All posts by ksimmons
How to Choose the Most Important Features in a Home
How to Choose the Most Important Features in a Home
January 15, 2015
Buying a home is a long process. Approaching it correctly from the beginning can save a great deal of time and effort later and help improve your chances of finding the right home for you.
Make a List of the Most Important Aspects You Want in a Home
Determining exactly what to look for is often the most difficult part of the home search. Homes come in varying shapes and sizes, with different colors and characteristics. Paying attention to all of these details can become problematic, causing you to lose focus.
The best way to avoid this is to sit down ahead of time and make a list of the most important aspects of the home you want to buy. For example, you likely have a certain number of bedrooms in mind. Maybe you want to be in a certain school district, or perhaps you want a larger kitchen.
Some experts recommend making a secondary list of desirable characteristics that you can do without, but would prefer to have, if possible. This list can be longer and used to narrow down choices or decide between homes if more than one is appealing.
#1 Reason to Sell Now
#1 Reason to Sell Now
If you are one of the many homeowners out there who are debating putting their home on the market in 2015, don’t miss out on the opportunity that currently exists. There will be significantly less competition in the winter months than in the spring.
According to the National Housing Survey released by Fannie Mae, 45% of homeowners “say mortgage rates will go up in the next 12 months.”
What Does This Mean?
Homeowners are unaware that interest rates are projected to go up by all four major reporting institutions – This is big news for move-up buyers reflecting the overall amount of housing inventory that will be on the market.
If existing homeowners believe that mortgage interest rates are not going to increase, then they won’t be inclined to make a move by putting their home up for sale, meaning less competition for sellers who list now.
Don’t Wait!
The study also revealed that:
“Those who say it is a good time to buy a house rose to 68%” & “the share of respondents who think it would be difficult to get a home mortgage today decreased by 3 percentage points.”
As Doug Duncan, senior vice president and chief economist at Fannie Mae explains:
“We expect consumer attitudes toward housing to improve as the pickup in the overall economy lifts employment and income prospects.“
Bottom Line
There are buyers out there who are ready to make a move. If your goal this year is to move up to your dream home, what are you waiting for?
4 Tips for Selling a Home in Today’s Real Estate Market
4 Tips for Selling a Home in Today’s Real Estate Market
January 13, 2015
Selling a home in today’s real estate market can seem overwhelming, but with a seasoned real estate agent, you will be well equipped when navigating the home selling process. Try implementing these tips below and consult your agent to make your selling process as effective as possible.
- Avoid Clutter When Staging a Home
Make sure that you remove any clutter in your home.
You may want to move some items of furniture or other large objects into a garage or basement, or place them in storage. At the same time, do not completely empty out the house as it may leave a potential home buyer with the impression of a sterile and uninviting environment. Some ways you can improve your home aesthetically include planting flowers, painting your home a neutral color and removing personal items such as picture frames and mail.
- Offer Incentives
One effective way to distinguish your home for sale from others is to offer special incentives. For example, you can offer gifts to home buyers or can let them keep some of the existing appliances in the home such as a washer and dryer set.
- Increase Marketing
A real estate agent is a great resource who can help market and spread the word about your home for sale. However, be sure to utilize all other resources available as well. Many younger, first-time home buyers use social media websites to locate homes for sale. You may want to sign up for these sites and include detailed information and professional-looking photos to help attract prospective home buyers.
- Price Aggressively
While putting your home up for sale with a low price tag may not be ideal, by pricing competitively, you may be able to attract more attention to your property than if you try selling it at market value.
Plan for Home-Buying Success, Not Paralysis
Plan for Home-Buying Success, Not Paralysis
By:
It’s hard to balance your needs, wants and finances—almost every aspect of your life—when buying a new home. The sheer range of choices and decisions can lead to “paralysis by analysis” for prospective home buyers.
Overanalyzing when buying a home is perfectly understandable, but the crucial question is: How can you get past it?
Stay organized
List what you’re looking for in a home, then divide the items into “wants” and “needs.”
These items should include your preferred location, home style, size and features, or proximity to friends, work and shopping. Keep this list handy when looking at homes.
Create a list for each aspect of the buying process, and then break out your options and what you hope to get out of each stage. For example, consider the professionals (e.g., REALTORS®, lawyers, mortgage brokers and engineers) you will need to consult. Jot down thoughts on the help you’ll require from each of the experts, and then update your notes with the advice they give you.
If you’re debating on where to compromise on your home—and if the property is worth it—the experts can help you decide.
Taking some time to think through your concerns and needs, and how to get answers to your questions, can help give your search direction—and ensure you don’t forget anything important.
Balance sheet
The financial aspects of buying a home can be daunting, particularly as you try to figure out what kind of house you can afford.
Start by examining your current income, assets and liabilities, and then consider your needs in the immediate and near future. Will you need to pay for preschool, college or retirement?
Consider future sources of income, including any expected promotions or other salary increases.
Weigh the costs involved in purchasing and maintaining your new home, including tax and insurance.
Apply the 20/28/36 rule: Aim for a 20% down payment, then assume a mortgage not more than 2% of your gross monthly income and monthly expenses that hover around 36% of your gross monthly income.
These are guidelines, not rules—there may be valid reasons why your percentages vary—but these simple ratios can guide your decision.
Fear of the future
Finding reasons to worry is easy.
It’s natural to fret over making your mortgage payments, whether the place you buy will meet your needs in five years or 10, or whether your investment will increase in value.
Some fears are easier to deal with, such as managing your money well so you can afford to pay off your mortgage. Seeking professional financial advice may help put your mind at rest in this regard.
Interest rates and property prices are beyond your control. However, your best hedge against the future is to keep your home in good condition for when you decide to sell it. Quite often, a well-maintained home will attract a buyer.
As for the difficulty in predicting what your personal situation will be—whether you will have a partner, children or parents to care for—this is where you need to just close your eyes and leap.
Trust that all of your preparation and homework have led you to make the best possible decision you can. That’s the best anyone can do.
And it often works out just fine.
Based on an original article by Ben Apple
The Home of the Future Needs an Operating System
Forget about Rosie from The Jetsons. Think Jarvis from Iron Man.
While people claim that they are an “Apple household” or a “Windows house” the question I am posing at this year’s Consumer Electronics Show (CES) is “Does your home need its own operating system?”
I’m starting to think the answer is yes.
Home automation is by far the most popular topic at this year’s CES. There are hundreds of booths touting how they can help you manage your home’s temperature, appliances, lights and even water from an app on your smartphone. I’ve spoken to dozens of these companies and I ask them all the same question, “What makes yours different than the others?”
They always have an answer, but when you get past the sales pitch the truth is the differences aren’t that distinctive. The variety of options available is eerily similar to the choice between apps inside the App Store on my iPhone. If you search on the App Store for “photo editor” you will get back thousands of results. Each app will do something slightly different or have a different layout or a special feature, but they all do the same thing: edit photos. What ties all these apps together is the fact they run on the same operating system of either iOS or Android depending on what phone you have.
With a myriad of home automation choices now hitting the market, will the time soon come that our homes will have its own operating system that will allow us to then manage it based on the app of our preference. I’m talking about a hardwired system that is part of the infrastructure of the home. These would be the digital pipes in our walls that we know help the house run.
The Sage home security and automation system from Hughes is close to achieving that. Their home automation system runs on both your TV and mobile devices while aggregating the different services into a singular screen. Instead of looking at one app for monitoring electricity usage and then having another app for security, Sage allows access to all these features from a central hub, but I see the potential for them to possibly open up their system for others to add functionality through a Home App Store of sorts.
I like the idea that Sage is using the TV and mobile devices, especially as the adoption of HD video cameras for security or seeing who’s ringing the doorbell becomes more prominent. I also wonder if the likes of Google or Microsoft jump on this opportunity sooner and work with home builders to start laying a foundation (puntastic!) for this function to be embedded in homes when they are first built.
While people often reference The Jetsons as an example of how this home automation will work, I actually think we’re closer to having something like Jarvis from the Iron Man series. If you’re not familiara, Jarvis is artificial intelligence that Tony Stark (a.k.a. Iron Man) speaks to in his home as well as while in his Iron Man suit (think car for us in the real world) to help him achieve various tasks. Jarvis responds to voice commands, but also knows and learns Tony Stark’s habits and adjusts things for him based on his habits and preferences.
Your home will eventually have a Jarvis. For right now though, I think an operating system with a home app store should be something companies work on for CES 2016.
Be sure to check out all our CES coverage by visiting blog.coldwellbanker.com/ces.
Lowe’s Iris App Is Making Smart Homes Easy & Affordable for Homeowners
Lowe’s Iris App Is Making Smart Homes Easy & Affordable for Homeowners
The Iris app by Lowe’s is making it easier than ever to control everything in your home with the touch of a button.
Imagine having the power to control everything in your home with the touch of a button. Turning your lights on and off, closing your blinds, or even letting your dog outside is all possible with a simple tap on your smart phone or tablet. It sounds pretty futuristic, but the Iris app by Lowe’s is making this a reality for homeowners everywhere.
Lowe’s describes the Iris app as a “remote control for your home.” Starter kits run as low as $179, so you don’t need to worry about breaking the bank to add helpful gadgets to your home, make your life easier, and keep your family safer. The kits are geared towards home security and energy conservation, but you can completely customize it to fit your home and your family’s needs.
Home Security
Contact sensors can be installed anywhere you want to monitor activity in your home. Placing one near a window is one of the most common uses, but you can also monitor your medicine or liquor cabinet. The sensor will alert you when someone opens the cabinet, which is a great way for parents to keep their children safe.
Motion sensors are a must for monitoring activity in your home, whether it’s from afar or when you just want to keep an eye on something from another room. One of the demonstrations we saw at CES showed a sensor in a baby’s crib, so parents can be notified when their child is moving around during the night.
Energy Conservation
The smart thermostat allows you to control the temperature in your home remotely, which is a guaranteed way to conserve energy and lower your monthly utility bill. Installing smart plugs allows homeowners to turn the lights on remotely so they never have to come home to a dark house again.
We also checked out the smart valve, which is a device that connects the main water supply in your home to the Iris app. The app allows you to turn water on or off remotely, which gives homeowners peace of mind knowing they can protect their home from any leaks or flooding, no matter where they are.
It’s never been easier to have a smart home, and Lowe’s Iris kits are the perfect way to get started. Tweet us @coldwellbanker and let us know how you would customize your home, and make sure to visit our our CES blog page to check out all the latest trends in home technology. You can follow our CES adventure in real time by searching the hashtag #CBCES.
4 New Year’s Resolutions for Your Home
4 New Year’s Resolutions for Your Home
Have you made your 2015 New Year’s Resolutions yet? Here are 4 commitments we should all be making to our homes this year.
Have you made your 2015 New Year’s Resolutions yet? If you have, we hope you’re already off to a great start.
According to research conducted by the University of Scranton, 47% of people who make New Year’s resolutions make commitments to self-improvement or education related resolutions. But, what about home improvement? Home is so intrinsically tied to our self identity, so shouldn’t we make a few resolutions for our home, too? Before 2015 gets away from us, here are 4 New Year’s Resolutions to make this year for your home.
1. Implement a “one in, one out” rule. A cluttered home can sometimes translate to a cluttered life. To start the year off fresh, take some time to sort through the items you’ve added to your home and vow to only hold on to those that are useful or have sentimental value. Then going forward, for each new item you add to your home, vow to donate or toss another. This will teach you to only collect items that have use or purpose.
2. Learn to be grateful for home. Answer this question: what does home mean to you? Is it a blessing? A refuge? A shelter? A place to gather? No matter the answer, home is a place that should never be taken for granted. This year, commit to remembering the true value of a home. One of the best ways to do this is to look for opportunities to share the gift of home with others. Take in a shelter pet, participate in a home build for those less fortunate, or simply share family traditions with your children.
3. Make a fix it calendar. Life gets busy. A winter project gets put off until the warmer weather arrives. And then the spring comes and we don’t want to spend the warmer days doing home projects. Take time this January to identify things around the house that could use a little TLC. Add one to-do to each month of your fix-it calendar and commit to focusing on that one project for 30 days. It’s easy to put off those home projects, but with a structured plan those honey-dos seem a little more manageable.
4. Make happiness your map. Finding a new home is a big move. Literally! Packing up and moving to a new home can sometimes be intimidating, but if a little extra room, a bigger backyard or a better neighborhood will add to your happiness at home, it’s worth revisiting the big picture. Real estate professionals are there to help throughout the home buying or selling process and with more modern home search tools at your fingertips, searching for the right home for you has never been easier.
We hope you find health, happiness, and most importantly, home in 2015. Here’s to another beautiful year ahead!
FRIED MASHED POTATO BITES-Perfect for Your Housewarming Party
January 2, 2015
FRIED MASHED POTATO BITES
Ingredients:
For the mashed potatoes:
- 2 lb. potatoes, peeled and quartered
- 1 tbsp. salt
- ½ c. milk
- 4 tsp. butter
- 3 cloves garlic, crushed
- 3 oz. Cheddar cheese, shredded
For the breading:
- 2 eggs
- 1½ c. panko bread crumbs
- Oil for frying
Instructions:
- In a large saucepan, add potatoes and salt, and cover with water. Bring to a boil over medium-high heat, and cook potatoes until tender. Remove from heat, and drain water.
- In a separate saucepan over medium heat, combine milk, butter, and garlic, and cook until simmering. Remove from heat.
- Using an electric beater or potato masher, slowly blend the potatoes with the garlic-cream mixture until the potatoes are mashed and smooth. Fold in Cheddar cheese, and stir to combine. Refrigerate mashed potatoes for 1 hour to cool.
- Prep your work station for frying: Lightly beat the eggs in a bowl, and spread bread crumbs on a plate. In a shallow frying pan, heat oil to 375°F.
- Using a spoon, form the cooled mashed potatoes into 1-inch balls. Dip each ball into the eggs, and then roll onto bread crumbs until completely covered. Fry the potato balls (a few at a time) for 2-3 minutes, flipping halfway through so that the crust turns golden brown on both sides. Serve warm.
– See more at: http://americanlifestylemag.com/sharable/choosingsides6805/#sthash.Ajlgv0tF.dpuf
How to Approach Homeownership Based on Age
January 2, 2015
How to Approach Homeownership Based on Age
By:
Homeownership is a crucial component of building wealth, as seen in recent research, but it means different things for different age groups.
For example, seniors who are in the best financial situation to handle expenses after retirement are homeowners who have no remaining mortgage—they have the value of their home as a cushion in their household wealth, and they spend less on housing than seniors who rent.
Although owning a home can benefit consumers of all ages, specific homeownership strategies should differ based on your stage of life.
Here’s a summary of guidelines for approaching homeownership applied to today’s biggest generations.
Millennials
Understand the advantages of owning a home. Save for your down payment. Work on your credit score. See what you can afford to buy. Seek the advice of a local REALTOR® to advise on local demand and supply to ensure you can get a home that fits your needs at an appropriate market price. Time is on your side.
Forecasts for the economy and housing are positive, but even if there are down years in the future, your investment should outpace inflation and help you build wealth—in addition to enjoying your own home while avoiding ever-escalating rents.
To benefit most from the compounding gains of homeownership, it is best to start sooner rather than later, assuming you can afford to buy today and qualify for a mortgage.
Gen X-ers
Ensure you have a game plan to pay off your mortgage by the time you intend to retire. If you refinance to lock in lower rates, make sure you get a shorter term than 30 years.
If you were a victim of the foreclosure crisis, work on your game plan for re-entering the property ladder. You also still have time to reap the longer-term benefits—plus you are approaching your peak earning years such that shorter-term mortgages like a 15-year or 20-year loan would work. Shorter-term mortgages would enable you to retire while owning your home free and clear.
Boomers
Think about your plans for retirement and if that aligns with the remaining term on any mortgages you hold. You may also be considering retirement homes and second homes. Buying sooner rather than later will help you lock in today’s lower prices and mortgage rates while enabling you to enjoy your dream home sooner.
Plus, those young millennials you raised, taught, coached and now manage may want to buy your existing home: It’s a great time to sell.
Jonathan Smoke is realtor.com®’s chief economist.