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Today’s mortgage rates are at historic lows but history suggests they won’t stay there. Because home buyers may never see these rates again, they need to BUY NOW, says Marc Roth, president of Home Warranty of America.
In an article written for Business Week, Roth states, “If you want to buy a house, now is the time, and if you don’t act soon, you will regret it. Here’s why: historically low interest rates.”
According to Mortgage-X.com, the average mortgage interest rate in 1970 hovered around 7.25 percent. Shortly thereafter, it began crawling upward, landing near 10 percent in late 1973 and settling back to nine percent between 1974 and 1976. Although high by today’s standards, people in 1976 would have been happy with nine percent.
From 1977 to 1981, the 30-year fixed rate was near 18 percent. Rates jockeyed for several years, hitting 11 percent in the late 1980s before slowly declining in the 1990s. July, 1970 - Rate 7%
July, 1980 - Rate 12.19%
July, 1990 - Rate 10.14%
July, 2000 - Rate 8.14%
July, 2010 - Rate 4.59%
Every quarter of a percent counts! On a $200,000 loan with a 10 percent interest rate, the monthly payment would be $1,755. With a 4.5 percent loan, the payment would be $1,013.
Take advantage of today’s 4.5 percent interest rates or it may be another 20 years before rates are this favorable again. Combine that with the reasonable home prices we are seeing today, and this era exemplifies what we mean by a “buyer’s market.”
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Columbus, Ohio's diversified regional economy helped it to avoid many of the economic aftershocks that came after the housing bubble. With properties for all budgets and all buyers, steady home values and brighter unemployment, "it is a great time to be a home buyer in Columbus."
From USA Today:
There are properties for all budgets and all buyers. And interest rates are historically low, under 4.5% for a 30-year, fixed-rate mortgage.
Home prices have fallen from their peak in 2005, but not as dramatically as in other parts of the country.
The employment situation is better than elsewhere in Ohio because the university's research funding is up, insurance jobs have been stable, and manufacturing has recovered a bit.
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With dry summer heat comes opportunity to do exterior home maintenance. This month I would suggest that you focus on caulking. Caulk helps to seal out moisture to help prevent deterioration. I recommend that this month you take a caulking gun along as you check the exterior of your house. An area that often goes uncaulked is the sill plates at doors and sliding glass doors. Be certain to check those areas to make sure the sealant is still working as it should. If is not working then scrape it off and replace it with new.
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Come visit Ohio's largest Parade of Homes at beautiful Ackerly Park located in New Albany, Ohio July 24 -August 8, 2010. Monday-Thursday: 12pm-9pm
Friday and Saturday: 10am-9pm
Sunday: 10am-6pm
No admittance 1 hour prior to closing Single ticket admissions are available at the Parade site. Cost: Ticket price $12; Parking $2/car; Children 12 and under free.
REALTORS® may attend free during REALTOR® Morning Tuesday, July 27 9:00 a.m. to 11:00 a.m. Cost after 11:00 a.m. is $10
www.sandrathomassells.com
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The Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit. Lead by Senate Majority Leader Harry Reid, the amendment to HR 4213, the "American Jobs and Closing Tax Loopholes Act of 2010" would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Originally, the tax credits gave home buyers until April 30 to get a signed sales contract and until June 30 to complete the sale. This proposed change, approved by a 60-37 vote, would allow people who in contract to finish at the later date. About 180,000 homebuyers who already signed purchase agreements would otherwise miss the deadline. The House passed an earlier version of the bill in December, and the Senate approved its own version in March. The Senate is currently working on resolving differences between the two bills. The National Association of REALTORS® supports the amendment, saying REALTORS® have reported that as many as one-third of qualified applicants have been told by lenders that their loans will not close before June 30 because of the sheer volume of loan applications in the pipeline.
Posted: 6/17/2010
Columbus Board of REALTORS®
www.sandrathomassells.com
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When buying a home, your offer should always be contingent on the results of a professional inspection of the property. If the inspection turns up something like termite infestation or cracks in the foundation you can back out of the contract, or you can have the seller repair the problem to your satisfaction. A professional home inspection will cover the interior and exterior of the house, but it will rarely include an inspection of the building's sewer (known as the private sewer lateral or side sewer). The private sewer lateral is the part of the sewer that runs from the house to the public sewer main, which is located under the street, alley, or in an easement behind the house. The maintenance and repair of the private sewer lateral is the responsibility of the property owner. But most owners don't give much thought to the private sewer lateral until a sewage back up occurs, usually due to a damaged or root-clogged pipe, or an offset joint. Repairing damages caused by a sewage backup can cost thousands of dollars; an expense not always covered by homeowner's insurance policies. For only a few hundred dollars, a licensed plumber can do a video inspection of the private sewer lateral. The video will show if there are cracks or breaks in the pipe, offsets, and any root intrusion (the leading cause of sewer backups). Private sewer lateral repairs costs can be several hundred dollars; replacement costs can run $5,000 or more. If a private sewer lateral problem is discovered as part of the home inspection prior to close of escrow, the buyer has the opportunity to negotiate with the seller to cover the cost of cleaning or repairs
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Trulia.com, smart real estate search to help you make better decisions, recently announced that 20% of current home listings have been reduced in price at least once, compared to 27% in April 2009, representing a 26% decline nationally. Trulia was one of the first companies to issue national price reduction reports and is available to provide historical data on trends taking place as early as April 2009. “With such a dramatic drop in home price reductions over the past year, we’re beginning to see early signs of stabilization in the housing market on a national level, as well as locally in certain markets,” said Pete Flint, Trulia co-founder and CEO. “As the federal stimulus comes to an end this month, coupled with expected increases in interest rates and foreclosures, the next few months will be very telling for whether the U.S. housing market can be self-sustaining over the longer-term. Trulia will continue to track price reductions going forward as an indicator of health in real estate market.”
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The Columbus Board of Realtors reports an email (subject: "Homeowners--Listen Up") is being re-circulated claiming that H.R. 2454: the American Clean Energy & Security Act would require an energy license/retrofits for home sale. The email is NOT accurate. H.R. 2454 remains pending in the Senate. Senators Kerry (D-MA), Graham (R-SC) and Lieberman (I-CT) continue to pursue bipartisan support for an alternative to the House bill to move the legislation forward for consideration by the Senate. NAR continues to monitor the Senate efforts and will work to ensure residential and commercial real estate is not adversely impacted.
Additionally, during consideration of H.R. 2454, NAR was instrumental in eliminating time-of-sale energy efficiency requirements from the bill. The House approved H.R.2454 with the following two provisions. We will work to ensure that these provisions are retained in the Senate version of the legislation:
* Section 202 (Building Retrofit Program) would offer matching grants for home improvements. State governments would administer the program which is voluntary and available to all property owners.
* Section 204 (Building Energy Performance Labeling Program) would apply to new construction only and prohibit time-of-sale labeling. The original energy audit and MLS listing provisions were deleted.
Thanks to Realtors, NAR succeeded in excluding existing real estate from the bill requirements. Last summer after the House approved its version of the legislation and this email originally surfaced, NAR developed a full packet of information complete with legislative analysis, Myths vs. Facts, FAQs, etc.
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Certain gypsum board (drywall) products used in walls and ceiling in some homes has been implicated as the source of the outgassing (vapor emission) of chemical compounds that have caused corrosion of building materials and may also contribute to health concerns. The bulk of these problem (tainted) drywall cases have been linked to certain products imported into the United States from China between 2001 and 2008, with the majority of cases found in homes in Florida, Louisiana, Virginia and other southern states were the drywall was installed between 2003 and 2007. However, isolated cases have been found in over 30 other states. The drywall in question has been found to emit sulfur vapors, which have been identified as contributing to odors within the home, as well as factor in the corrosion and discoloration (blackening) of certain metal elements. The identification of problem drywall is a two-step process that involves: (1) an initial or threshold (limited time/scope) inspection for visual signs of conditions such as metal corrosion and evidence of the installation of new drywall during the relevant time period; and (2) the identification of corroborating evidence or characteristics associated with problem drywall. Finding evidence of metal corrosion (for example, the blackening of copper water piping, electrical wiring and/or air conditioning coils) and evidence of drywall installed during the relevant time period is a prerequisite for a determination of suspect problem drywall. However, because similar conditions can occur in a home for other reasons, it is important to obtain corroborating evidence before undertaking any remedial action. Homeowners are advised to be aware of possible scams such as the sale of homeowner tests kits to identify problem drywall, special sprays to encapsulate the drywall, or ozone generators or filtration equipment to clean the air. A threshold problem drywall inspection is recommended for homes constructed during this period when evidence of problems exist or a high number of suspect cases linked to problem drywall have been reported in the area. If a threshold inspection indicates conditions that may be a sign of the presence of problem drywall, arrangements should be made to obtain corroborating evidence. While you, as a homeowner, may be able to perform a threshold inspection, a qualified laboratory and/or other qualified specialist should be contacted to perform further investigations. Also, it would be prudent to contact the builder or subcontractors responsible for the drywall installation and local building and/or health officials to determine if any local problems have been reported or whether the drywall present may be suspect. In addition, if you are not the original homeowner, it is recommended that you obtain information from the previous homeowner about any known odor or component deterioration problems they may have experienced. www.sandrathomassells.com
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Notice of Funding This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010. Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.” This is because it is not certain when additional funding will be available. Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited. We apologize for any inconvenience this may cause you. Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202)720-1452. For more information, feel free to contact Sandra Thomas at (614) 805-8679. www.sandrathomassells.com
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That impressive formation of ice along the roof edge of a house after a snow storm may seem to be a unique form of nature’s artistry; however, most people never stop to think about the causes of ice formations. Nor do most people, except those that regularly experience ice dams, know what damage the ice can cause.
 Ice dams occur when heat escaping through an under-insulated and poorly ventilated attic melts the layer of snow resting on the roof. Water flows down the roof beneath the snow layer and remains insulated by the snow until it reaches the lower areas of the roof where it re-freezes. As the cycle repeats itself, the ice at the eaves builds to form a dam that prevents the water from draining off the roof. Eventually the water backs up under the shingles and can seep through the roof deck and attic into the rooms below. As a result, insulation material becomes soaked and anything susceptible to water damage including wallboard, paint and wallpaper is potentially ruined. Long-term moisture conditions can also lead to mold concerns. What can help prevent these problems? At one time, attempting to melt the ice along the eaves using electric heating coils was thought to be the answer for ice dams. However, subsequent studies and long-term experience with the use of heating cables, indicates that maintaining a cold roof deck often is the most effective way to prevent ice dams and the resultant damage. By improving insulation and ventilation, heat from the house that could contribute to rapid snow melt doesn’t make its way to the attic. Having good air flow from the outside helps move out any heat that does build up, so that the underside of the roof stays cold and the snow melts very slowly and uniformly.
To reduce the possibility of ice dams forming: - Clean all leaves and other debris from roof valleys, gutters and downspouts before the first snowfall.
- Install additional attic insulation so the thermal resistance or R-value matches that recommended by the local utility or required in new energy codes. Homes built before 1970, where the insulation has not been upgraded to appropriate levels or was not properly installed, are prime candidates for the formation of ice dams.
- Consider attic ventilation provisions. If necessary, add more ventilation to keep the underside of the roof deck (sheathing) cool and dry to reduce the rate of snow melting from the roof. Vents may be needed at the lower edges of the roof (eave area) and at the roof ridge for optimum air circulation.
- If this does not correct your ice dam problems, consult with a reputable roofing and/or insulation contractor about making improvements.
These are general guidelines. Remember to call a professional with your unique situation.
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Call it killing three birds with one stone: The federal government hopes simultaneously to help low-down-payment homebuyers, investors who fix up foreclosures, and communities burdened with too many bank-owned and foreclosed homes -- all with one potentially far-reaching policy change. The Federal Housing Administration -- better known as FHA -- is revising its long-standing anti-flipping rules starting Feb. 1, and just might score a hit with all three target groups. For years, the FHA has had a strict prohibition: It wouldn't insure a mortgage on a house owned by the seller for less than 90 days. The ban was a reaction to fraudulent quick flips of houses that inflated their values far beyond true market worth. The flips were often cons: Buyer A would acquire a low-cost house in bad repair, do minor cosmetic changes and resell within days to Buyer B, who was also part of the scheme, at a significantly higher price. The sequence could involve a string of serial flippers within a month or two, with the trumped-up prices spiraling. The endgame usually went like this: Find a hapless purchaser for the flipped house who would apply for a low-down-payment FHA loan. Typically, that buyer defaulted quickly -- leaving the FHA with a foreclosed house on its books and a loss to its insurance funds. But now the FHA is suspending the policy, at least for the next year. The objective will be to speed up sales of renovated houses to first-time and other purchasers, said David H. Stevens, FHA commissioner. With foreclosures at record levels -- an estimated 2.8 million filings last year alone -- many communities are faced with excesses of bank-owned properties sitting unsold, often in poor repair. By waiving the 90-day rule, private investors will be more likely to bid on the houses, fix them up and sell them to buyers who will now be able to gain early access to FHA financing, which offers 3.5 percent down payments. What's the significance of the 90-day timeline? It's huge, say investors who specialize in acquiring and renovating foreclosures and bank-owned properties. Bobby Taylor, a broker with Coldwell Banker Mountain West Real Estate in Salem, Ore., said the FHA's change of heart "is going to be absolutely terrific" for anyone looking to bid on a moderate-priced post-foreclosure house in good physical condition. Some lucky buyers will even be able to combine the $8,000 federal tax credit with 3.5 percent FHA financing -- provided their contracts are signed by April 30 and closed by June 30, when the credit program expires. FHA's revised policy doesn't apply to all post-foreclosure renovations, however. Stevens outlined two key restrictions: • There can't be game-playing or conflicts of interest among buyers, sellers, realty agents or others involved in the deal. "All transactions must be arm's-length, with no identity of interest" among any of the participants. • Price run-ups must be relatively modest and justifiable from the time of the investor's acquisition to what's paid by the applicant seeking FHA financing. Generally the limit will be 20 percent. When the price jump exceeds 20 percent, the FHA expects participating lenders to require extensive documentation of the renovation expenditures to justify the hefty price increase. Lenders also are required to order an independent property inspection so the purchaser can understand the house's physical condition and the improvements made. Kenneth R. Harney covers housing issues on Capitol Hill for the Washington Post Writers Group. You can write to him at P.O. Box 15281, Chevy Chase, MD 20815
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Understanding your insurance can help you save time, money and maybe your own health.
(NAPSA) - With the right information, you may be able to save money on your medications right now. That's because an often overlooked part of any health care plan can be the prescription drug benefit. Knowing how to make the most of prescription drug coverage can be key to keeping your medical expenses as low as possible.
"When problems with coverage arise, often patients will pay out of their own pockets or, worse, go without the medicines they need to stay healthy. Because that can take a tremendous toll physically and financially, it's important for consumers to know whether they really should be shouldering those costs or if their plan can help them," says Sally Greenberg, executive director of the National Consumers League.
It's one of several organizations supporting an educational effort called Your Pharmacy Benefit (YPB) that helps consumers understand the rules of their coverage, how to get the most out of their coverage and how to tackle problems that may arise.
For example, the organization advises, if you've been told there's a problem filling your prescription, don't walk away from the pharmacy counter until you know what the problem is. It may be easy to fix. If the information in the pharmacy computer doesn't match what is on your current pharmacy ID card, you may just need to show your card to update your record.
Sometimes the problem is something your doctor should know about. For example, if the medicine could react badly with another medication you take, your plan may need your doctor to confirm that you should take it before the plan will pay.
Even if you're told a medicine you need is not covered, if your doctor thinks it's important for you to have it, you can appeal the plan's decision. Write a letter to the plan and ask for the medicine to be covered or to be paid back for the cost of the medicine if you have already paid for it yourself. Your doctor may have to explain why you need this specific medicine. Dan Leonard, president of the National Pharmaceutical Council, another organization sponsoring YPB, said, "One common problem patients encounter is that the pharmacist cannot fill the prescription. There are a variety of reasons this might happen. YPB materials help with troubleshooting and even provide guidance on how to file an appeal with the insurance company if needed."
For Medicare beneficiaries, there is special information on how to navigate the "coverage gap" and how to navigate appeals and exceptions within the Medicare Part D program. www.coldwellbanker.com/sandrathomas
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You can feed your baby top-quality formula and still save
(NAPSA) - There's good news for parents when it comes to doing
what's best for baby's health. You can provide for little or
no cost most of what your baby needs right now. According to
the experts on infants at the Centers for Disease Control,
it's important to:
- Talk to your baby. It is soothing to hear your voice. When
your baby makes sounds, answer him by repeating and adding
words. This will help him learn to use language.
- Read to your baby. This helps her develop and understand
language and sounds.
- Sing to your baby and play music. This helps develop a love
for music and math.
- Praise your baby and give him lots of loving attention.
Cuddle and hold your baby. This helps her feel cared for and
secure.
More good news is that you can save money on feeding your
youngster. ***-feeding is not only generally best for
baby's growth and development, but also it's free.
If you do choose to use infant formula some or all the time,
you can save by shopping for price without sacrificing
quality. That's because parents can save by buying store-brand
formulas, which recently received a boost from several studies
by pediatric researchers at the University of Virginia. "Our
work proves there is no physiological reason you can't switch
from one brand of infant formula to another that shares the
same protein source, which means store brands are just as
nutritionally sound as national brands," said James L.
Sutphen, M.D., Ph.D.
In addition, "Consumer Reports," perhaps the foremost
authority on quality and savings, says that there's no need
for parents to choose expensive national-brand infant formulas
over their much more reasonable store-brand counterparts sold
at drugstores, grocery stores and other retailers.
"Is the store brand as good as the national brand? It has to
be," writes author Sandra Gordon and the editors of "Consumer
Reports." "According to the Food and Drug Administration
[FDA], all formula marketed in the U.S. must meet the same
nutrient specifications, which are set at levels to fulfill
the needs of infants.
Although infant-formula manufacturers may have their own
proprietary formulations, brand-name and store-brand formula
must contain at least the minimum levels of all nutrients
specified in FDA regulations, without exceeding maximum
levels, where those are specified."
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www.kingthompson.com/sandrathomas
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If you were to measure the total space of the cracks, gaps and holes around the perimeter of an average home, you would find a hole that is roughly three feet square. Imagine how much heat can escape, or moisture can enter, through a space that large. To prevent these problems, inspect the perimeter of your home and apply caulking or weather-stripping wherever necessary. Both caulking and weather stripping can reduce the flow of cold air in, warm air out, and ultimately cut energy costs. How to Caulk: Clean surface by removing dirt, loose paint and old caulk, and thoroughly dry the surface. Determine which caulk to use based on the size of the crack or gap and the surrounding material. Cut the tip off of a tube of caulking at a 45° angle and load it into a caulking gun. The nozzle is tapered, so the amount you cut off determines whether you have a thin, medium or heavy bead of caulk. Cut near the narrow end for a narrow bead or further up for a wider bead. Use a long nail to break the inner seal and to plug the nozzle when finished. Apply caulk by laying a uniform bead of caulk that overlaps both sides, and completely fills, the crack. Remove excess caulking and allow it to dry. Weather-stripping: Apply weather-stripping at joints where two surfaces meet, such as around windows and doors, to provide an airtight seal. There are a few different types of weather stripping and each has its benefits and drawbacks. Once you choose the appropriate weather stripping, follow the instructions for proper application. - Tape - lasts only one year and should only be used on windows or doors that will not be opened. Tends to dry and loosen within one season
- Felt - lasts one or two years and should be used on the top and/or sides of doors or window frames for sealing gaps of uniformly narrow width
- Foam - This is known as “backer rod” and looks like a foam tube in a roll. It comes in different diameters and lasts one or two years. Use on the bottom of window sashes or around the frames of warped or loose-fitting doors and windows
www.kingthompson.com/sandrathomas
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