Archive for April, 2010
Adopt a Pet in Beverly Hills
April 30th, 2010 categories: Upcoming Community Events
Adopt a Pet day at Roxbury Park presented by The Pet Care Foundation and Big Sunday.
Saturday, May 1st from 11 am – 3 pm Roxbury Park, 471 South Roxbury Drive, Beverly Hills
Bring the whole family to meet your new best friend! If you cannot adopt at this time but still want to help by volunteering or donating please visit: The Pet Care Foundation for more information. Feel free to share this with your friends or family who want to adopt a furry friend of their own!
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Top 5 Ways to Build a Green Home
April 29th, 2010 categories: Home Improvements and Design
Most of us know that adopting an environmentally conscious or “green” approach to life can benefit the planet and its future generations. But did you know that greening your home can also benefit your bottom line in terms of energy savings and tax credits?
I’ve learned a lot of the latest green building strategies from clients and home builders I deal with. I though I’d share some innovative green building ideas from the National Association of Home Builders (NAHB, www.nahb.org) in case there’s a remodel or new-home build in your future:
1. The roof. According to NAHB, 75% of new homes use “oriented strand board” (OSB), an engineered wood product that does not require the use of large trees in its production, to sheathe roofs and walls. Additionally, durable roof coverings, such as steel and fiber cement, reduce the need for roof replacement and are a key part of many solar roofing products that lock in heat during winter and help keep homes cool in summer.
2. The windows. Energy-efficient windows that incorporate advanced technologies like low-emitting glass coatings, keep heat inside in winter and outside in summer. “Passive” solar design features like large, south-facing windows, also help heat the home in the winter and allow for abundant natural lighting.
3. The walls. Vinyl siding on exterior walls saves money on installation and maintenance; fiber-cement siding is termite- and water-resistant and warrantied to last 50 years. Increasing the amount and R-value of insulation is a cost-effective way to save energy and help reduce heating and cooling bills, which account for at least half of all energy use in the home.
4. The outside. “Xeriscaping,” or using native plants, can significantly reduce the need for watering fertilizers and herbicides, and preserving trees on your property reduces energy costs by providing shade in summer and a wind barrier in winter. Also consider a covered entry for your front door, which can help prevent water intrusion and costly repairs.
5. The appliances. According to NAHB, the energy efficiency of refrigerators and freezers has tripled over the last three decades. Front-loading washers use about 40% less water and half the energy of conventional models. New toilets have redesigned bowls and tanks that use less water, while advanced shower and sink faucet aerators provide the same flow regardless of reduced water use.
Please consider the above green building ideas for your next construction project and share this with anyone else who may be in construction mode. I’d be happy to answer any questions you may have or point you toward further green resources, so feel free to email me for more information.
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Real Estate Outlook: Signs of Recovery
April 28th, 2010 categories: Real Estate News
We have rock solid evidence that the housing market as well as the national economy are in recovery mode:
Sales of existing single family homes jumped by 7.3 percent in March, according to the National Association of Realtors survey released last Thursday, and were 13 percent above year-earlier levels.
Median home prices were up as well, despite the heavy presence of foreclosures and short sales being pumped into the listing inventory. Median single family prices were up by 9% year over year in the Northeast region, and by about 7 percent in the South, Midwest and the West.
Meanwhile, unsold inventory dropped by two percent in March, and is now 22 percent below its peak in July 2008.
Lawrence Yun, chief economist of the National Association of Realtors, said the recovery is now “broad” and unmistakable “in nearly every part of the country,” thanks in part to improvements in the national economic outlook and the spur to sales being exerted by the expiring housing tax credits.
Home builders are clearly getting the upbeat message about the recovery as well. March single family housing starts rose by 1.6 percent to their highest level since November of 2008.
New permits- a gauge of where builders expect market demand to be 6 months or more down the road- were up by seven and a half percent for the month, and are 34 percent higher than they were in March 2009- the biggest year over year gain in permits since 1992!
The latest weekly measure of new home purchase loan applications, compiled by the Mortgage Bankers Association, jumped by 10 percent- which is attributable in part to the April 30 contract deadline for the $8,000 and $6,500 federal tax credits.
Consumer confidence and expectations about the national economy also are on the upswing, up by 6 points last month, according to the Conference Board. The board’s widely watched index of leading economic indicators registered a gain of 1.4 percent for the month.
Fannie Mae’s economics department issued its forecast for the balance of the year last week- and the tone was moderately optimistic. Fannie projects national economic growth- as measured by the gross domestic product or GDP- to gain about 3.1 percent this year.
Bottom line this week: Think positive! Because that’s where we’re headed in real estate and the economy overall. Today’s local Market Conditions Report. Courtesy of Yahoo! Real Estate and K. Harney
P.S. Don’t forget to become a fan of Kathy Villa Real Estate on Facebook by following the link on the left. We look forward to connecting with you!
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Why Real Estate Price Padding Doesn’t Work in Today’s Market
April 27th, 2010 categories: Sellers
Seller has window of opportunity to price it right. According to Dian Hymer author of “House Hunting.” I think she has hit it on the nail!
Many sellers are in denial about the current value of their home, particularly if they bought within the past five to six years. The market peaked in the summer of 2006, and home prices dropped significantly in most areas from 2007 through 2009.
Sellers often see no harm in asking a higher price- one based on their needs or desires rather than what the market will bear. “We can always come down” is a common refrain. Letting your home sit on the market at a price that’s too high can result in price reductions and a lower sale price.
Today’s home-buyers are nervous, pragmatic and well educated about the market. Not only are buyers cost-conscious, fewer buyers can qualify for a mortgage than was the case in 2006 due to recent credit tightening. Many who bought in 2006 couldn’t qualify for the same mortgage today. There is a smaller pool of motivated, financially qualified buyers than there was several years ago. These buyers have an edge in most markets.
Buyers want to know how long a listing has been on the market. If it has been on the market for some time, they wonder why it hasn’t sold. Is there something wrong with it? A high price can signal that the seller isn’t motivated. Buyers don’t want to waste their time. Don’t waste yours as a seller if you aren’t serious about selling at current market price.
There isn’t an urgency to buy before prices rise; buyers are taking their time to find the right long-term home. They are not overpaying. Even in low-inventory markets where multiple offers can occur, the price is usually not bid up radically, unless the listing was considerably under-priced.
To take advantage of this window of opportunity to sell; your home needs to be priced competitively. There was a time when sellers padded their list price so that they’d have room to negotiate. That strategy doesn’t work in this market. Your house needs to look great and be priced competitively so that buyers realize they have to jump before someone else does.
The market is constantly changing. If you find after your home is on the market that it’s not receiving the interest you’d anticipated, ask your agent for feedback from agents who showed the property. Find out if similiar listings in the area have sold recently. Did buyers who looked at your home buy other listings instead? The market will tell you quickly if your home is priced too high
Bottom Line: Lower your price as soon as you discover it’s too high so that you don’t lose marketing momentum. If you or someone you know have questions about pricing a home, feel free to call or email me for a comparative market analysis of the property.
P.S. Don’t forget to join others in becoming a fan of Kathy Villa Real Estate on Facebook by following the link on the left. We look forward to connecting with you!
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What is a Mother-in-Law Suite?
April 26th, 2010 categories: Home Improvements and Design
The mother-in-law room, commonly referred to as MIL in the Multiple Listing Service, is usually a private suite with a bedroom, kitchenette and bathroom that is separate from the rest of the home, and may include a private entrance. The addition of a kitchenette to the bedroom and bath offers your senior a little autonomy and the ability to make a cup of coffee or a snack without feeling as if they’re in the way.
Depending on your home’s floor plan, an MIL suite may be easier said than done, but for homes with spaces that can be converted, like a garage, workshop or sun room, preparing your floor plan can be simple. Just take the square footage to a kitchen designer or interior designer and he or she will design a practical and attractive floor plan that maximizes storage and living space.
If you don’t have space available, you can consider contacting an architect or contractor who can create a room addition that will not only complement your home, but also incorporate universal design features such as wheelchair access doorways.
When you decide to add on or build a new structure on your property, remember to check with your city clerk or other municipal authority to see what zoning laws apply to your home or area before you begin construction, because some municipalities prohibit a single-family home from having two full kitchens or a suite having a separate entrance from the main entry, while others will permit these so long as you can prove a family member lives there.
Meeting Your Senior Family Member’s Needs
Remembering the senior’s needs will assist everyone in adjusting to having one more member in the household. Place your senior’s suite on the first floor, away from children’s bedrooms or playrooms, in a tranquil and private part of the home.
Using a few basic tenets of universal design will improve quality of life and make life in the suite more comfortable for your older family member. To begin with, you’ll want to implement wider doors and through ways that are open and easy to navigate visually. Also be sure that doors have lever handles as opposed to knobs to prevent hand cramping or arthritic inflammation.
Lighting is also very important for you MIL. Light switches should be larger than normal and flat, which is also easier on aching joints, and make them easier to see with plates that contrast the paint or wallpaper color. Adding bright lights that help in seeing will make your elderly family member more comfortable, especially if they have adequate lighting for tasks and hobbies. Large windows that let in light are great, especially if they provide a relaxing view of the backyard.
Treasure your time with your loved one, and remember that the time and expense it took to create your MIL suite isn’t wasted, even if it’s only used a few short years. Enjoy the closeness you’ll have with your older loved one. The space will never go to waste, it can always be re-purposed down the road as a family room, second home office, or recreation room. Or keep it ready for that graduating senior as he or she looks for a job!
For more suggestions or questions, feel free to email me anytime. Also- remember to become a fan of Kathy Villa Real Estate on Facebook by following the link on the left. We look forward to connecting with you!
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How to Ensure Smooth Moves
April 25th, 2010 categories: Buyers
If you’re one of the many who have recently taken advantage of the first-time or move-up home buyer tax credit, there’s a happy move in your future. Unfortunately, I’ve seen the stresses of moving cast a cloud over the excitement my clients feel about heading to their new home, making for a nightmarish experience instead of a momentous occasion.
Thanks to my relationships with top moving experts, I can offer several tips to make moving a more streamlined, more pleasant experience:
- Put your move details in writing.
Use a large notebook or binder to centralize all the important details of your move. It should contain detailed lists, including an inventory of boxes. Supplement this with a compter printout of box contents and e-mail it to yourself and a couple of other trusted sources as a back-up.
- Order boxes and moving supplies as far in advance as possible.
It’s never too early to start packing as we all have items that are not currently in use- think winter clothes, your baseball card collection, holiday decorations. Moving companies may allow you to return unused boxes, so order more than you think you’ll need, by 20%. Invest in the right tape to keep boxes securely fastened, some new Sharpie pens, and labels to color-code your move.
- Document your Audio Video details.
Take photos and notes on how your media equipment is set up: television, sound equipment, computer equipment, etc., in order to avoid an AV nightmare in your new home. Label all remotes and wires as well.
- Plan for your pets.
Moving can be particularly stressful for animals. Consider leaving them with a friend or at a reputable pet boarding service.
- Plan for valuables and critical documents.
Most homeowners insurance will not cover property in transit, so consider insuring certain items separately. Take photos for documentation to support loss or damage claims, and carry irreplaceable and legal items, like passports and birth certificates, with you.
- Choose a reputable moving company.
Good companies that can guide you through the process will have a proven track record. Ask your friends and your real estate agent for referrals.
- Keep your moving receipts for income tax deductions.
In many cases, moving expenses are deductible from federal income taxes. If you are moving because of a change in employment, you may be able to claim this deduction even if you don not itemize.
For more information on making your move as painless as possible, please email me- and feel free to forward these tips to any family or friends with a move in their future.
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How to Create a Focal Point
April 24th, 2010 categories: Home Improvements and Design
The focal point defines a room’s ambiance and underscores the room’s purpose. It makes you want to enter, and enjoy the room to sit and relax, study, watch videos, sleep, make conversation, play or whatever the room is designed to do.
What makes a good focal point?
According to Better Homes and Garden a good focal point attracts attention. Focal points are either created for you by the room’s architecture, or you have to create one yourself, but the idea is to make the room enjoyable to use.
The room may have an organic feature that you can enhance, such as a bay window with a beautiful view. A picture window can be enhanced with window seats with colors like blue or green to bring the outdoors inside the room.
By establishing what your focal point is going to be, you have an easier time decorating the rest of your room, because the other furnishings will fit around it. For example, if you are creating a focal point with a fireplace and seating area, you can embellish the mantel with a small group of candles or collectibles. Your seating can be arranged to enjoy the fire in the winter, or you can replace the grate with fresh or dried flowers for the summer.
If you want a warm, relaxing ambiance, add bookshelves and a luxurious lap throw draped on the arm of a chair or couch. Use neutral paints and tones, small patterns or solids on furnishings, and decorate with prints of pastoral scenes or still life. Finish with a thick pile area rug, and you’ve completed a cozy den or study.
If you like this article and other subjects we’ve covered, please follow the link on the left and let us know you like Kathy Villa Real Estate on FaceBook.
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The 5 Factors of a Good Location
April 22nd, 2010 categories: Buyers
Here are the 5 Factors of a Good Location according to Yahoo! Real Estate
“Location, location, location” is a common mantra in real estate. And it’s good advice-except for one thing: most people have no idea what this really means. A good location can mean different things to different people, but there are also subjective factors that determine a home’s value. Depending on your personal needs and preferences, you may not be able to buy a home with all of these factors. And that’s OK- after all, a home is much more than just an investment. However, next time you’re shopping for a new property, keep the following factors in mind:
1. Centrality
2. Neighborhood
3. Development
4. Lot Location
5. The House Doesn’t Matter
For an in depth look at these factors click on the link above. Also don’t forget to become a fan of Kathy Villa Real Estate by following the link on the left. We look forward to connecting with you.
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10 Tips for Downsizing Boomers
April 21st, 2010 categories: Money and Mortgages
1. Grab The Homebuyer Tax Credit
If you’re ready to move soon, there’s a $6500 tax credit for folks who have lived in their old home for 5 out of 8 years prior to closing on a new house. To qualify, you must have a binding contract to buy before May 1, 2010 and close before July 1, 2010. Watch out- there are income limits and other restrictions.
2. Consider A Short-Distance Move
While Sunny and exotic climates might beckon, research suggests that short-distance moves make retirees happier. Maintaining ties to your community- Church and friends and maybe family- will lead to a sense of well-being and security. Consider too the convenience of shopping, doctors, cultural venues and public transit, as well as recreation.
3. Investigate Taxes for Retirees
If you’re considering moving to a new state or city, compare local and state income tax rates, and whether some or all of your pension and Social Security will be excluded from taxable income. Also look into special homestead real estate tax exemptions for seniors. Don’t overlook car and boat taxes.
4. Consider Renting- For Now
Why own when in most of the best markets in the country right now, annual rents are 3% to 5% of purchase prices? If you’d planned to buy all-cash, opt instead to put your funds into 30-year triple-A rated muni bonds, yielding 4.4%. The income they generate will amply cover your rent in many markets- save any surplus bond income. This makes even more sense if you’re trying out a new location where you might want to buy later.
5. Look For Universal Design
If you do buy, look for a home built along universal design principles- wide doorways, flush thresholds, walk-in showers. That will allow you to age gracefully at home. It also will be a help if you’re younger and say, break your leg skiing. A lower level master bedroom and a lower-level bath are key.
6. Consider Multi-Generational Living
Multi-generational living arrangements have social as well as financial benefits. If you might be taking in a parent or a boomerang child at some point, look for a house with an “in-law suite” -a separate bedroom and bath and if possible, a kitchenette, too. Some privacy helps keep family peace.
7. Look for Security and High-Tech Features
Technology can make a retirement home more livable, increase resale value and make it easier for you to travel the world or safer to live alone. A home security system is a favored add-on. In a condo or gated community, look for convenient intercoms to announce visitors and even emergency call buttons.
8. Aim For Low-Maintenance
Folks 55 and up surveyed by the MetLife Mature Market Institute last year wanted help with gardening and a lot of other services, such as major and minor home repair, home-delivered meals, housekeeping and even laundry. You may enjoy these chores now, but check that services are available should you be unable to do it all.
9. Go Green, Senior Style
Consider saving energy (and drudgery) with remote control window blinds. Look for more conventional green features too, such as energy-efficient heating and cooling, solar hot water, or a new Energy Star refrigerator- or install them when you move in. These will pay off in lower utility bills later.
10. Consider Freeing Up Equity
The Center for Retirement Research at Boston College estimates that if boomers are ready to tap into their housing wealth with reverse mortgages, the percent whose retirements are “at risk” drops from 61% to a still high 51%. But reverse mortgages carry many fees. Consider buying cheaper housing now and investing the excess equity or using it to buy an immeidate deferred annuity.
If you or someone you know is looking to downsize and needs help with real estate needs, feel free to call or email me. Also, don’t forget to join others and become a fan of Kathy Villa Real Estate. We look forward to connecting with you!
courtesy of forbes.com
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Tacky House
April 20th, 2010 categories: Home Improvements and Design, Upcoming Community Events
I’m really looking forward to a new show on Style channel called Tacky House. I’ve seen a few clips and so far it looks hilarious. The show targets homeowners with… let’s say, interesting taste of decor and rescues them from their decorative disasters with professional interior make-overs. I just love watching the “before and after” footage of these kinds of shows.
Not only is the basis of the show entertaining but I’m even more excited about the host being Thom Filicia. If his name rings a bell, that’s because he was one of the Fab Five guys of Queer Eye for the Straight Guy. He was the interior design expert of the show and very fab himself! Or perhaps you’re familiar with his work. He redesigned the W Hotel here in Westwood (Los Angeles) California. Can you tell I’m a fan?
The show premieres this Wednesday April 21, 2010 at 11:00pm. You early birds will have to set your DVR’s and Tivo’s! The first show is appropriately titled “When Leopard Prints attack.” Click on the link to see a sneak preview of the show. Feel free to leave your comments and let me know how you liked it.
P.S. Don’t forget to join others and become a fan of Kathy Villa Real Estate by following the link on the left. You can also call or email me with your real estate questions or needs. I’ll be happy to connect with you!
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