Prime Beverly Hills location. Open Sunday, May 20th from 2-5pm

This gated, private 2-story, 5 bedroom/4.5 Bath home has a fabulous big open space that includes the living room, family room and dining area. These rooms include beautiful bamboo floors, a dual fireplace and French doors leading out to a charming private brick patio oasis. Great family kitchen with breakfast area, updated appliances and generous pantry. The main floor has 3 bedrooms which includes a spacious master bedroom and wonderful master bath boasts a steam shower, spa tub and dual sinks. There is an office with built-in bookcases that could easily be a 4th bedroom. The 2nd floor consists of a customized media room and 2 additional family bedrooms with one bath. There’s a 2-car garage, plus ample parking area and a grassy yard. This is the perfect family home for entertaining!

The housing market is nearing a bottom in many areas. But I think this recovery is fragile, just like the beginnings of a recovery economy. Unforeseen events certainly could cause another dip in prices, but even if this happens, I don’t think that most areas will drop very much. These temporary declines don’t matter as much to people who buy and intend to live in the home long term. Interest rates seem to be rising, and that will cause mortgage payments to rise as well. I would definitely start planning to buy!

If you or someone you know is ready to buy or sell, please feel free to call or email me for your real estate needs. Also like us on Facebook for real estate trends and tips. We look forward to connecting with you!

While property taxes will be an additional bill homeowners do incur, the amount they pay in property taxes each year is also something that can be deducted from homeowner’s income taxes, reducing its actual impact on a household’s finances.

One of the biggest tax advantages of homeownership is the available income tax deduction for mortgage interest. For each mortgage payment, a significant amount goes toward interest on the loan, and not the actual principal amount.

Whatever homeowners pay in interest on their home loan, they can deduct that amount, which is generally thousands of dollars per year. Buyers don’t need to worry about calculating this themselves, because the lender sends out a year-end summary for use each tax season.

The interest can really add up during the early years of a loan. For example, on a $200,000 loan with a 7% interest rate, the monthly payment is around $1300. However, in the first year, homeowners will pay more than $13,000 in interest.

If you or someone you know is in the market to buy or sell their property, feel free to contact me anytime.  Also, for more great articles and real estate news, be sure to Like Kathy Villa Real Estate on Facebook. We look forward to connecting with you!

Residential contractors are hoping that tight-fisted consumers will decide they need a new bathroom- or maybe it’s time for those old kitchen counters to go! Perhaps it would be better to add another bedroom than move?

After 3 years of slumping business, builders anticipate that the home remodeling and improvement sector will pick up in 2012. “We have been in a downturn and a weak market for a really long time,” said Paul Emrath, a researcher with the National Association of Home Builders. “But we are starting to edge up to the tipping point.”

“The phones are ringing, people are calling and making appointments,” Emrath said recently at the association’s annual meeting in Florida. “But the challenge is to turn those over into actual jobs.”

In 2011, U.S. residential remodeling added up to an estimated $279 billion, about the same as in 2010 but down almost 15% from 2007. And new home starts have fallen more than 70% around the country since the market peak in 2005.

“All things considered, remodeling has held up well in this cycle,” said Kermit Baker, a senior fellow at Harvard University’s Joint Center for Housing Studies. “We think we are going to see better numbers coming out of the industry as we move into the second half of this year and into 2013,” he said.

The National Association of Home Builders is forecasting an almost 9 percent increase in remodeling this year and more than an 11% jump nationwide in 2013.

Houston, Dallas, and Austin are all ranked among the top five home fix-up markets for 2012, according to a new forecast by Remodeling Magazine.

More than half of the home remodeling projects last year cost in excess of $25,000. And total home remodeling and improvement expenditures now add up to more dollars than new-home construction, according to the builders association.

Remodeling accounts for close to 70% of U.S. residential construction expenditures. The biggest share of home improvement spending, roughly 20%, goes for exterior repairs or upgrades. But kitchen and bathroom jobs are a close 2nd at 19% of remodeling work.

Some of the glitzy fix-up jobs of years past are on hold, regardless of what they show on home decorating TV shows. “The growth we saw in the industry in the early and middle part of the last decade was driven by a lot of upper-end discretionary projects,” Baker said.

“When pre-owned home sales pick up, that will help the industry,” he said. “The time of purchase- particularly if you are buying an older home is the most common time for undertaking a home improvement project,” Baker said

Source: The Orlando Sentinel and MCT Info Services

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A kitchen remodel is one of the best ways to add value to your home

1. Upgrading Appliances. Your appliances work hard, but they shouldn’t look worn out. From the refrigerator to the range, think modern and functional!
2. Countertops. When it comes to your counters, sinks and faucets, beware of “over-improving.” Stick to what’s standard in your area.
3. Cabinets. Before you replace the cabinets, see if a fresh coat of paint and stylish hardware are enough to update them.
4. Flooring. Your kitchen floor needs to stand up to a lot of foot traffic and potential spills. From linoleum to ceramic tile, explore your options.
5. Organization. Keep counters clear by ensuring your kitchen has adequate storage space. Think built-in shelves and drawer organizers.

If you or someone you know is looking for ways to improve your home before selling it, feel free to call or email me for a free consultation. Also, please like us on Facebook. We look forward to connecting with you!

While many homeowners focus on spring cleaning the inside of their home, the magazine says to remember the outside too–Especially if you are planning to list your home for sale in the spring! Cleaning outdoor fixtures after the winter can make them look new and while replacing burnt-out bulbs, homeowners can update them to more energy-efficient bulbs that can also help lower monthly electric bills.

To freshen up the rest of the home’s exterior, we recommend polishing the hinges and knobs on the front door while adding a fresh coat of paint to the door and buying a brand new welcome mat; this can make homes look fresh and bright. Homeowners should also repair any walkways that were damaged during the winter months.

The winter season is a great time to plan for spring gardening, so homeowners should take advantage of bare branches that can easily be cut back during the colder months.

If you or someone you know is thinking of listing their home for sale, feel free to call or email me for a free consultation. Also, please like us on Facebook to keep up with real estate news and great tips like these. We look forward to connecting with you!

In the kitchen, homeowners should be sure to clean the refrigerator as often as possible. The source reports that cleaning underneath the appliance will help prevent dirt and other debris from interrupting the appliance’s air circulation.

Ovens and microwaves should also be kept clean as leftover food can affect the appliance’s cooking times. For the oven, the source says only use commercial cleaners as some other chemicals may increase fire hazards. Microwave keypads should be cleaned with only water as cleaining solutions can cause electrical malfunctions.

Air heating and cooling systems can be the mose expensive replacements, so the source says homeowners should clean or change filters frequently.

Washing machines should also never be overloaded to prevent knocking the appliance off balance. For dryers, the source says homeowners should clean the lint filter after each load of laundry so that air can circulate through the machine. A build-up of lent can also cause a fire.

For more tips and great real estate articles like this, make sure to like Kathy Villa Real Estate on Facebook. We look forward to connecting with you!

Source: Good Housekeeping.

A Kitchen Can Sell a House.

This means buyers want homes with up-to-date kitchens. Kitchens, however, can be one of the most expensive rooms to renovate. These projects can also be the most labor intensive of all home renovations because it’s not just a layer of new paint.

So what do buyers look for in up-to-date- kitchens? A lot of this depends on what price range your home is in. The main thing to remember as a seller is to not price yourself out of your market. If homes in your neighborhood are selling for $100,000 with tidy, but not luxurious kitchens, then this is NO time to upgrade to granite, travertine, and marble that costs $40,000+. You simply won’t find a buyer!

Scope out the competition. Use open houses in your area or MLS listings to find out what your competition’s kitchens look like. Do area homes have new solid wood cabinets and granite counters in today’s designer colors? You’ll be wise to consider making the same move. Are they including new stainless steel appliances and add-ons like dishwashers, wine-coolers, and trash compactors?

Are you in a higher-end neighborhood? It’s time to think high-end. Your older home may have a highly functional kitchen, but a buyer will take one look at your formica counters and white appliances and become lost in the stress of how much money and time it would take to remodel. If you don’t want to put in the time yourself to make upgrades, then you’ll have to make consessions in the price.

Some kitchens might only need a few minor changes, such as changing the paint color to a warm neutral tone, getting rid of any clutter, updating your appliances, painting your cabinets, changing the pulls, or getting a high-end looking counter for a fraction of the cost (faux granite or lower end granite). You might even save a bundle by doing much of the work yourself.

The bottom line is a kitchen can sell a home. Do a little research and feel free to contact us at Kathy Villa Real Estate for a free consultation. We look forward to connecting with you!

Capital Economics expects housing to improve this year, according to a report released last Tuesday. One of the reasons: loosening credit. The analytics firm notes the average credit score required to get a mortgage loan is 700. While this is higher thans scores required before the crisis, it is the same with requirements one year ago.

Additionally, a Fed Senior Loan Officer Survey found credit requirments in the 4th quarter were consistent witht he past 3 quarters. However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.

Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.

Banks are also loosening loan-to-value ratios (LTV), which Capital Economics indicates “the clearest sign yet of an improvement in mortgage credit conditions.” In contrast to a low of 74% reached in mid-2010, banks are now lending at 82% LTV.

While conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November, 8% of contract cancellations were the result of a potential buyer not qualifying for a loan.

Additionally, Capital Economics says, “any improvement in credit conditions won’t be significant enough to generation actual house price gains.” and potential ramifications from the euro-zone pose a threat to future credit availability.

So if you or anyone you know is on the fence about buying a home, I urge you to get back in the game now, before loan standards tighten up again. Feel free to call or email me for a free consultation. If you like this and other articles, please like Kathy Villa Real Estate. We look forward to connecting with you!

Article Source: DSnews.com

• Some potential homebuyers may be discouraged by recent reports of a damaged housing market. However, a lack of applications and activity does not mean buying a home is a bad idea, says the news report, as shrunken house prices and low mortgage rates will continue to provide buyers high affordability.
• Some benefits of owning a home include not having to pay rent to a landlord while making a personal investment. Homeowners also receive federal income tax deductions, which makes a difference over time.
• Current homeowners may decide to refinance to get a better rate, says the report. Homeowners may also benefit from locking in low rates by changing to a fixed interest rate versus an adjustable rate that is subject to change within the market. Be aware that homeowner’s equity and a decent credit score are required for refinancing.