Ninth article of a ten-part series of things that will add value to your home

WINDOWS

Today's savvy buyers are conscious of keeping their utilities down to a minimum and therefore exposure and windows play a big part in looking to keep their home energy efficient.

Insulated windows are definitely a plus and typically they pay for themselves in a five year period. Well placed skylights are also a great touch to add value.

Congress has extended energy efficiency tax credits for most homeowners through the end of 2010, so if you’ve been looking to upgrade your water heater or windows and doors, you can probably still get a tax credit in the coming year. 

Some less common of the tax credits for home improvements will be around all the way until 2016. 

Many companies offer tax credits with specific types of windows. Check your local Home Depot, Lowes and other window companies for specifics.

Shirlee McGarry® is a freelance writer and published author in Utah

Pictures - Fotosearch stock photos

Utah Housing Market Facts from UAR...

Contrary to national news, Utah is holding its own compared to other areas in the United States and Utah's foreclosure rate is much less than U.S. rate. Below is the National Association of Realtors® September statistical update on the housing market in UTAH.

...Area housing affordability remains high: Nearly three-quarters of all homes sold in the Salt Lake metro area in the second quarter were affordable to families making the median income, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. For the three months ended in June, 73.2 percent of homes sold were considered affordable, compared to 70.6 percent last year at the same time. Salt Lake homes were slightly more affordable than U.S. homes, with 72.3 percent considered affordable nationwide.

Utah’s foreclosure rate still less than U.S. rate: Utah is ranked 24th in the nation in foreclosures, according to the Mortgage Bankers Association. For the three months ending in June, 3.4 percent of Utah homeowners with a mortgage were in foreclosure, compared to 4.6 percent nationally.

Utah is starting to add jobs: Utah added 17,200 jobs for the 12 months ended in July, according to the Utah Department of Workforce Services. The numbers represented a 1.5 percent gain, compared to flat growth for the U.S. Utah’s unemployment rate remained unchanged in July at 7.2 percent, compared to the U.S. unemployment rate of 9.5 percent, also unchanged. According to UDWS, “The worst of the recession appears to be behind Utah.”

Utah inventory is coming down: In July, the number of active listings available for sale fell 4 percent compared to a year ago, according to the Utah Association of REALTORS®. Compared to two years ago, inventory was down 15 percent. The months’ supply of inventory in Utah also fell nearly 13 percent. In July, it would have taken 10.7 months at the current sales pace to sell the entire inventory of homes, down from 12.2 months a year ago and down from 12.9 months two years ago.

Mortgage rates still at decades-low levels: The average interest rate on a 30-year fixed-rate mortgage rose for the first time since June, but at 4.35 percent still remains near the previous week’s record low of 4.32 percent, according to Freddie Mac. The low rates are particularly significant because a 1 percent drop in mortgage rates is roughly equivalent to a 10 percent price reduction.

Utah buyers believe now is a good time to purchase a home: According to a recent survey commissioned by the Utah Association of REALTORS®, 80 percent of Utahns believe conditions are ideal for home buyers. Seventy-one percent of those surveyed also believe home prices will stay the same or rise within the coming year.

Article from the National Association of Realtors® September 2010

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1.03.01

Ten Things That Will Add Value to Your Home - Article 8 - Storage Projects

MAXIMIZE VALUE STORAGE PROJECTS

There is nothing that compares to an over sized garage, some attic space, and plenty of closet space when it comes to extra storage. A nice plus is a master suite with ‘his and hers walk-in closets. If you do not have extra space to turn into a fabulous storage area, then make use of what you have by learning how to maximize your space with storage and organization projects that can definitely increase your home’s value. Clutter makes a home look smaller and less valuable.

CLOSETS

When you open your closet doors and everything falls out or if you can’t find things because of overstuffed and disorganized closets, it’s time for you to think about an upgrade. Cluttered closets are a turn-off to most home buyers sending an immediate message that you don’t have enough space. Adequate storage space and well-organized closets are not only essential but extremely valuable.

As a Realtor® I know the two most important parts of a home is the master suite and kitchen so it isn’t over rated when I say, invest in nice closets and storage in these two areas. By putting in a couple of custom shelves where space is wasted, or drawer organizers and shoe racks, or baskets, these are just a few ways to control clutter to increase the value of your home.

CURRENT TRENDS

Organize with purpose. Older hones contain closets that consists of a single rod, so definitely give it a makeover. Today’s new homes are built with larger, deeper and taller closet areas, and walk-in closets are a must for a master bedroom. Usually they include much more elaborate and divers areas with built-in shelves, shoe racks, organizational bins and even roll-out drawers.

Dresser in the closet. One of the new trends is some homeowners are actually building cabinets in their closets and centerpiece storage – almost like an island for shoes and underwear. You could even put rollers on this to move out or around to have access to other areas.

His-and-her closets. Just like you find double sinks in bathrooms, or like dual vanities, personalized space, privacy and designated areas are very popular and in demand by today’s homeowners.

BIGGEST MISTAKE

Make sure that you keep the updating of your closet proportional to match with the rest of the house. Don’t go overboard. Make it functional.

EXPERT TIPS

On a budget: Remember you don’t have to spend hundreds of dollars in giving your new closet a make-over in building custom shelves. Wooden or wired baskets are great to help you stay organized and very trendy in today’s homes. There are a number of various hanging systems you can install yourself that expand the usable area of the closet.

Mid-Range: Whether you are a do-it-yourself type of homeowner or hire a professional, there are many organizational systems that will fit any budget. Another trick of modernizing an outdated closet is by changing the door to give it a new look and increase access. A great example of this would be if you have a single door, replace it with double doors.

High-End: You can customize your closets with drawers and shelving to match your individual style, taste and needs. Customize your built-in features with a floor to ceiling shoe wall or a handy tie caddy or hat rack, which will add convenience and luxury.

GARAGE

This is one area where there are many do-it-yourself shelving and storage options to keep your garage organized.

It is sometimes easier to use your garage as a catch-it-all by dumping everything that wont’ fit into your home into the garage. After awhile, you are stumbling over boxes of old tax records, photo albums, and everything else to get to your bicycles, or golf clubs. If your garage is so cluttered that you can’t even fit your car in it, the it is time to reclaim this valuable storage place.

CURRENT TRENDS

Keeping behind closed doors. The traditional metal shelves are common in many garages but more homeowners are keeping items like tools and toys hidden behind doors, installing cabinets with such storage options as shelves, drawers with organizers and hooks for hanging items.

Specialty Storage: Your garage is a perfect place for items that are used often but wouldn’t necessarily store in your main home, including tools, recreational equipment and bicycles. There are many systems available to organize these items, such as hanging racks or wall mounts for your bicycles, to mention a few.

Storage room attached: Back in the 1970s, homeowners stored miscellaneous items in inexpensive and simple tin metal storage sheds in the backyard. Today, homeowners are attaching prefabricated and elaborate internal storage rooms onto the garage with outside access via a separate door entrance.

More than just cars: The coveted three-or four-car garages are very popular today for housing not only cars but use for storing recreational vehicles like motorcycles, boat, 4-wheeler, or golf cart. Sometimes a large garage can also be converted into a separate guest apartment or workout area or game room.

BIGGEST MISTAKE

Do not store hazardous materials like old paint and gasoline in the garage, which puts your home and family’s safety at risk. If you have old paint sitting around for years, is it worth the safety loss for storing paint? The fire hazard caused by its fumes can create a combustible situation. It’s not worth the risk to your family’s safety.

EXPERT TIPS

On a budget: Start by giving your garage a cleaning out project. Hold garage sales and get rid of white elephants and items that you no longer use or need. You can purchase very inexpensive plastic bins to store items or a do-it-yourself shelving kits to get organized.

Mid-Range:

High-End: If you have a large three to four car garage, you then have the room to build custom storage systems with high-end features, all based on your needs and style. Again, you can convert the garage into a game room or separate guest apartment.

ShirLee McGarry® with Principal Realty Group is a freelance writer in Utah
Photos from Fotosearch stock photography

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1.03.01

HOW DID LABOR DAY BECOME A HOLIDAY?

Today, Monday the 6th of September is Labor Day in the United States and Canada. One might ask, how did Labor Day become a holiday and what does it mean to you?

Labor Day is an annual holiday observed the first Monday in September, celebrating the social and economic achievements of laborers, which would be most of us who work. It is an annual national tribute to all the contributions you and I as laborers have made to the prosperity, well-being and the strength of our country.

It all started back in September 5, 1882 in New York City in accordance with the plans of the Central Labor Union. They selected the first Monday in September in the year of 1884 as the holiday to celebrate Labor Day when it was originally proposed by the union. It is dubbed as the “workingmen’s holiday” starting in New York and other cities following their example.

As the labor organizations grew, the idea spread and it became a federal holiday in 1894 following the death of a number of workers during the Pullman Strike at the hands of the U.S. military and US Marshals. President Grover Cleveland put the labor movement as a top political priority in reconciliation. Congress rushed and unanimously signed it into law because of the fear of conflict and in a mere six days became law after the end of the strike. By June 28, 1894 Congress passed an act making the first Monday in September of each year a legal holiday in the District of Columbia and the territories.

The first celebration came in the form of a street parade to show the public the strength and esprit de corps of the trade and labor organizations which then followed with a festival for the workers and their families. The festivities grew and through the years speeches by prominent men and women were later introduced as the economic and civil significance of the holiday was emphasized.

As is tradition, Labor Day is celebrated by most Americans as a symbolic end of the summer. Americans rush in their campers, boats, RVs to remote and favorite vacation spots to take advantage of this last weekend preceding the Monday holiday and enjoying the last of summer weather.

In the US, Labor Day also marks the beginning of the NFL and college football seasons, usually with the NCAA playing their first game the week before Labor Day and the NFL playing their first game the following Thursday after Labor Day.

So enjoy the last of the summer season, pack yourself on the back for the contribution you as an American laborer have given to the growth, economic, prosperity and strength of our country.

ShirLee McGarry® with Principal Realty Group is a freelance writer in Utah
Photos from Fotosearch stock photography

Learn About Making Home Affordable

The Obama Administration’s Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.

Beware of Foreclosure Rescue Scams - Help Is Free!

• Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
• Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.
• Assistance from a HUD-approved housing counselor is FREE.
• Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
• Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
• Never make a mortgage payment to anyone other than your mortgage company without their approval.

For information on Making Home Affordable Modification Click Here

WHAT IS HAFA?

HAFA-THE BASICS

*Agent* refers to anyone authorized by the homeowner to represent them during the short sale process.

I am a CHS Certified HAFA Specialist

HAFA is the federal government's Home Affordable Foreclosure Alternatives - a program designed for homeowners who:

• are unable to afford their first mortgage
• Want to avoid foreclosures, and
• have exhausted all modification attempts and continuing to own their property is not an option.

The Federal Government specifies many aspects of the program:

• Customer qualification requirements,
• the process used by the servicer, and designed time-frames

HAFA offers financial incentives to servicers and borrowers who successfully complete a HAFA short Sale or Deed-in-lieu of Foreclosure.

Benefits to homeowner:

• A lender recommends the list price PRIOR TO listing the home, and
• Waved deficiency – meaning that the mortgage debt will be settled through the program and no legal action can be taken on/against the outstanding mortgage debt.

You must meet all of the following criteria: 

• Homeowner has exhausted all modification options and/or has decided to pursue a short sale or deed-in-lieu of Foreclosure. 
• The property is the customer’s principal residence (exception job moves.100 miles 
• The first lien mortgage originated on or before 01/01/09 
• The mortgage is at least 60-days delinquent or default is reasonably likely
• The unpaid principal balance is less than $729,750 for 1 unit properties. 
• The monthly mortgage payment (PITI) exceeds 31% of the borrower’s gross monthly income.

In addition to eligibility requirements the following investor considerations are taken into account to determine if a homeowner can pursue a HAFA Short Sale.

• First mortgage loan must be owned by a participating HAFA investor
• Any other subordinate mortgage/lien holders will have to agree to release the liens                                                                                                            Contact me to find out more about the HAFA process Homes4Sale@mail.com