Home Security Systems: What to Know Before Buying

Everyone wants to protect their home, their property, and, most of all, their families. In fact, market research suggests the home security business is growing at a rate of about 9 percent a year.

Home security systems are not all alike, however. Some systems can not only warn you of intruders, but can also notify authorities, monitor smoke and carbon monoxide detectors, and/or include video surveillance. Mot security alarm installers can provide services that include equipment plus installation and monitoring service.

If you are thinking about buying a home security system, the Federal Trade Commission (FTC) suggests that you:

Get references from friends, neighbors or relatives;

Check out companies online and check the Better Business Bureau for complaints;

Verify that the contractor’s license is in good standing via the National Association of State Contractors Licensing Agencies;

Get written estimates from several companies;

Read the fine print regarding costs, installation timeline, warranty, and an explanation of your right to cancel within three days of signing a contract; and

Ask lots of questions:

• Who will perform the installation and monitor the system? Some companies subcontract this work to a third party.
• What is the contract period for monitoring? One year? More? Are there penalties for early termination? What happens if you move before the contract term is up?
• How much does the monitoring cost? How often will you be billed?
• Does the company call you before notifying the police?
• How soon after the alarm sounds will you be notified?
• What happens if the alarm company can’t reach you when the alarm is sounding? Is the alarm reset? Are the police called? Are alternate numbers called?
• What happens if the power goes out? Is there a back-up battery system?
• What does the warranty cover, and for how long? Is it from the manufacturer or their installer?
• Who is responsible for repairs or upgrades to the system?
• Does the company offer interactive services like smoke and fire detection, remote control, video surveillance, email notifications and special apps for smart phones?

By Barbara Pronin

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Mortgage Rates Descend to Lowest Level of the Year

The average 30-year fixed mortgage rate descended this week to its lowest level so far in 2017, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The 30-year fixed rate mortgage came in at 4.08 percent, down from 4.10 percent the previous week.

“Following a weak March jobs report, the 10-year Treasury yield dropped about five basis points,” says Sean Becketti, chief economist at Freddie Mac. “The 30-year mortgage rate fell two basis points to 4.08 percent. Not only did the average 30-year fixed-rate mortgage decline for the fourth consecutive week in our survey, it also fell to a new 2017 low.”

The 15-year fixed mortgage rate followed suit, falling two basis points, as well, to 3.34 percent. The 5-year Treasury-indexed hybrid adjustable mortgage rate fell one basis point to 3.18 percent.

Source: Freddie Mac

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Creating A Patio Scene That Sells

Whether you're selling an oceanfront property in Miami Beach or a Colorado mountain escape, a home's outdoor space is often key in the potential homeowner's willingness to say, "We'll take it!" With property values on the rise, it’s important to create additional living space by bringing the indoors out.

Read more: Decks vs. Patios: Which Is More Popular?

No matter the size, creating an inviting area for entertainment and daily living doesn’t have to be a massive construction ordeal. Instead, just a few simple additions to the outdoor space can make all the difference. Let’s take a look at ways to create a refreshing outdoor scene that sells, complete with fresh patio furniture and accessories perfectly matched to the home's architecture and surrounding scenery.

Work with What You’ve Got

While outdoor spaces are key to selling a property, there’s no need to do a complete overhaul. Instead, work with what you’ve got and take advantage of smart design to maximize the space. Overgrown lawns can look like new with some pruning, and weathered concrete patios can be given a new life with simple patio resurfacings or overlays. A good power wash can take years off of an outdoor space, while a slick coat of paint on some well-loved fences and trims can make all the difference at adding new life to a patio.

Channel Style with Outdoor Furniture

Elevating your patio with outdoor furniture is a sure way to have potential homeowners coming back for more. Like any room, furniture is essential for tying together a space—it channels style and makes it easier for clients to visualize themselves entertaining or lounging in the space.

The key is to channel the style of the demographic and the home. Are you selling a swanky Malibu pad fit for a movie star? Time to bring in some sleek and modern lounge chairs for late night business deals. Or are you working with a French-style chateau that would make anyone feel like royalty? Bring that outdoor space alive with an outdoor dining set with rustic wood accents perfect for big family gatherings.

Have Fun with Accessories

Once the outdoor furniture is in place, it’s time to put a bow on it with fun accessories. If the patio seems barren, remember that outdoor walls are perfect for metal wall art pieces and a new sconce or two. Bring outdoor dining areas to life with a centerpiece or some festive linens, and have fun with patterned pillows and lanterns around a seating area. Don’t forget a fashionable bar cart—it’s a great little addition for urban patios. No matter what style the home is, adding a few key accessories to the outdoor space will make all the difference at creating an appealing sell.

Source: An accredited ASID interior designer, Kerrie Kelly writes for The Home Depot and several other publications about decorating both indoor and outdoor spaces. She provides great advice on increasing backyard appeal by building an outdoor space with great patio furniture and some outdoor accessories.

March Data: Spring On the High Prices, Low Inventory

The housing market’s high/low dynamic continued uninterrupted at the start of the spring homebuying season, with home prices hitting another record high and inventory still low in March, according to a data preview from realtor.com®. The median list price in March will push past $250,000—where it has hovered since May 2016—to $260,000, while new listings will total 492,000, up 2 percent from February but down 13 percent year-over-year.

“Calendars might say spring is only a week old, but we’re already in the thick of the most frenzied spring home-buying season on record,” says Javier Vivas, manager of Economic Research at realtor.com. “The median days on market for homes on realtor.com in March saw the biggest drop since the end of the recession, and half of homes are now selling in less than 69 days nationally. Low inventory continues to be a significant problem, but record-high prices are also keeping waves of buyers at bay.”

Realtor.com expects the median age of inventory to be 69 days in March, thudding down a whopping 24 percent from February.

The markets with the most spring in their step, according to the Realtor.com Hotness Index—based on realtor.com views—are:

1. Vallejo-Fairfield, Calif.Median Age of Inventory: 33 days

2. San Francisco-Oakland-Hayward, Calif.Median Age of Inventory: 26 days

3. Dallas-Fort Worth-Arlington, TexasMedian Age of Inventory: 38 days

4. Denver-Aurora-Lakewood, Colo.Median Age of Inventory: 30 days

5. San Jose-Sunnyvale-Santa Clara, Calif.Median Age of Inventory: 25 days
   

For more information, please visit www.realtor.com.

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Fair Housing Month Puts Spotlight on Housing Discrimination

April is National Fair Housing Month. 2017 marks the 49th anniversary of the Fair Housing Act, which protects against housing discrimination due to “race, color, national origin, religion, sex, disability and the presence of children” when applying for home financing or buying or renting a home, according to the Department of Housing and Urban Development (HUD). HUD is hosting Fair Housing Month events this month to shine a light not only on discrimination, but also on efforts the agency has taken to uphold the Fair Housing Act.

Equal access to housing is a fundamental promise of America,” said HUD Acting Assistant Secretary for Fair Housing and Equal Opportunity Bryan Greene during a kickoff event at HUD headquarters this week. “When access to housing is unfairly limited, it, in turn, limits access to good paying jobs, quality schools, and economic opportunity.”

The event featured commentary from HUD Secretary Ben Carson and Malcolm E. Peabody, Jr., deputy assistant secretary for Fair Housing in the Nixon Administration.

Over 8,000 complaints alleging housing discrimination were submitted to HUD through its Fair Housing Assistance Program in 2016. Some 12 percent of those complaints were related to discrimination on the basis of having children, or “familial status discrimination.” HUD allocates a portion of its $42 million Fair Housing Initiatives Program (FHIP) budget to combat this type of discrimination.

Anyone who believes they have experienced housing discrimination can file a complaint with the Office of Fair Housing and Equal Opportunity at www.hud.gov/fairhousing or 800-669-9777.

Source: Department of Housing and Urban Development (HUD)

Most Popular Bathroom Trends for 2017

Move over traditional styles. Contemporary and transitional-styled bathrooms are overtaking traditional in design preferences, according to the 2017 Kitchen & Bath Design Trends Report by the National Kitchen & Bath Association. The member survey reveals some of the following bathroom trends this year:

Most popular color schemes: Whites, off/whites, and gray

Also, young design professionals are showing greater preferences for incorporating violets and purples.

Most commonly used bathroom storage solutions: Linen storage cabinets and wood vanities

Floating vanities and open shelving are catching on, while the use of toilet topper cabinets are fading. Also, more bathroom remodels are adding in power outlets directly inside drawers or vanity cabinets for powering up hair dryers, curling irons, and shavers.

Designer: Leslie Lamarre; Co-designer: Erika Shjeflo
Photo by: Bernard Andre

Most popular flooring: Ceramic tile

High-quality vinyl flooring also is inching up in popularity.

Designer: Leslie Lamarre; Co-designer: J. Michael McGinn
Photo by: Bernard Andre

Most popular bathroom sinks: Undermount sinks

Requests for vessel sinks are starting to wane, as well as pedestal sinks. Trough sinks are gaining more popularity, NKBA notes.

Designer: Gladys Schanstra
Photo by: Eric Hausman

Fixture style on-the-rise: White

White fixtures are growing in popularity. Also, watch out for brushed brass and gold as well as designer faucet colors. Bone and bisque colored fixtures, meanwhile, are losing favor with homeowners.

Designer: Lori Carroll; Co-designer: Alex Burch
Photo by: John Mancuso

Most popular amenity solutions: Safety and comfort first, such as comfort heights, shower seats, lighting in showers, and no-threshold showers.

Water-saving toilets and faucets are becoming more mainstream too. Further, smart toilet, music in the shower, easy maintenance features, and radiant floor heating are growing in demand.

Most pronounced fading fad: Tub or whirlpool.

More than half of National Kitchen and Bath Association members say they have eliminated a tub or whirlpool in a bathroom remodel over the past year. A freestanding tub, however, seems to be more of homeowners’ preference nowadays.

Designer and photograper: Molly Hustoft

Most popular bathroom style: Contemporary and transitional.

Contemporary and transitional-styled bathrooms have dethroned traditional style preferences. Shaker style is gaining popularity, as well as mid-century modern. Asian Fusion is still a niche design, but also getting more attention in remodels.

Designer: Leslie Lamarre; Co-designer: J. Michael McGinn
Photo by: Bernard Andre

By Melissa Dittmann Tracey, REALTOR® Magazine  http://styledstagedsold.blogs.realtor.org/2017/04/03/most-popular-bathroom-trends-for-2017/

Why Sellers Are So Stressed in a Seller’s Market

Home sellers say the greatest challenge for them this year is the lack of homes to choose from when it’s time for them to move, according to a new survey of more than 800 real estate professionals from Redfin.

“It’s a seller’s market, but the catch is, most sellers need to buy as well,” says Eileen Lorway, a Redfin real estate professional in the Boston area. “This is a conversation I have with many clients at our first meeting. We discuss options like ‘seller to find suitable housing’ contingencies for the sale contract, ‘purchase contingent on sale of current home’ options for the buy offer, rental options, stay-with-family options, and bridge loans. Sellers who are buying need to think outside the box a little bit. It’s not easy, but we often do end up closing on sale and purchase on the same day.”

Lorway also encourages more of her sellers lately to sell first, then buy. They will need to consider temporary housing options, but “then they will be able to take the time they need to find their dream house, know exactly what they’ll have to work with financially, and won’t end up adding unnecessary contingencies to offers, which will give them a better chance to get the home,” Lorway says.

Inventories of homes for sale have hit record lows in many parts of the country. Buyer demand, however, remains high. About fifty-seven percent of real estate professionals surveyed by Redfin say they have been involved in at least one instance of a home receiving 10 or more offers this year.

Source: “Lack of Homes for Sale Is a Problem for Sellers, Too,” Redfin (March 31, 2017)

Millennials Buying Big in the ‘Burbs

Millennials are calling. They want the suburbs back.

Like generations before them, millennial homebuyers are beginning to shy away from city life, taking up residence in the suburbs—with one key difference.

According to a report by Zillow, millennial homebuyers are passing over starter homes, paying up for square footage typical of older generations: roughly 1,800 square feet.

Their preferences, however, reflect those of their older counterparts—specifically, an appetite for community amenities and townhouses.

“Millennials have delayed home-buying more than earlier generations, but don’t underestimate their impact on the housing market now that they’re buying,” says Jeremy Wacksman, CMO at Zillow. “As members of this huge generation start moving into the next stage of life, expect the homeownership rate to tick up and suburbs to change to suit their urban tastes. We’re constantly learning about this young group of homebuyers—we’re finding that they are more similar to older generations than many thought. Their views on community and homeownership are pretty traditional, and they don’t all fit the urban stereotype you might have in your head.”

Millennial homebuyers are also putting down roots like older generations—64 percent of those who moved in 2016, in fact, stayed within the same city, and only 7 percent relocated to another state, according to the report.

Half of millennial homeowners are in the suburbs, while 33 percent are in urban areas and 20 percent are in rural areas. Forty-two percent of homebuyers in 2016 were millennials.

For more information, please visit www.zillow.com.

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10 Tips for Homebuyers and Sellers This Spring

Spring is here, and so is spring home-buying and -selling. Buyers and sellers preparing to take action this season should put those plans into play now—according to Zillow Group’s Report on Consumer Housing Trends, the No. 1 regret for both buyers and sellers is “not starting their home search or prepping their home to sell soon enough.”

“This spring, both buyers and sellers should be prepared for fast-moving sales, intense negotiations, and even bidding wars,” says Jeremy Wacksman, CMO at Zillow Group. “Home shoppers and sellers are motivated to become more strategic and knowledgeable about what’s happening in their neighborhood. Understanding whether you are in a buyer’s or a seller’s environment will help you manage your expectations and will give you insight into what you’re going to need to bring to the table in order to close the deal.”

For buyers, that means:

Keep your options open. More than half (52 percent) of homebuyers surveyed in the report said they also considered renting, and more than one-third (37 percent) of first-time buyers seriously considered continuing to rent. Savvy shoppers should have a Plan B in place, hoping to buy if it works out, but willing to sign a lease for a home if they don’t make a deal by the time they need to move.

Be realistic with your budget. Once you set it, stick to it. First-time home buyers are more likely to exceed their budget than repeat buyers (39 percent versus 26 percent), according to the report. Before you meet with a lender to determine how much mortgage you’ll be approved for, take a good look at your individual finances and spending preferences to determine the monthly payment range that you feel you can comfortably afford. (Use Zillow’s mortgage calculator to help with you with the math.)

Get your financing squared away early. Plan to meet a few lenders four to six months ahead of when you’re planning to buy to ensure you can make a competitive offer quickly when you find your dream home. The majority (82 percent) of buyers get pre-approved, with 77 percent getting pre-approval from a lender before finding a home on which they are interested in placing an offer.

Find an agent with a winning track record. Take the time to find an agent who has expertise in fast negotiation, leveraging escalation clauses, and winning bidding wars. Only 46 percent of buyers got the first home on which they made an offer, according to the report, demonstrating that competition is now part of the process. Use search tools, like Zillow’s Agent Finder, to choose an agent based on sales and listing activity, area of expertise and reputation.

Communication is key. Make sure your preferred method—and frequency—of communication matches that of your agent. One-third (33 percent) of all buyers surveyed in the report preferred phone calls with their agent over emailing (21 percent) or texting (15 percent). Buyers can use the agent reviews on Zillow to learn more about prospective agents and their clients’ experiences.

And for sellers:

Start early and be strategic. Sellers consider putting their home on the market for five months before they list it—but the top seller regret is that they wished they spent more time prepping for the sale. Many cities have a magic window in the spring when homes have a higher likelihood of selling quickly for more money.

Work with an agent from the start. The vast majority (90 percent) of sellers surveyed in the report who sold quickly and for more than list price worked with an agent, and two out of three (58 percent) began working with an agent at the very beginning of their selling journey.

Pay attention to your online curb appeal. The majority of buyers begin their search online. Sellers who sold their home for more than list price made imagery and home information available online: 48 percent had professional photos taken of the home; 30 percent shot video footage; and 21 percent shot drone footage. Zillow’s video walk-throughs give sellers an easy way to show home features that are hard to capture in photos.

Home improvements can be a worthwhile investment. Sellers who fetched above list price tackled home improvements before listing their home, being 50 percent more likely to take on a large project like modifying an existing home plan and 20 percent more likely to renovate a kitchen than the average seller.

Don’t be afraid to try again. In many markets, nearly half of listing views occur in the first week the home is on the market. Twenty-six percent of those who sold above list price took their home off the market once to adjust the sales price, opting to start anew, rather than letting the home languish on the market with minimal activity. 

For more information, please visit www.zillow.com.

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6 Things Every Homeowner Should Know About Property Taxes

(TNS)—You might not have factored in property taxes when planning to buy your dream home, but the cost of homeownership goes beyond your mortgage payment. It’s important to discover how your property tax bill works—once you know how it’s calculated, you can challenge it if you feel it’s too high. Additionally, property taxes can be a valuable write-off, and as a homebuyer, you should take advantage of all of the available tax breaks for homeowners. Here are six things every homeowner should understand when it comes to property taxes.

You might need to pay different types of property taxes.
Home property taxes include your annual assessment and direct assessments, which are flat fees for specific services such as street cleaning or landscaping. Some localities also impose special assessments to pay for a specific project, like a new park or library. When you’re buying a home, research how much its property taxes are—including direct and special assessments—so you can budget for your future as a new homeowner.

A tax assessor calculates your property tax.
To calculate property tax, the tax assessor attaches a property value to your home and makes adjustments based on local rules to determine the assessed value. For example, your county might calculate property taxes based on 20 percent of your home’s assessed value, so the county assessor would multiply the fair market value of your home by 20 percent to determine the assessed value.

The assessor divides the assessed value by 1,000 and then multiplies that by the mill rate—the number that represents the amount per $1,000 of the assessed value of the property—to calculate your property tax bill. For example, if the mill rate is seven and your home has a taxable value of $150,000, your property tax bill would be $1,050.

Property tax rates vary depending on where you live. It’s important to know that your tax bill might increase if you’re adding additional square footage to your home, because completing construction on a renovation could increase your home’s value.

Property tax due dates vary.
Property tax due dates vary depending on where you live. Some counties require you to pay the annual property tax bill in one payment and others break it up into two installments. If you receive two tax notices, don’t assume the second one is a duplicate bill.

Different states and counties accept various forms of payments. For instance, some allow you to pay property taxes with a credit card online; if you pay by card, you’ll likely have to pay a convenience fee equal to a percentage of your bill.

If you have a mortgage, you might pay an extra amount each month into an escrow account, which the bank uses to pay property taxes on your behalf. For example, if your annual real estate taxes are $1,200, you would pay an extra $100 on your mortgage each month. Consider the fees before paying property tax online with a credit card, because it could end up costing you more than what you’d earn in credit card rewards.

You could be subject to interest and penalties for not paying property taxes.
If you don’t pay your property taxes on time, you could owe interest and penalties. If you continue to be delinquent, the government could put a tax lien on your home or foreclose on it and sell it to generate cash to pay your bill.

If you have a lien on your home, any proceeds from a sale go first to pay off the delinquent taxes. Sometimes your mortgage lender will pay the property taxes on your behalf and request reimbursement from you. If you don’t pay the money back, your lender might consider you in default on your mortgage and foreclose.

You might be eligible for property tax relief.
Governments often offer special property tax relief to certain groups like veterans, the disabled and those who have lived in the same home a long time. The exemptions don’t reduce your tax rates; instead, they lower the assessed value of your home.

You can also challenge the property tax assessment through the tax collector’s office. For example, if you believe your tax bill is too high because the assessed value of your property exceeds its actual value, you can submit evidence of that to the tax collector. If you win your appeal, your property tax bill will be reduced.

You can deduct property taxes from your federal income taxes.
If you itemize your deductions on your federal income tax return, you can deduct the amount of property taxes you pay, but you can’t deduct the cost of special assessments. If you pay your property taxes through an escrow account, you can deduct only the amount that actually went to the government, not the total amount you paid into the account.

©2017 GOBankingRates.com, a ConsumerTrack web property

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10 Easy Improvements to Make on Your Fixer Upper

There is something awesome about buying a fixer upper and doing the renovations yourself. Some people fix them up a bit at a time, using cash as they have it available. If you want to make a big impact by doing small things, here are 10 things you need to include.

1. Change Out the Lighting

Nothing says outdated like an old-fashioned gold chandelier. Lighting is something that can be updated easily and won’t cost a bunch of money. It is one of the smallest things you can do that will have the biggest impact.

2. Paint

There is an old saying that states “if a barn needs to be painted, slap some paint on it.” You will be amazed at what some paint can do to your home. A new hue can cover imperfections and give the room the blast of color it needs. Forget drab, white walls that are lackluster. Give your home a color makeover.

3. New Fixtures

Just like the lighting, the fixtures in the home become outdated quickly. Start with the kitchen faucet and then move on to the bathroom. You can update and upgrade a fixer upper by just adding these small touches.

4. Paint Cabinets/Add New Hardware

If you have new cabinets in the budget, then you should go for it. However, if your budget is limited, then you may want to try to paint them. Painting old cabinets and installing new hardware will give the kitchen a facelift. If the cabinets are old but sturdy, then you can bring them back to life. Painting is inexpensive and has a huge impact.

5. Rip Out Old Carpeting

Carpet is great when it is new; however, when it is old and dingy, it can really have a negative impact on a space. Hardwoods are the best option, followed by laminate floors. However, if you are stretched for money, you may try a bag floor or a penny style one. There are creative options online that allow you to do great things with your floors for less.

6. Add Curb Appeal

The curb appeal of the home is everything. It does not matter how great the inside looks if the outside is in shambles. Clean up any dead plants and add some new. Be sure to pick flowers and shrubs that bloom at different times. This will allow you to have color year-round. Add some shutters and a fresh coat of paint to the porch. Use decorative numbers to display the address. Finally, replace the mailbox if necessary.

7. Repaint Ceilings

Ceilings are often overlooked. They are usually white and the color is reserved for the walls. However, people do not realize how dirty these ceilings can be. A fresh coat of paint on the ceiling can really enhance the whole room. The walls are not the only thing that needs to be painted.

8. Upgrade the Exterior Façade

The biggest impact you can have on the outside of a home is to replace or paint siding. If you have it in the budget, you can add brick and stone accents. Most fixer upper homes have chipping paint and worn out siding. Splurge for some nice siding or paint a great color to update the home’s look.

9. Replace the Windows

New windows are expensive, but they are important. If you have old windows in your home, you need to spend the money to upgrade them. Windows are great for keeping the elements at bay. You will save yourself money in the long run by sealing off old-drafty openings.

10. Update the Heating and Cooling Unit

To help the process of heating and cooling a home, you need to make sure the home has an updated HVAC unit. The air filters are just as important as the unit. Filters with a rating of Merv 11, have "astro pleating" to help ensure no dirt or dust gets into your system. Extend the livelihood of your unit by selecting quality air filters.

By Cary Teller  http://blog.rismedia.com/2017/fixer-upper-improvements/?utm_source=newsletter&utm_medium=email&utm_campaign=eNews