-season clothes in a different location.
Try on the clothes you can’t seem to get rid of—it will help you make a decision.
Buy good hangers: wire hangers don’t give good support and leave marks on your clothes.
Hang clothes according to style (i.e., shirts, suits, pants) or color.
If space permits, add a bar for shirts and pants.
When you clean your closets on a regular basis, you may find you don’t need some of the clothing you thought you did. And you’ll actually wear and enjoy the clothes you do have.

What’s more, cleaning out your closets is a small but important step towards clearing the way to move into your next home. If you’d like more information on getting rid of clutter in your home, please don’t hesitate to email or call.

The words and expressions used by doctors, lawyers, and other professionals may sometimes sound like a foreign language. Because real estate terms also can be confusing, here is a mini-glossary of some of the most common ones:

* Agency: The relationship that a real estate agent has with a client.
* CMA: Comparable Market Analysis, a home evaluation based on properties that have sold in the neighborhood similar to the property being priced.
* Disclosure: An oral and/or written communication about agency, property condition, or other key factors.
* Earnest Money: A good-faith deposit provided as consideration when a buyer offers to the seller of a property a contract to purchase the property.
* MLS: Multiple Listing Service, information on properties that is shared among brokers belonging to a specific multiple listing organization.
* Purchase and Sale Agreement: A contract from the buyer to the seller offering to purchase the property for a certain price.

When you’re ready to sell your home, I’ll be happy to explain all the terms and transaction details and walk you through the entire process. Please don’t hesitate to email or call me if I can help you or answer any questions.

Timely information from RISMedia. Make plans to buy sooner than later and save money.

September 1, 2010–The Federal Housing Administration (FHA) is giving homeowners and buyers until October 4 to lock in a low monthly insurance premium, according to Gibran Nicholas, chairman of the CMPS Institute, an organization that trains and certifies mortgage bankers and brokers. “After October 4, the monthly insurance premiums on FHA loans will increase by over 63%.”

What does this mean for home buyers?
A home buyer purchasing a $200,000 home using a $193,000 FHA mortgage before October 4 would pay an insurance premium of $88.46 per month. If the same home buyer waits until after October 4, the insurance premium would jump to $148.01.

“In this example, the home buyer would lose $59.55 per month, or $7,146 over a 10-year timeframe,” Nicholas said. “Although the upfront mortgage insurance premium is going down after October 4, the real impact to the home buyer is actually a net increase in their out of pocket costs because the monthly premium is going up by 63%. Remember, sellers can pay the upfront premium or it can be financed into the loan amount, so homebuyers rarely pay the upfront premium out of pocket. On the other hand, the increase in the monthly premiums will be paid right out of the home buyer’s pocket with their mortgage payment each month.”

Ironically, home buyers who plan to be in the mortgage for less than three years and decide to pay the upfront fee themselves (instead of having the seller pay it for them), may actually save money by waiting until after October 4 to apply for an FHA loan.

“Home buyers with a short term time horizon may actually benefit from this change because the upfront premium will be reduced to 1% from 2.25%,” Nicholas said. This change will impact over 30% of the home buyers in today’s market who use FHA-insured financing. Home buyers considering an FHA loan should find and contact a CMPS professional in their area to discuss their options and what this means for their situation.

Also, you can follow CMPS Institute on Twitter to stay updated on these and other mortgage and housing industry developments.

As autumn is quickly approaching, here are some areas of your home to inspect and repair now so you can relax and enjoy a safe and cozy fall season:

Pests
Mice are excellent climbers and only need an opening the width of a pencil (¼ inch) to sneak inside your home to search for food. Protect yourself by sealing all cracks and other openings into your home and blocking off ventilation ducts with heavy-gauge wire mesh.

Fire protection
Open your fireplace damper and inspect the chimney flue for any nesting birds or animals. The National Fire Protection Association recommends that all chimneys, fireplaces and vents be inspected every year to reduce the danger of house fires caused by excessive creosote build-up.

Nooks and Crannies
Replace worn or missing caulking and weather stripping to keep energy costs down.

Windows
If you use storm windows to protect against the cold weather, make sure they are clean and free of cracks before installing.

Air Circulation
Clean and adjust ceiling fans so that air circulates more efficiently. This allows fans to gently mix warmer air (which naturally rises) back into the room.

Gutters
Whether you do it yourself or hire a handyman, have your all dead leaves and debris removed from rain gutters.

These are just the basics—but they’re important. And while you’re at it, take care of two more items on your home maintenance to-do list: Clean in and around dryer lint vents and replace all smoke alarm batteries. Enjoy the upcoming cooler weather!