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A 2009 survey of home owners conducted by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development shows that most of them are satisfied with their residences. About 70 percent of respondents rated their homes an 8, 9, or 10 on a scale of 1 to 10, with 28 percent giving them the "best" rating of 10. Residents of new construction tend to rate their homes even more highly: 84 percent gave them between an 8 and 10, and 45 percent gave a perfect 10 rating.
Likewise, more than 68 percent of residents rated their neighborhoods highly, with 25 percent giving it a "best" rating. People living in newly built homes rate their neighborhoods especially highly: 75 percent rated their neighborhoods highly and 35 percent said their neighborhoods were 10s.
The nation's home owners paid a median of $1,000 in monthly housing costs in 2009, compared with $808 for renters, according to the findings.
Other highlights for the nearly 112 million occupied housing units:
• The median purchase price of homes was $107,500; for a newly constructed home, it was $240,000.
• Thirty-two percent of owner-occupied units were owned free and clear, 66 percent had a regular and/or home equity mortgage and 2 percent had only a line of credit.
• The most important consideration for recent movers in choosing their homes was financial (28 percent), followed by room layout/design (15 percent) and size of home (10 percent).
• The most common reasons recent movers had for choosing their neighborhoods were convenience to job (20 percent), convenience to friends or relatives (14 percent), look/design of neighborhood (10 percent), and the house itself (10 percent).
• About two-thirds (64 percent) of the units used a warm-air furnace for heating; 12 percent used an electric heat pump; and 11 percent used a steam or hot-water system. The latter is increasingly falling out of use as only 2 percent of new units use this system.
• About half of homes (48 percent) had a separate dining room and three in 10 (30 percent) reported two or more living rooms or recreation rooms. About one-third (35 percent) had a usable fireplace.
• About two-thirds of housing units (65 percent) had central air conditioning and another 21 percent had window units; for new units, the percentage with central air conditioning was even higher (89 percent).
• About 93 percent reported the presence of a smoke detector. Additionally, 36 percent reported having a working carbon monoxide detector, 45 percent purchased or recharged a fire extinguisher in the last two years and 5 percent had a sprinkler system.
• Most homes had three or more bedrooms (64 percent), with the percentage even higher in new homes (80 percent). Additionally, about half of homes (51 percent) had two or more bathrooms, with the percentage even higher (89 percent) in new homes.
• Ten percent of communities had secured entrances, with the likelihood somewhat higher (15 percent) in new communities.
To search for area homes click http://listings.bestneworleanshomes.info/
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Home owners are more active in their communities, benefit from improved education opportunities, and report higher levels of self-esteem and happiness when compared to renters, according to leading research. A new report from the NATIONAL ASSOCIATION OF REALTORS®, Social Benefits of Homeownership and Stable Housing, explores the impact of stable housing and the positive social outcomes resulting from homeownership.“Homeownership is in investment in your future – home is where we make memories, build our lives and feel comfortable and secure,” said Vicki Cox Golder. “Owning a home has long-standing government support in this country because homeownership benefits individuals and families, strengthens our communities, and is integral to our nation’s economy.”NAR’s study identifies research from government, industry, and academia that identified the relationship between homeownership and stable communities. Home owners move far less frequently than renters, and therefore are embedded into the same neighborhood and community for a longer amount of time. This allows for social cohesion, ultimately resulting in social benefits and stronger communities.“REALTORS® care as much about keeping families in their homes as they do about helping them find the home of their dreams,” said Golder. “Social benefits do not arise solely from ownership, but also from greater housing stability and social ties associated with less frequent moves among home owners.” Several research studies cited in the NAR report have found that homeownership has a significant impact on educational achievement. For instance, the decision by teenage students to stay in school is higher for those raised by parents who are homeowners compared to those whose parents are renters. Access to economic and educational opportunities are also more prevalent in neighborhoods with high rates of homeownership. Furthermore, studies have shown that changing schools frequently due to moving impacts negatively a child’s educational outcome. Civic participation is another social benefit resulting from homeownership and stable housing. Home owners are proven to be more politically active and are more likely to vote in local elections compared to renters. In addition, homeowners have a higher membership in voluntary organizations. Studies have shown that home owners are more likely to believe that they can do things as well as anyone else, and they self-report higher ratings on their physical health. “The research shows that home owners report higher self-esteem and happiness than renters, resulting in better overall health, both physically and psychologically,” said Golder. When it comes to property, home owners have more invested both financially and emotionally. Property crimes affect home owners directly, but nonviolent property crimes can impact the property values of the entire neighborhood. Therefore, home owners are more motivated to deter crime by forming and implementing voluntary crime-prevention programs. In addition, it is easier for home owners to recognize perpetrators in stable neighborhoods because of extensive social ties. Unstable neighborhoods often display social disorganization which can lead to higher levels of crime. Along with protecting their home and neighborhood from crime, home owners spend more time and money maintaining their home than renters. Neighbors also influence other home owners to improve their property, resulting in a better overall quality of the community. “Homeownership certainly contributes to positive social outcomes, but those outcomes are truly a result of stable housing communities,” said Golder. “With strong social ties and a cohesive community, home owners can enjoy not only the long-term financial benefit of owning a home, but also a more satisfying life – which is what’s really at the heart of the American Dream.”http://listings.bestneworleanshomes.info/
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U.S. housing starts in July rose 1.7 percent to a seasonally adjusted annual rate of 546,000 units, the Commerce Department reported Tuesday. This is lower than analysts had predicted and down 7 percent compared to July of last year. Starts of new single-family homes declined by 4.2 percent to 432,000, while starts of large apartment units rose 32.6 percent to 114,000.To search for area homes click http://listings.bestneworleanshomes.info/
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Share free tips on how homeowners can determine whether their home is over- or underinsured from the August “Audit Your Insurance” article package now at the REALTOR® Content Resource. Start with these two tips:
1. Understand cash value coverage. Actual cash value coverage reimburses you for the value of your home based on its current condition. If your home was built 10 years ago, you’d receive only the depreciated value of decade-old windows, cabinets, appliances, and so on.
2. Consider replacement cost coverage. Most insurers recommend the more comprehensive replacement cost coverage. With it, you’ll be reimbursed for the amount it will cost to rebuild your home like new with the same kind and quality of materials. Depreciation doesn’t factor into the settlement equation. To get the full benefit of replacement coverage, you need to purchase enough insurance to cover the total cost to rebuild your home, excluding the value of the land.
Also covered in the August “Audit Your Insurance” article package now at the REALTOR® Content Resource are tips on why your CLUE insurance report matters, improving your insurance score, how to correct your CLUE insurance report, and how to perform an annual checkup of homeowners insurance.
To search for area homes click http://listings.bestneworleanshomes.info/
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Lowe’s Cos. has agreed to distribute $6.5 million in gift cards and pay up to $2.2 million in attorneys’ fees to settle a class-action lawsuit over defective drywall.
Plaintiffs claimed that Lowe’s sold defective drywall that gave off a bad odor and tarnishes metal. Most such drywall was imported from China, but Lowe’s said that no drywall it sold came from China. Lowe’s admits no wrongdoing in the settlement agreement.
Anyway who believes they purchased defective drywall from Lowe’s before July 27 is included in the settlement class. The claims process is expected to begin in 30 days.
To search for area homes click http://listings.bestneworleanshomes.info/
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Real estate practitioners, interior designers, and stagers who are looking to save money should consider DiggersList.com, a do-it-yourself Web site that allows users to buy and sell used construction materials.
DiggersList partners with Habitat for Humanity to donate to the non-profit, while also giving the consumer access to the home improvement inventory at Habitat for Humanity ReStores — discounted home improvement retailers that fund Habitat for Humanity’s mission.
There is a complete list of Digger cities here.
To search for area homes click http://listings.bestneworleanshomes.info
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Falling mortgage rates have generated demand for new mortgage loans. Mortgage applications have continued to increase as consumers look to refinance their mortgage loan or purchase a new home. The low mortgage rates are helping increase demand for housing and have been one of the few bright spots for the housing market this summer.
The Mortgage Bankers Association recently reported that mortgage application demands to purchase a new home has been on the rise for three straight weeks. With mortgage rates now below 4.5 percent, many renters believe now is the right time to lock in a fixed-rate mortgage loan and become homeowners.
The low rates have helped increase the average consumer's ability to afford a house since lower interest brings down monthly payments. According to the National Association of REALTORS, median family incomes have been outpacing the cost of homeownership over the past few years as purchasing a home becomes more affordable.
The low mortgage rates have also increased the number of mortgage applications to refinance a loan. Consumers are looking to refinance into a mortgage loan with today's lower rates. The Mortgage Bankers Association also reported that refinance applications have been on the rise for five out of the past eight weeks. The jump in consumers looking to refinance may signal that many believe rates are near their bottom and the timing is right to lock in a new mortgage loan.
Is this Good News for the Housing Market?
Low mortgage rates are helping generate some demand for housing and new mortgage loans. Most consumers do not appear to be ready to take the plunge and purchase a new home until the economy and job market show stronger signs of recovery.
While some homeowners will chose to refinance and lock in the lower mortgage rates, most buyers will probably wait a bit longer before pulling the trigger. Unfortunately, the latest jobs report for July was underwhelming with only 90 thousand private sector jobs being created. The housing market will struggle to recover until more individuals are put back to work. To search for area homes click http://listings.bestneworleanshomes.info/
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Moving to a new home can be stressful, to say the least. Make it easy on yourself by planning far in advance and making sure you’ve covered all the bases.
1. Plan ahead by organizing and budgeting. Develop a master “to do” list so you won’t forget something critical on moving day, and create an estimate of moving costs. (A moving calculator is available at REALTOR.com)
2. Sort and get rid of things you no longer want or need. Have a garage sale, donate to a charity, or recycle.
3. But don’t throw out everything. If your inclination is to just toss it, you're probably right. However, it's possible to go overboard in the heat of the moment. Ask yourself how frequently you use an item and how you’d feel if you no longer had it. That will eliminate regrets after the move.
4. Pack similar items together. Put toys with toys, kitchen utensils with kitchen utensils. It will make your life easier when it's time to unpack.
5. Decide what, if anything, you plan to move on your own. Precious items such as family photos, valuable breakables, or must-haves during the move should probably stay with you. Don't forget to keep a "necessities" bag with tissues, snacks, and other items you'll need that day.
6. Remember, most movers won’t take plants. If you don't want to leave them behind, you should plan on moving them yourself.
7. Use the right box for the item. Loose items are prone to breakage.
8. Put heavy items in small boxes so they’re easier to lift. Keep the weight of each box under 50 pounds, if possible.
9. Don’t over-pack boxes. It increases the likelihood that items inside the box will break.
10. Wrap every fragile item separately and pad bottom and sides of boxes. If necessary, purchase bubble-wrap or other packing materials from moving stores.
11. Label every box on all sides. You never know how they’ll be stacked and you don’t want to have to move other boxes aside to find out what’s there.
12. Use color-coded labels to indicate which room each item should go in. Color-code a floor plan for your new house to help movers.
13. Keep your moving documents together in a file. Include important phone numbers, driver’s name, and moving van number. Also keep your address book handy.
14. Print out a map and directions for movers. Make several copies, and highlight the route. Include your cell phone number on the map. You don’t want movers to get lost! Also make copies for friends or family who are lending a hand on moving day.
15. Back up your computer files before moving your computer. Keep the backup in a safe place, preferably at an off-site location.
16. Inspect each box and all furniture for damage as soon as it arrives.
17. Make arrangements for small children and pets. Moving can be stressful and emotional. Kids can help organize their things and pack boxes ahead of time, but, if possible, it might be best to spare them from the moving-day madness. To search for area homes click http://listings.bestneworleanshomes.info/
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On closing day, expect to sign a lot of documents and walk away with a big stack of papers. Here’s a list of the most important documents you should file away for future reference.
- HUD-1 settlement statement. Itemizes all the costs — commissions, loan fees, points, and hazard insurance —associated with the closing. You’ll need it for income tax purposes if you paid points.
- Truth in Lending statement. Summarizes the terms of your mortgage loan, including the annual percentage rate and recision period.
- Mortgage and note. Spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.
- Deed. Transfers ownership to you.
- Affidavits. Binding statements by either party. For example, the sellers will often sign an affidavit stating that they haven’t incurred any liens.
- Riders. Amendments to the sales contract that affect your rights. Example: The sellers won’t move out until two weeks after closing but will pay rent to the buyers during that period.
- Insurance policies. Provide a record and proof of your coverage.
To search for area homes click http://listings.bestneworleanshomes.info/
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1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.
2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.
4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.
5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.
7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.
8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment. To search for area homes click http://listings.bestneworleanshomes.info/
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ForSaleByOwner.com offers five good reasons why now is a great time to buy a house:- Low mortgage rates serve as an equity shock absorber. When buyers borrow at today's record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains traction.
- Houses are in move-in condition. Home owners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. As these houses enter the market, they are in marked contrast to tattered foreclosures.
- Terrific houses are coming on the market. Foreclosures are finally starting to clear the system, and they are being replaced by some very attractive properties.
- Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market.
- Plenty of programs. Many programs that encourage middle-class families to buy homes continue to exist, despite market downturns. Buyers who qualify can get a big boost by combining one of these programs with today's low mortgage rates.
To search for area homes click http://listings.bestneworleanshomes.info/
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The restoration of the single-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate today and is on its way to President Obama.
The National Association of REALTORS® has vigorously lobbied to restore funding for the rural program since last March, and hailed this development as a great victory for rural home buyers.
“This is going to be a great lift for thousands of rural home buyers who need to close on their home purchases before Sept. 30 to take advantage of the home buyer tax credit,” said NAR President Vicki Cox Golder. “Many rural families would have been left out in the cold without these guaranteed loans. Increasing the commitment authority will help rural families, support local housing markets, create jobs and generate new tax revenues.”
“The rural housing program is a good example of the kind of program needed for responsible and qualified home buyers who bring common sense to the housing market,” said Golder. The legislation increases the guarantee fee for borrowers, but allows the fee to be financed. “This change will make the program completely self-sufficient,” she said.
Golder thanked Sen. Michael Bennet (D-Colo.), and Reps. Paul Kanjorski (D-Pa.) and Shelley Moore Capito (R-W.Va.) for moving the bill to passage in both houses.
The legislation was part of H.R. 4899, “The Emergency Supplemental Appropriations Act” that the Senate passed today. The measure increases the Rural Housing Service commitment authority allowing guaranteed loans; previously, RHS has been providing conditional commitments. The RHS is expected to announce new guidelines shortly after the president signs the bill. To search for area homes click http://listings.bestneworleanshomes.info/
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Paying off an underwater mortgage and buying a better home could be the best tactic in this troubled market.
"If you are trading up, what better time than when interest rates are at record lows and the cost of the trade-up is much less than it used to be?" says Christopher J. Mayer, a Columbia Business School economist.
With 15-year fixed-rate mortgages at about 4.5 percent, it also makes sense to pay off the mortgage and keep the house. "At this point," says Jay Brinkmann, chief economist of the Mortgage Bankers Association in Washington, D.C., "if they don't have anything else that is bringing a tremendous return, then they are buying themselves an annuity by paying their house off sooner than they needed to."
To search for area homes click http://listings.bestneworleanshomes.info/
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Applications to purchase homes rose 1.5 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association.The unadjusted purchase index also rose 1.5 percent, and it was up 7.1 percent compared to four weeks ago. Compared to the same week a year ago, it was down 33.7 percent. For the third straight week, government-backed loans, especially Federal Housing Administration loans, drove the increase, with government loan volume rising 3.4 percent compared to last week.Mortgage rates were remarkably low: - 30-year fixed-rate mortgages decreased to 4.60 percent from 4.69 percent.
- 15-year fixed-rate mortgages decreased to 4.03 percent from 4.12 percent.
- 1-year ARMs decreased to 7.10 percent from 7.15 percent.
To search for area homes click http://listings.bestneworleanshomes.info/
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Free! Home Buyer Seminar in Gretna It’s a Good Market — Make it Your Market Saturday, August 28, 2010
Learn Insider Secrets: * How you can benefit from the current market? * How to get pre-qualified? (Pre-qualified during the Seminar?) * How to fix broken or dinged credit? * How much house you can afford? * How to get the first years Home Owners and Flood insurance paid for you?
Seating is Limited! RSVP Required For more information 24/7—Recorded Message 1 (800) 311-1501, Ext. 1108
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