Real Estate Information Archive

The 15-year fixed-rate mortgage, often the top choice of home refinancers, reached a new all-time record low of 3.11 percent this week, Freddie Mac reports in this week’s mortgage market survey. The 30-year fixed-rate mortgage also sank lower this week, hovering near it’s all-time low. 

"Fixed mortgage rates eased for the third consecutive week following long-term Treasury bond yields lower after a weaker than expected employment report for March,” Freddie Mac’s Chief Economist Frank Nothaft says.

Here’s how rates fared for the week ending April 12: 

• 30-year fixed-rate mortgages: averaged 3.88 percent, with an average 0.7 point, down slightly from last week’s 3.98 percent average. A year ago at this time, 30-year rates averaged 4.91 percent. 
• 15-year fixed-rate mortgages: averaged a new record low of 3.11 percent, with an average 0.7 point, dropping from last week’s 3.21 percent average. The 15-year mortgage rate’s previous record low was 3.13 percent, which was set on March 8 of this year. Last year at this time, 15-year rates averaged 4.13 percent. 
• 5-year adjustable-rate mortgages: averaged 2.85 percent this week, with an average 0.7 point, also falling from last week, in which it averaged 2.86 percent. Last year at this time, 5-year ARMs averaged 3.78 percent. 
• 1-year ARMs: averaged 2.80 percent this week, with an average 0.6 point, rising from last week’s 2.78 percent average. A year ago, 1-year ARMs averaged 3.25 percent. 

Source: Freddie Mac

You can limit the use of pesticides by enlisting a variety of strategies and methods to eliminate pests.

Conventional pesticide treatment

With conventional pest control, the name of the game is extermination. The operator kills the insects with chemicals—often applied as sprays—and reapplies the pesticides on a regular schedule to prevent another infestation. That means you’re paying for treatment whether or not insects are actually present.

The risks of unnecessary exposure to pesticides aren’t to be taken lightly. While perhaps effective in the short run, pesticides have been shown to produce long-term consequences, including adverse effects on the endocrine, reproductive, and nervous systems of people and animals. Children are especially sensitive to the toxins found in many pesticides because their immune systems, organs, brains, and nervous systems are still developing.

Although the Environmental Protection Agency regulates all pesticides for safety, they remain potentially deadly to humans and harmful to the environment—especially if misapplied.

A less-toxic approach

The new buzzword in the pest-control industry these days is integrated pest management. Rather than merely blasting pests with poisons, IPM uses a combination of strategies to control pests and includes homeowners as partners in the process.

IPM consists of three basic steps: identifying pests; preventing pests; and—as needed—treating them.

What to expect from a pest-control pro

Just because a pest-control company says it practices IPM doesn’t make it so. The first thing to look for is knowledge about pests. An operator must be able to tell different insects apart and understand their habits and habitats to decide how best to help you control them.

IPM stresses prevention. The pest-control representative should inspect your home for signs of infestation and then recommend steps you can take to eliminate pests by denying food, water, and access. Example: Deterring termites and carpenter ants by keeping the soil around your foundation dry.

Although prevention is the preferred solution, the professional may need to take immediate action to treat an existing infestation. That may include using pesticides, but only as a last resort against an active infestation and never as a matter of routine. Ongoing monitoring of pest activity by you and your pest control operator determines if or when pesticides are reapplied.

When using pesticides, the exterminator should choose the least toxic product possible, apply as little as possible, and treat the smallest area possible—just cracks and crevices, for example, instead of an entire baseboard. Baits—gels, pastes, and granules applied directly or contained in bait stations—are preferred over sprays because they reduce exposure to fumes and residue.

Natural alternatives 

If you’re uncomfortable with even limited use of pesticides, ask the pest-control expert about products that rely on natural substances for their active ingredients.

Examples include boric acid, a naturally occurring mineral, and essential oils, derived from the natural defense systems of plants. Although slower acting than chemical pesticides, products made from natural substances can be highly effective.

A word of caution: Even pesticides made from natural substances can be harmful if mishandled. They are, after all, intended to kill living organisms. In addition, some products include chemical additives that make the natural substance more effective, but which also are toxic.

Costs vary

How much you’ll pay to solve your problem will depend on the type of insect, the size of the infestation, and the type and intensity of treatment. Many pest-control pros offer free inspections, but the bill for actual service can range from less than $100 to spot treat an ant nest to several thousand dollars to eradicate termites and offer ongoing protection.

Compare estimates from several pest-control companies. A few national pest-control companies, such as Orkin and Terminix, provide free online estimates. But the best way to find out the extent of your problem and the options available is to have an expert come to your home and do an on-site inspection.

Make sure the company is licensed and a member of a local, state, or national pest management association. You may also want to check the company’s status with state regulatory agencies for consumer affairs and agriculture.

Source: NAR Houselogic

More sellers are entering the market during the spring selling season, hoping to attract buyers lured by record-low interest rates and increased affordability, according to a recent article from the Chicago Tribune.

Some sellers examine the listing with a microscope, while others depend more on their real estate agents. Even though buyers and sellers both are more informed these days, agents still must “analyze all that data and summarize it in a way that provides useful information that can be utilized,” says Paul Leiser of Avalon Real Estate in New Jersey. 

To avoid confrontations with sellers, especially when it comes to the home's value, agents need to keep sellers informed, providing comparable sales data and other information. Experts say today’s sellers need to price the home right, as well as have the home staged.

Sellers also need to make the home available for showings and avoid talking to prospective buyers and their agents, appraisers, or inspectors. Buyers will not feel comfortable asking questions or will find it difficult to visualize themselves living in the home when the seller is present.

Agents must understand the emotional aspect of the process for sellers and do their best to advise and educate them, but they must remember that the seller makes the decisions, the article says.

Source: "Setting the Stage for a Home Sale," Chicago Tribune (April 6, 2012)

What if I told you it would be possible to slip an extra $180 in your pocket this year -- and every year after that -- and have a more comfortable home at the same time? That should be worth a trip to the home center, right?

A savings of $180 a year is what the U.S. Department of Energy estimates the average homeowner can achieve by installing and maintaining the settings on a programmable thermostat. And the great thing is, once the settings are programmed in, you can forget about them, so your house stays more comfortable, day and night, all year long.

Programmable thermostats are simple to understand. They control your home's heating and/or cooling systems by adjusting them to specific preset temperatures at specific preset times. No more fiddling with temperatures or forgetting to turn the heat down when you go to bed or leave for work. Just set it and forget it.

The four different modes

Programmable thermostats have four different time and temperature modes programmed in, and that's what makes them so convenient and easy to use:

Wake: This mode is used to select the time that you normally get up in the morning, and what temperature you want the house to be at that time.

Day: If you leave for work at a specific time, this setting will lower the heat down to a specific temperature and hold it there while you're away. For air conditioning, it will raise the temperature setting and hold it there.

Evening: This setting is for when you return from work in the evening, and the thermostat will bring the temperature in the house back up to a comfortable level (or, in the case of air conditioning, down) before you get home.

Sleep: Set this time for when you normally go to bed. The thermostat will set the temperature down (or up for AC) to whatever level you set and hold it there until the Wake cycle kicks in again the following morning.

In addition to these four basic modes, there are overrides as well. You can tell the thermostat to temporarily override the program and raise or lower the heat or the air conditioning until the next cycle starts, for those times when you're home and you want it a little warmer or cooler. There's also a "hold temperature" mode for use when you're on vacation, so you can set a higher- or lower-than-normal temperature while you're gone and the thermostat will hold that indefinitely, regardless of the four different cycles.

Four different models fit your lifestyle

There are four basic types of programmable thermostats available, depending on the needs of your particular lifestyle:

7-day: The 7-day model allows you to program the four modes individually for each day of the week, and often with different settings within each of the modes. These models allow you the most flexibility, and are the best choice if you work odd hours, multiple shifts, have children at home at different hours, or otherwise keep a schedule that's not really consistent. As you might imagine, 7-day thermostats are the most complicated to program initially, and are typically the most expensive of the four types of thermostats.

5-1-1-day: A 5-1-1 thermostat is for people who keep a pretty consistent schedule during the week, but want some flexibility on the weekends. The thermostat can be set up for five days all the same, typically Monday through Friday, and then Saturday and Sunday can each be set up with individual programs.

5-2-day: These thermostats provide for one set of program settings for the five weekdays, and a second set of program settings for the weekend.

1-week: These thermostats are the least flexible, so consequently they're the easiest to program and typically the least expensive to purchase. They have all four modes, but utilize the same time and temperature settings for all seven days of the week. They're a great choice if you're retired, or for anyone who's home most of the time.

Cost and installation

Programmable thermostats are available in both low-voltage and line-voltage models, and range in price from around $35 to more than $300. In addition to the features described above, there are other bells and whistles, including wireless operation, exterior temperature connections, dirty-filter warnings, low-battery warnings, and more.

Many of these thermostats are designed for do-it-yourself installation, with clear instructions and only basic tool requirements. Most require that you simply remove wires from the existing thermostat and reconnect them to the new thermostat. However, some of the more sophisticated thermostats can have multiple wire connections and complicated settings, and require professional installation. If you have any questions or concerns, discuss them with the dealer where you purchase the thermostat or with a licensed HVAC contractor prior to beginning the installation.

Source: Inman News, March 30, 2012

Staging a home for sale involves a number of key things to do and here are four of my top things.

Clutter Free

Turn chaos into order and peace. Americans are the largest consumers in the world. We have too much “stuff” everywhere! When you want to sell your house you need to go through room by room and remove excess items. Leave space between items, on the walls, and floor to show off the architectural features of the house.

The room will feel larger–and better because it’ll feel more spacious. Buyers need to see and feel the space to buy it. Whether the house you are selling is vacant or lived in, you do not want the rooms empty but you also do not want them overcrowded with too much “stuff” either.

Once it’s clutter-free, commit to keeping the room this way by not bringing in more “stuff”.  Below are some important ideas to remember and do:

·     Don’t just stash the items in boxes somewhere. Donate items for reuse that you no longer need or want in your next house.

·     Companies do exist that can assist with removing large items or amounts, such as 1-800-gotjunk.

·     Implement a new policy for your family when it comes to buying things: When a new item is brought in, another goes out.

·     When preparing to sell a house, remove items that are more personal.

·     Buyers need to envision themselves living in the house and “mentally move in” so by de-cluttering your rooms you will help them be able to do that.

·     Pre-pack collectables, collections, trophies, and family photos

Clean

A sparkling house is appealing to buyers. Buyers do not like looking at other people’s dirt. Cleaning can be done without harsh chemicals and you can save money too by making your own natural cleaning formulas:

·     Natural cleaners are better for people with allergies, prevent indoor air pollution, and create less hazardous waste.

·     The main ingredients can be found in your own cupboard, such as baking soda, cornstarch, vinegar, salt, lemon juice, and even toothpaste! Test the surfaces with what you will use on them before fully cleaning it.

·     Remove windows hard water stained fixtures and make them shine with just vinegar and water.

·     Scrub sinks, clean with a mix of baking soda and salt.

·     Clean the toilet bowl with denture tablets!

·     I also recommend a product called Pure Ayre, an excellent natural odor eliminator made of plant enzymes.

·     Common house plants are pleasing to the eye while creating clean air. They provide a natural way to control indoor air pollution by absorbing the gases formaldehyde, benzene, and carbon monoxide.  Plants produce more oxygen to breathe, which provides more energy in the body

·     According to Dr. Bill Wolverton, formerly a senior research scientist at NASA’s John C. Stennis Space Center, “a living air cleaner is created by combining activated carbon and a fan with a potted plant. The roots of the plant grow right in the carbon and slowly degrade the chemicals absorbed there.”

Color

Paint is the least expensive way to change color in a room with the maximum amount of impact. When you are living in your home and not selling it, you can use color to suit your own personal taste and style.  But when you are selling your home, you want to use paint to lighten and brighten dingy walls or tone down loud color schemes.

In choosing colors, select ones that have the broadest market appeal.  They key is to use a light color and the same color on all walls so that your house is not cut up with different colored rooms, but rather the space flows from one room to the next with the same color. Having rooms all painted different, darker colors can make the house feel smaller.

A neutral backdrop on the walls makes your house feel bigger. White, off white, light beige, or light taupe is good to use.

Below are ideas about using environmentally friendly paint when painting the rooms:

·     Paints and finishes release low level toxic emissions into the air for years after application, which come from a variety of volatile organic compounds (VOCs).

·     For the sake of your health and the environment, use less toxic paint and finishes.

·     Look for natural paints, zero VOC, and low VOC. They have very little odor when applying. Also, they have no “off gassing” after curing.

VOC paints are easy to clean up, as they are water based. Also they are easy to dispose of, since they are not hazardous waste like other paints.  You can also use Eco Pro brushes and environmentally friendly roller covers and paint trays.

Creative

Using creativity in staging is where the fun is. Creativity is a gift we all have whether you think you are creative or not.

There are so many ways that you can creatively stage a house for sale the green way. Find items to repurpose to use for staging.

Here are a few ideas for repurposing:

• A large wooden door can become a table.
• Artwork can be made out of fabric or clothing.
• Bed linens can become window or shower curtain, or pillows.
• Iron work can be used inside or outside for artwork.
• Use a fishing pole or oar for a window curtain rod in a child’s room or
• laundry room.
• Recycled content carpet has the same look, feel, and price of virgin carpet.
• Countertops made from recycled glass and concrete or crushed bathroom porcelain make durable slabs similar in form to granite or marble creating a smooth and shiny surface. Stainless steel and reclaimed wood are other options.
• Go retro! Add touches of black and white to a pink tile bathroom and change out the faucets for some reclaimed fixtures from the 40s/ 50s.  The spa-look is very “in” as well.

Keep in mind this Recycle Reuse and Reclaim concept. Anything that was something else and is now used for another purpose is a part of green home staging.

Source: NAR - Styled, Staged & Sold, March 12, 2012

Just when trees were blooming and perennials were popping, a brush of cold weather has moved back into the forecast.

The National Weather Service has issued a Frost Advisory and Freeze Warning for parts of Central Indiana for Monday night, with temperatures forecasted to dip into the 30s by Tuesday morning.

“The bad thing is, there really isn’t anything you can do,” says Steve Mayer, extension educator in horticulture from the Purdue Extension of Marion County.

Although the calendar shows it's March, lilacs, daffodils, crabapples and magnolias are already either in full bloom or just starting to blossom. Forsythia and red buds which ordinarily blossom in late April or early to mid-May, are now in bloom. The string of unseasonably warm days has coaxed trees and plants out of their winter slumber weeks ahead of schedule.

“Your established perennials and bulbs will be fine,” says Mayer. “A couple of cold snaps won’t kill an established plant. You might have some damage to the blooms, but a lot of perennials have multiple blooms, so you’ll just lose this round of blooms.

“What you have to worry about are the newly-planted annuals and vegetables. If you couldn’t wait and you had to plant tomatoes immediately, this cold weather could make you lose your vegetables.”

Temperatures falling below 32 degrees will make sensitive vegetation vulnerable to a freeze. Covering those annuals and vegetables with a fabric row cover can help. Mayer suggests you choose a white fabric that is slightly see-through. That type of covering can be left on the plants for a while, allowing sunlight and rain water to filter through. The cover will provide a few degrees of protection.

The forecast the rest of the week does not include any more nights below freezing, but they are possible.

“April 22 is the average date for the last freeze,” says Forecast 8 Meteorologist Randy Ollis. “The latest freeze we’ve ever had was May 27, 1961. But to be safe, we always say, ‘Wait until after Mother’s Day to put out those frost-sensitive plants.’”

This year, Mother’s Day falls on May 13.

Source: WISHTV.com

New home sales fell in February, dashing construction industry hopes that the long-overdue housing recovery may be finally arriving.

The Census Bureau reported Friday that new homes sold at an annualized pace of 313,000 during the month, adjusted for seasonal factors. That was a 1.6% decline compared with January's 318,000 sales but 11.4% above last February's 281,000.

Sales fell short of the 323,000 that analysts had expected.

There was a bit of good news for home builders in the report. The median price of new houses sold jumped to $233,700, well above the $217,000 median recorded in January.

The supply of new homes available for sale dropped slightly during the month to 150,000, a 5.8-month supply.

New home sales remain very depressed compared with the mid-2000 boom years. In July. 2005, new homes sold at a 1.389 million annual pace.

Source: CNN Money, March 23, 2012

RecycleForce will be collecting old computers and other small electronics from 9am-1pm on Saturday March 24, 2012 in front of Akard True Value Hardware in the Boone Village Shopping Center, Zionsville.

Items that can be recycled include cardboard, cash registers, cell phones, computers and computer components, electronic motors, electronic wiring, fax machines, game systems, integrated circuits, laptops, laserdisc players, microphones, microwaves, complete monitors, motors, Palm Pilots, photocopiers, power cables, power supplies, printers satellite components, scanners, surge protectors, telephone systems, toner cartridges and VCR/DVD players. Televisions will be accepted with a $5.00 donation to help defray the cost of picture tube disposal.

For questions or more information contact RecycleForce at 532-1367 or Leigh Ann Akard at Akard True Value 317-873-5255 or leighann@truevalue.net.

Source: Akard True Value

Economists say the housing market is starting to heal, but too many people aren't aware of it because they're judging a housing recovery on the wrong sign: What’s happening with home prices. 

Paul Dales at Capital Economics says higher prices won’t be the sign that the housing market is on the mend — that can be a lagging indicator — but rather an increase in overall home sales. And that's showing signs of improvement: Existing home sales in 2011 rose to 4.26 million compared to 4.19 million in 2010. In the last six months alone, home sales have increased 13 percent. 

As a recent article at Fortune points out, “The evidence reminds us that perhaps we should change our expectations of what a housing recovery might look like, particularly following a crisis marked by record foreclosures and a financial crisis that sent the economy into one of the deepest recessions. The recovery we have been anticipating is defined more on the rate at which the glut of vacant properties comes off the market as opposed to any steady rise in prices, which some think won't happen for another few years.”

Source: “The One Number to Watch for a Housing Recovery,” Fortune (March 20, 2012)

Dr. Forbes' Tornado Facts: Indianapolis

Source: Weather.com