House Hunting Goes Mobile

June 30, 2012 By Leave a Comment

Family in front of home. real estate shopping and research with mobile applications.Is there anything our cell phones can’t do? In addition to being a convenient source of communication, navigation and entertainment, mobile phones are now becoming powerful tools in searching for real estate. Don’t forget that you can always check current mortgage rates on AFR’s site anytime.

Spencer Rascoff, CEO of real estate listing and information site, Zillow.com, recently appeared on CNBC to discuss how more people are viewing homes for sale through apps on their mobile devices than on the website itself. According to Rascoff, the mobile viewing surge has propelled Zillow’s traffic growth and helped set a record for the website’s first quarter earnings.

But Zillow isn’t the only company jumping on the app bandwagon. Realtor.com and ZipRealty also offer users the ability to browse thousands of listings. In addition to listings apps, there are several others that cater to a home buyer’s specific needs or interests. Here’s a few other apps that house hunters may find useful:

Wikihood
Free for iPhone or iPad
Use to get to know a particular neighborhood.

SafeNeighborhood
Free for Android
Look up registered sex offenders in a particular area. [Read more...]

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Maryland Home Sales Report

June 29, 2012 By Leave a Comment

Real estate reviewing sales contract. Information on Maryland home sales.Maryland home sales appeared to increase both month-over-month and quarter-over-quarter, but remain lower than one year ago. According to recent data collected from Zillow.com, Maryland home sales were up 13.3% since last month and increased 6.6% over the last quarter. Unfortunately, home sales slacked off for The Old Line State since last year, with numbers dropping  -6.2% year-over-year.

In Baltimore, home sales were up 3.6% month-over-month and saw an increase of 4.1% quarter-over-quarter. The Salisbury Metro saw a dramatic increase in home sales across the board, with increases of 41.2% month-over-month, 51.6% quarter-over-quarter and 22.0% year-over-year.

The estimated median home value, according to Zillow, is $215,400, -4.0% lower than it was one year ago. Both sale prices and value per square foot also appeared to descend, with -5.5% and -5.4% drops, respectively.

For information on Maryland home financing, speak with a licensed mortgage representative at American Financial Resources. He or she can give you insight into current Maryland interest rates, refinancing and more.

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3 Unexpected but Ideal Cities for Wine Lovers

June 28, 2012 By Leave a Comment

Couple outside in summer. Info on wine destinations.You don’t need to go to Napa Valley or the Bordeaux region of France to experience amazing wine. Take a look at these up-and-coming wine destinations for some unexpectedly delicious travel ideas.

Gig Harbor, Washington
Smithsonian magazine recently released its list of The 20 Best Small Towns in America, with this Washington gem taking the number 5 spot. What makes it so remarkable? Here’s what the article had to say: “Take numerous art galleries. Add sailboats and local wines. Stir. Enjoy.” Thinking of planning a summer stay in Gig Harbor? Don’t miss the annual Gig Harbor Wine & Food Festival in July!

Beamsville, Ontario, Canada
Canada’s Niagra region has distinguished itself as a thriving wine region, but this distinction has developed fairly recently. Only within the past 30 years or so has Beamsville become known for its European-style grape growing. The signature product of the region, Icewine, comes from white grapes that have been allowed to remain on the vine into winter and are then picked and pressed during the first hard freeze. The result is a naturally sweet wine with a concentrated flavor.

Melbourne, Australia
Ranked number 1 on TripAdvisor’s Top 10 Food and Wine Destinations in the South Pacific for 2011, this town in the land down under offers oenophiles and foodies plenty to indulge in. Several award-winning wineries are located nearby and numerous city restaurants happily serve the locally-made vintages. If you’re planning a trip to Melbourne, don’t miss the Vinetrekker Private Wine Day Tours!

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Foreclosed Homes to be Rehabilitated and “Upcycled” as Affordable Rental Housing

June 27, 2012 By Leave a Comment

Child running in front yard.Many people are jumping on the bandwagon when it comes to “going green.” From recycling plastic bottles to buying organic produce, there’s a definite trend to being an eco-wise consumer. That trend has now expanded into the housing market, with one Raleigh-based nonprofit “upcycling” foreclosed homes into affordable housing.

Builders of Hope, a nonprofit organization, has designed a pilot program that intends to turn 500 foreclosed properties into reasonably-priced, energy-efficient homes for low-income residents. With $100 million from an investor, the project is self-sustaining. The plan is to use the money to rehabilitate the distressed housing, then either sell or rent the homes to qualified applicants, providing a return to the investor.

In addition to offering affordable homes, the program will also require renters and buyers to participate in money management classes to help them succeed. Not only does this provide some proactive security for the investor, it allows owners and renters to become educated on financial matters – something they can take with them no matter where they live in the future.

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5 Safety Features to Look For in a Home

June 26, 2012 By Leave a Comment

Father teaching child to ride bike,. 5 home safety tips.From gourmet kitchens to media rooms, vaulted ceilings, and granite countertops, most every prospective home buyer has a list of must-have items for their next home purchase. As you consider which design aspects are the most desirable for you, remember to take a home’s safety features into consideration as well. After car accidents, home accidents are the most prevalent cause of fatalities in the US. If you have not given much thought to which home safety features are the most important, here are five to think about.

1. Landscaping – Lush plantings certainly help make a house a home, however, beware of overgrown trees and shrubs. They can be a fire hazard when they are too close to the house. If you are in an area prone to hurricanes or tornadoes, trees and shrub pose the threat of becoming projectiles and can cause major damage. When trees and shrubs touch the house or roof, pests such as carpenter ants can be an issue. Also, stray branches and debris can result in clogged gutters and water damage. [Read more...]

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Vacation Home Sales Picking Up in Many Second Home Hot Spots

June 25, 2012 By Leave a Comment

Back porch with flowers. Information on the market for second homes in the USThings are looking pretty promising for those who want to buy a second home. After taking quite a beating after the housing bubble burst, the vacation home market is finally showing some signs of improvement.

Although experts are reluctant to say we’re completely out of the woods, reports of bidding wars in second home hot spots coupled with low interest rates and dwindling inventory have made once desolate markets attractive to investors. While rates are maintaining record lows, the increased demand for homes and rising values has created a unique window for bargains. This opportunity has, in turn, created a sense of urgency among consumers and appears to have helped raise buyer confidence.

According to recent data from the National Association of Realtors (NAR), sales of vacation properties fell 56% between 2006 and 2010, but climbed 7% in 2011. Despite this jump, prices have remained soft, with the median sale price on vacation homes in the U.S. dropping 19% to $121,300 in 2011. [Read more...]

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Questions To Ask When Viewing a Home For Sale

June 24, 2012 By Leave a Comment

On your home buying journey, you’ll probably view several properties for sale. You may even come across one that seems like your dream home. While it may be love at first sight, don’t let yourself be blinded to the cold, hard facts.

Couple in front of their property.Ask the following questions when viewing a home, and really listen to the answers.

  • What are the average utility costs?
  • Has the property been altered in any way, and if so who did the construction? (An answer of “the sellers are very handy, do-it-yourself types” could be a red flag).
  • What’s the neighborhood like? (Is there a community watch? What are neighbors like? Is there an HOA and what are the annual dues?)

[Read more...]

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Considering a fixer-upper – Watch out for these signs of a money pit

June 23, 2012 By Leave a Comment

Couple moving carpet into their home. Tips for avoiding money pits.Investing in a fixer-upper can be an exciting opportunity. Nevertheless, it’s best to exercise caution when scouting potential properties.

Here are a few signs your diamond in the rough is actually a money pit:

Foundation problems
A home’s foundation is one of the most important components of its structure. Without a solid foundation, endless other problems could arise. Each one chipping away at your patience and your bank account.

Major electrical or plumbing issues
Power and water are two key elements of a functioning home. Without these utilities, living in even the most luxurious dream home would be a nightmare. Fixing these issues will require the expertise of a licensed plumber or electrician, which could cost you quite a bit. [Read more...]

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April Housing Scorecard Released by HUD

June 22, 2012 By Leave a Comment

Young couple with their child in front of home.The month of April showed some key indicators of market health, according to the April 2012 housing scorecard released by the U.S. Department of Housing and Urban Development.

Among the findings were evidence of progress on home sales, positive effects on families who received mortgage modifications and a significant increase in home affordability through assistance programs.

For four consecutive months, mortgage delinquencies have fallen and remain substantially low than a year ago. Additionally, sales of existing homes in the first quarter were 5.3% higher than a year ago. According to the report, inventories of homes for sale are at their lowest levels in years; at the current sales pace, it would take 5.3 months to sell the current months’ supply of new homes for sale and 6.3 months to sell the current supply of existing homes. Industry experts consider a six month supply of homes for sale to be an indicator of a balanced market.

The Obama administration’s recovery efforts have continued to help millions of families afford their monthly mortgage payments through loan modifications. The report stated that more than 5.9 million modification arrangements were started between April 2009 and the end of March 2012 – including more than 1.8 million HAMP trial modification starts and more than 1.3 million FHA loss mitigation and early delinquency interventions.
[Read more...]

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Housing Inventory Report – April Data

June 21, 2012 By 1 Comment

Couple with child in front yard.An April 2012 report by the National Board of Realtors, or NAR, shows that after two months on the downside, sales of existing US homes were up by 10.0% from one year ago. The NAR defines existing home sales or units sold, as previously owned single-family homes, townhomes, condos, and co-ops.

More good news for sellers is that in many parts of the country, home prices continued to rise for the third month in a row. Lawrence Yun, the Chief Economist for the NAR observed, “It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices.” Yun also noted that, “The general downtrend in both listed and shadow inventory has shifted from a buyers’ market to one that is much more balanced, but in some areas it has become a seller’s market.” [Read more...]

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