Indy's Real Estate Girl!

Real Haunted Houses of Indianapolis

2010-11-06T09:52:00.003-04:00

(wrote this post a few days before Halloween & had some problems posting it before on blogger. Had it on wordpress, still deciding between the two, any suggestions?)

Hope that everyone has a Happy Halloween this weekend! I've been attending some leadership workshops recently and have fallen behind on my blog updating but I'll have more time from now on. Since October 31st is just a couple of days away, I wanted to draw attention to some of the 'real' haunted houses of Indianapolis.

Many know of the Hannah House located at 3801 Madison Avenue. This historic home was actually a stop on the underground railroad, a safe haven for slaves trying to escape to Canada. A quick rundown of the story is that one night a group of slaves were in the basement and one accidentally kicked over an oil lamp, starting a fire and killing all of them. Some people today say that they can see or hear the moans of the slaves trapped in the basement. Others say they have seen Hannah, the owner at the time, walking around the property.

This home is on the south side in Perry township and has been recognized as an official historical landmark. Today, you can take open house tours, attend a mystery dinner, have your wedding reception or a banquet here too. I doubt I would ever hold my wedding there but it might be interesting to attend an open house... with the lights on!

65 years ago on October 26th, police came to the house at 3850 E. New York Street where they saw Sylvia Liken's dead body inside on a mattress. Liken's torture-murder is one of the most highly publicized gruesome crimes to ever happen in our city. In the summer of 1965, Sylvia Likens and her sister Jenny were sent to stay in the home (I believe it was a duplex) of Gertrude Baniszewski while her parents found work selling concessions with a carnival. Gertrude has 7 of her own children and tensions started to rise immediately. Gertrude was the ring leader, but basically she and several of her children and some of their friends would torture, beat, starve, and do some other crazy, horrible things to Sylvia which lasted several months. They locked her in the basement where she died. It's a pretty horrible story so if you want more details take a look at this recent Indy Star posting.

The especially creepy part about this story for me is that I did step foot into this house, without realizing it at the time. I hadn't even heard of this horrific crime until about a year ago. Sometime in the early months of 2009, I got a call from a couple that I didn't know who were interesting in seeing this house. I asked them some standard questions, also asked if they wanted to see others in this area and they politely said no, they were interested in this one because it seemed quite large and on a corner lot, which would be good for renting one or both sides. I did not have much to do that day and the weather was kind of gross (either raining or some sleeting) so I decided to go ahead and meet them.

Now showing some of these brokedown homes aren't always the most fun thing to do, but I'm going to help out my clients any way that I can. When I do get that rare call asking to see one of these inexpensive, dilapidated properties, I usually make sure to have a flashlight in the car and a pair of shoes without heals, in case things are gross inside. I can't recall exactly because I didn't piece things together until several months later, but either we had to use a cordless drill to take off the 'door' or the door was really hard to open. I try to touch things as little as possible (meaning only the door knob if I have to) and make sure to have some hand sanitzer handy too. To be polite I usually go through most of these kind of houses with my clients but there have been a few occassions where either I was scared of mold, smelled something just awful, or felt like the floor was going to collapse so I tell them I'll wait outside. Well I remember going into the main room with them and then just being kind of grossed out (not always an unusual reaction in those types of abandoned homes) so I said I would wait outside if they did not mind, but to be very careful. I stood on the porch outside, and they really weren't in there too long (it was kind of cold outside) and then that was it. We exchanged information, I tried to get some more info about what they were looking for, would they be interested in other properties in that location and price range, and they told me to email some but I never heard a response back. I left a couple of messages and sent 3 or more emails, but nothing. That happens occassionally, when someone looks over their finances and realizes they don't want to buy, but feel bad about responding that way or something. Anyway, several months later, maybe in the summer, someone mentioned something about scary movies and brought up that one and I googled it and starting putting the pieces together. I remembered the price for some random reason and the street, then added it all up. By then, I had also heard a local church bought it and had since demolished it, but it's still creepy to think that I was in there and even scarier to think that humans can treat another like that.

I'm sure there are several other 'haunted' or creepy places to visit in the Indianapolis and surrounding areas. Real estate agents in Indiana are actually not required to disclose to a purchaser, lessee,etc that a property is "psychologically affected" but realtors and the property owners cannot lie and must tell the truth if a client asks directly. Personally, I think it's best just to be upfront. I wouldn't want a past client to come back and be mad at me later because I sold them a haunted house or something. The Indiana Association of Realtors defines "psychologically affected" as a property that someone has died on, a property that had someone living or died there who had HIV, if a felony was there, gang activity, shooting involving an on duty police officer, or a house where illegal substances were manufactured or distributed.

Anyway, stay safe this Halloween!
Interesting website listing the haunted places of Indiana.

Walkability- What's Your Score?

2010-09-24T11:46:00.009-04:00

Happy Friday! Today I started off my day on a mostly positive note, by meeting with my personal trainer. It's the third week that I've met with her and she has been really great. I'm definitely more motivated to exercise now and even am a little more conscious of what I'm eating. I didn't think that I was the type to get a personal trainer, but the few things that I knew how to do (walk/jog on a treadmill, elliptical machine) weren't cutting it. I was tired of doing work and not seeing results so I decided to consult a professional! I think I got to this point after seeing my fit friends who live in other cities and also other parts of town, not out of breath after walking just a block (j/k). Anyway, it got me thinking- they have more opportunities to exercise in little spurts throughout the day. They have places they can walk to that are actually feasible & fun. Where I live, it's not quite as easy, but there are a few good places to walk nearby.

For some of my more 'green-conscious' clients, or those who wanted a more active lifestyle, I have recommend the Walk Score website. This website gives you a walkability score for any address that you input. They base this off of how many parks, schools, theatres, grocery stores, businesses, etc are nearby. They don't take into consideration if there are sidewalks, safety, weather of the area, topography, etc but it's a good start for those who are considering moving to a new area and wondering what the day to day activeness would be like.

For example, one of my recent "Pick of the Week" properties showed up like this after inputting the address:

It gave this Irvington home at "very walkable" score of 71, not bad! If you're lucky and live downtown near Mass Ave, you'll get a high score of "Walker's Paradise". Sounds nice, right?

On their website, they also have info about public transit, rankings of neighborhoods in cities, and more. There's even an iPhone app! Just another handy tool to help keep you informed while making an important buying decision.

Pick of the Week- Updated Hip Cape Cod

2010-09-20T09:37:00.009-04:00

Hope that everyone had a nice weekend. It seems like everyone is in good spirits this Monday morning, maybe because of the Colts victory last night? Anyway, it's nice to see everyone in a chipper mood.

New pick of the week- an updated cape cod style home in the Broad Ripple area. It's actually east of Keystone, which depending on who you talk to, is or is not still Broad Ripple, but it's close enough and you definitely get some more square feet for the money. This nice home features 3 bedrooms and 2.5 bathrooms with over 3100 sq ft. Main floor opens up to a nice living room with fireplace, 2 bedrooms, full bath, dining room with sliding door that leads to the backyard, and kitchen area. Upstairs is a nice loft, master bedroom and full bathroom. The finished basement with large rec room features a half bath, laundry room, utility and workshop rooms.

Some of the major highlights of this house are the storage- lots of closets and different spaces to hide your junk, and also the fact that it's pretty much updated yet still has the character that people love about this area. Original hardwoods are in great condition, newer windows & roof. Large backyard featurse a privacy fence & nice deck. Currently listed at $179,900, this is a great home for those who need a little more space than the typical Broad Ripple 2BR/1BA bungalow.

Features-
• 3 Bedrooms with 2 Full and 1 Half Bathrooms
• Original Hardwood Floors
• Living Room with Fireplace & Picture Window
• Updated Bathrooms & Kitchen
• Recently Painted Throughout
• Formal Dining Room with Custom Lighting
• Large Master Suite with Private Bath & Two Closets
• Upstairs Loft with Extra Storage
• Finished Basement with Contemporary Modular Carpet Tiles
• Updated Plumbing & Electrical Work
• Basement has Workshop, Storage, &Updated Laundry Room
• Newer Windows Including Basement Glass Block Windows
• Custom Wood Deck in Backyard
• 1 Car Detached Garage with Attached Carport
• Professionally Landscaped Yard in Front & Back
• Rear and Side Access to Backyard
• Fully Fenced Backyard with Privacy Fencing
• Charming Cape Cod Architecture
• Great Location near Broad Ripple without Sacrificing Space!

If you would like more information or to schedule a private showing on this house, feel free to email me at rebecca.upton@century21.com

This listing is courtesty of Century 21 Scheetz

Pick of the Week- Undeniable Charm in Irvington

2010-09-08T14:55:00.009-04:00

Hello again! Hope that everyone had a nice long Labor Day weekend. I got a rare chance to actually leave town and visit some some old college friends in Minneapolis. The housing market there seems to be okay, a little slow but there were some nice unique properties up for sale. I was pretty busy having fun so I did not get a chance to go to any open houses, which I enjoy doing in different towns.

Anyway, so I am a little behind in my pick of the week! My pick for this week is a 3BR/1.5BA charming arts & crafts style bungalow with tons of character. It is located in the near downtown community of Irvington and is also in the historic district. The house has almost 2200 square feet and has some great updates. There is a lovely front covered porch that leads you into the living room with wood burning fireplace. Dining room features beautiful wood work which leads you to the recently renovated kitchen. The kitchen was expanded a few years ago, allowing for more space in this all important room and adding a breakfast nook. There are also new hardwood floors in here, stainless steel appliances, and vaulted ceilings. Main floor master leads out to the back deck. Upstairs two bedrooms and full bathroom feature some great extra storage. Basement is unfinished but is a good size and has a workshop area. Probably one of the best things about this home is where it's located- just steps from Ellenberger Park. This home has a huge yard with storage barn and also just got a new roof. Currently priced at $164,900- this is a great price for a home of this size and condition located in this historic area. If you dislike cookie cutter homes and want a house that has beautiful woodwork, fun nooks & crannies, and is updated yet highlights the charming older character- this is the house for you!

The listing agent also let me know that there will be an open house held this Sunday, September 12th from 2-5pm so just send me a message if you would like more details on that.

*Listing info provided courtesty of Century 21 Scheetz*

Pick of the Week- Fresh Find in Saxony

2010-08-21T16:57:00.010-04:00

I get the chance to come across some great homes in my line of work. My "Pick of the Week" posts will allow me to highlight some different homes that you might not get to see everyday. These won't necessarily be my listings, but in this case (it being my first "pick of the week") I've decided to make it one of my listings.

This 4BR/2.5BA home is currently listed at $279,900 (started at $289,900) and is the lowest priced home available in Saxony. Saxony is a mixed-use development in Fishers that includes some unique housing options, as well as businesses, restaurants, shoppes, daycare, etc. It's kind of like Village of West Clay but much more affordable and done in a way that I think will attract more homeowners. From this house, it's super close to I-69 and near Hamilton Towne Center.

Here are some of the great features of this house:

One of the only 3 Ryland Built Homes in this Neighborhood- Exclusive!

Raised Ceilings & Open Floor Plan

Hardwood Floors

Rubbed Bronze Fixtures

Butler's Pantry & Walk-in Pantry

42" Cabinets with Pullouts

Sleek Corian Countertops

Stainless Steel Appliances

Sunroom/Breezeway

Basement with Rough-in

Screened-in Porch & Back Patio

Low Maintenance HardiPlank Siding

Dusk to Dawn Coach Lights

Rear-Load 2 Car Attached Garage

Professional Landscaping

Irrigation System

Imported Window Coverings

It's very close to the neighborhood park & to other Fishers restaurants & grocery stores. This is a great house for family or young professionals, anyone who really does not want to spend all of their free time maintaining their lawn. The home values in here go up to $550,000 or more, so this being in the high $200,000's is really a great deal. Check out this link to the virtual tour. Let me know if you have any questions on this house or any others in Saxony, which is almost completely built out now.

Good Habits & Habitat for Humanity

2010-08-11T09:36:00.007-04:00

There are certain times of year that people are inspired to set new goals- New Year's, the first day of spring, lunar new year, and another time is when kids are going back to school. I have been seriously slacking on updating this blog and I plan to fix that right now. My goal is to write at least blog entry a week. Now that I've put that out there, I had better do it!

About a week ago I got a chance to volunteer with Habitat for Humanity in the downtown area. I've volunteered with other organizations before, but this was the first time I was going to get really physical. It was a lot of fun to really see not only the building of a house, but to actually help out. I mostly worked on putting up siding- learned how to correctly caulk, use a nail gun, and this automatic saw thing which I was at first terrified of, but then got the hang of it.

This was an especially momentous occasion because this is the first Platinum LEED certified home built in Indianapolis. LEED stands for Leadership in Energy and Environmental Design. It is kind of a complicated grading system, but basically for a residential property there are four levels- certified, silver, gold, and platinum -being the highest. So after the building is complete, this third party comes to evaluate the 'performance' of the house in energy savings, water efficiency, indoor air quality, building materials, harmful emissions, etc.

Here is some more info from the U.S. Green Building Council on LEED's rating system, which I'm also a member of. If you would like to volunteer with Habitat for Humanity too, here's the link to their website. It's very rewarding, especially when you get to meet the people and hear some of the stories of the people who will be calling the house you helped built their home.

Earth Day!

2010-04-22T10:50:00.004-04:00

Today is the 40th anniversary of Earth Day! Although most people probably don't think of Indianapolis has the 'greenest' place to live, this city has been making some remarkable strides and we can only get better. Keep Indianapolis Beautiful (KIB) has a great website with great info on how to donate, volunteer, and where to dump all of your junk! Sometimes the hardest thing to do is finding the right place for your trash or things that you no longer need.

Try to do at least one thing differently in your routine today to help the environment. It doesn't have to be a huge step, but all of the little things make a big difference! Some ideas- car pooling, start a compost pile, wash your office coffee mug instead of grabbing the styrofoam, don't print out all your emails, trade clothes with a friend, etc!

Also, here are some events going on today and some on Saturday in honor of Earth Day!

Embarrassed By Your Credit Score?

2009-11-17T10:50:00.004-05:00

Football scores, Scrabble scores, SAT scores, - when it comes to a credit score we all want to improve, but how do you do it? Below are 9 tips on improving your credit score.~

Tuyl and Margaret La Grange, an award-winning mother-daughter team with Prudential California Realty in Coronado, have compiled their latest list, “Top Tips for Improving Your Credit Score Now.” “Although interest rates are at historic lows, you need to have excellent credit to secure the best possible rate,” said Christine Van Tuyl, real estate agent. “Whether you’re looking to boost an already good score, or if you have a foreclosure or short sale on your record, it’s never a bad time to improve your credit score.”

Top Tips to Improve your Credit

1. Review your current credit report for accuracy. Everyone is entitled to one free credit report per year from each of the three credit bureaus—Experian, Equifax, and TransUnion. Get a copy of your credit report and look at it for accuracy. First, make sure that the information in your file is about you and only you, not someone who has a similar name or a similar Social Security number. It is very common for your credit reports to have mistakes or incorrect information. At a minimum, make sure that the information you are being evaluated on is current and correct.

2. Repair credit report mistakes. If you find something on your credit report that is incorrect or missing, you should dispute the mistake by contacting the credit bureaus directly. All credit bureaus have their dispute procedures on their website. They are also required by law to investigate any disputed items and these investigations will usually be done within 30 days of your request.

3. Pay your bills on time. Sounds like a no-brainer, right? Payment history accounts for roughly 35% of your credit score. Paying bills on time is the most important thing to do. If you’re struggling to catch up, contact your creditors to work out a payment schedule.

4. Increase the length of your credit history. This accounts for about 15% of your score. Don’t cancel your old card or get a lot of new ones in a short time span because this can hurt your score.

5. Keep credit card balances low. It’s a good idea to keep the balances below 25% of your available credit. Even if you pay off your credit cards every month, a high average balance will impact your score. This accounts for about 30% of your credit score.

6. Keep new credit requests to a minimum. This accounts for 10% of your score. Every time a lender runs your credit, an inquiry is recorded. If you are trying to get a loan, don’t apply for new credit cards first.

7. Be aware that paying off a collection account will not remove it from your credit report. It will stay on your report for seven years.

8. Pay off debt rather than moving it around. The most effective way to improve your credit score in this area is by paying down your revolving credit. In fact, owing the same amount but having fewer open accounts may lower your score.

9. Beware credit-repair scams. By all means, don’t pay someone to wipe away the negative items in your file. If they don’t follow through, the damaging items will reappear in two or three months.

Please keep in mind that Christine Van Tuyl and Margaret La Grange are real estate agents, not mortgage lenders. For more information on how your credit score will impact your loan and interest rate, please contact your mortgage lender.Read more: http://rismedia.com/2009-11-14/9-tips-for-improving-your-credit-score/#ixzz0X8GxeZQT

It's Official- Tax Credit Extended!

2009-11-07T07:29:00.005-05:00

Well you heard it here first (if you follow me on twitter), it's official- yesterday, President Obama signed off on the first time homebuyer's tax credit extension (among other things). It is actually now new and improved. Below are the new requirements:

First time homebuyer(s) can receive $8,000 or up to 10% of the purchase price
They must not have owned a property in the last three years
They must qualify for a mortgage to get the credit (no cash, sorry!)
Income limits for single people raised from $75,000 to now $125,000
Income limits for couples raised from $150,000 to now $225,000
Price limit for the home is $800,000
Non first time buyers can also receive the credit now- up to $6,500
Non first time buyers must have owned their property for 5 consecutive years out of the past 8 years
Contracts must be in placed by April 30, 2010 and closed by June 30, 2010

Here's a great video from the president of Century 21 giving a little more information on the tax credit.

If you have specific questions about whether or not you would qualify for this tax credit, just let me know! CNN Money Article

Time is Running Out for $8,000!

2009-10-24T08:20:00.004-04:00

Time is running out! If you are a first time homebuyer or haven't owned a property in at least 3 years, take advantage of the federal government's first time homebuyer's tax credit! After closing your home, you will receive 10% of the home's purchase price, up to $8,000 in check form from the IRS (unless you owe them some back taxes, but that's another topic). There's still some time left, but you have to close on the home BEFORE November 30th of this year. Although everyone is hopeful, there is no word yet on an extension for the tax credit. The process of closing on a home after you have an accepted offer can sometime take up to 30 days so hurry before it's too late! There are all kinds of benefits to being a homeowner, but this great incentive for first time homebuyers is too good to pass up. Feel free to contact me with any questions!

Century 21 iPhone App- Coming Soon!

2009-10-09T09:58:00.004-04:00

Can't for the Century 21 iPhone Application to be revealed, sometime this month! Here's a sneak preview for now:

The 5 Hottest Cities for Young People

2009-10-09T09:47:00.005-04:00

For those of you younger adults who have been contemplating making a move away from home, your best bet may be to check out one of these cities that are among the top 5 hottest places for young people to move to. Of course you could always try it out and come back- there's no place like home, right?

~~
From the Wall Street Journal
WORK & FAMILYSEPTEMBER 30, 2009.
The Next Youth-Magnet Cities
By SUE SHELLENBARGER.

If you were a recent college graduate in a recovering economy launching a career, looking for a mate or both, where would you choose to live?

Predicting cities that will emerge as post-recession meccas for the young is easy to argue about, but impossible to forecast empirically. Whether you prefer hip, casual Austin, Texas, over the cosmopolitan allure of New York City is partly a matter of personal taste. Still, we asked six experts which 10 cities will emerge as the hottest, hippest destinations for highly mobile, educated workers in their 20s when the U.S. economy gets moving again. Our panelists—demographers, economists, geographers and authors on urban issues—picked their cities based on the criteria they deem most important, from economic diversity to lifestyle.

Big cities dominate our panelists' forecasts. Where trendy smaller cities might have captivated youth in the past, today's recession-scarred young people are more pragmatic, placing "greater emphasis on where high-quality, high-paying jobs are created," says Ross DeVol, director of regional economics for the nonprofit Milken Institute. Northeastern and West Coast cities are ascendant, eclipsing former Sunbelt favorites such as Atlanta.

Journal Community Discuss: In the wake of the recession, what cities offer the most to young professionals? .
Other cities once lauded as youth magnets fell off the radar. Naples, Fla., cited in an influential 2003 U.S. Census Bureau report on migration among young adults, was bypassed by panelists, a victim of the sagging Florida economy. The housing collapse sank another past favorite, former real-estate boom town Las Vegas. And Charlotte, N.C., a banking center, lost some of its luster to the financial crisis.

Quirky urban cultures haven't entirely lost their allure. Our panelists' No. 4 pick is a city with double-digit unemployment—Portland, Ore., a haven for artists, musicians and outdoor enthusiasts. The city has shown "staying power" among youth, says Rachel Franklin, a geographer at the University of Maryland and author of the Census Bureau report.

Where young adults settle is no small thing. People 18 to 29 are the most mobile age group, and their past migration patterns have defined the future of regions, from the long rural exodus of the 1900s to the Silicon Valley boom of the 1990s. Youth-magnet cities gain an enviable cultural allure and a labor-market edge.

The young are likely to be more restless than usual when the recovery comes. The recession has brought migration to a grinding halt: Fewer people moved across state lines in 2008 than at any time since 1950, when the population was smaller by half, says William Frey, a senior fellow at the Brookings Institution, a nonprofit Washington research organization.

Here's a look at our survey's top five cities:

First Place (Tie): Washington, D.C.
The 2008 election touched off a youthful pilgrimage to the capital that most panelists say won't end soon. "In the eyes of some young people, Barack Obama is America's coolest boss," says Richard Florida, author of "Who's Your City?" and a professor of business and creativity at the University of Toronto's Rotman School of Management.

Government hiring is projected to grow fast, and jobs in lobbying, aerospace, defense contracting and professional services are also a draw. Mr. DeVol calls Washington the national leader in high-tech services, surpassing Silicon Valley. Washington's 4,000-plus nonprofits hold appeal for service-minded youth. And amid rising regulation of financial markets, says Barbara Lang, president of the DC Chamber of Commerce, "much of Wall Street is now moving to K Street."

David Gibson Jr., 25 years old, passed up finance jobs in Charlotte, New York and Atlanta to settle in Washington as a financial analyst for the Federal Reserve. Mr. Gibson, who has an M.B.A., figures the capital, with its many universities, can accommodate him for the long haul, enabling him to pursue a Ph.D. if he chooses. He loves the city's museums and live jazz and R&B venues, he says, and its power-center status is helping him "expand my network world-wide."

That combination of factors, says David Plane, a professor of geography and regional development at the University of Arizona, signals "sustained dynamism" for Washington.

The downside: Not all see the current federal hiring binge continuing. "Right now Washington is a magnet. It has become the new New York," says Steven Cochrane, managing director of Moody's Economy.com. But the ballooning federal deficit suggests that "by next year, the government is going to be looking seriously at making cuts."

First Place (Tie): Seattle
Former Ohio residents Lane Kuhlman, 26, and her husband, Matt Mansbach, 32, mulled several cities, including New York and Chicago, as potential destinations last summer, after Ms. Kuhlman received her master's degree specializing in interactive media.

In their eyes, none could match Seattle's combination of a diverse high-tech sector, cultural life, access to rugged natural terrain and a strong university presence. Ms. Kuhlman has since taken a post as a new-product researcher for Microsoft, and Mr. Mansbach is weighing attending one of the city's grad schools in his field, computer animation. Meanwhile, Ms. Kuhlman says, "we're only 15 minutes from a beautiful waterfall, and there are amazing places to hike."

Anchor to a region of corporate innovators, from Amazon.com to Starbucks, Seattle is "a high-tech and lifestyle mecca," Dr. Florida says. Mr. DeVol says the city's high-tech sector, with 226,300 workers, is just slightly smaller than Silicon Valley's. Joblessness, at 7.7%, remains relatively low. City officials see rapid growth in biotech; Seattle also has tens of thousands of jobs in music and interactive media. And it enjoys a reputation as home to a lot of brainy people.

The downside: It rains half the time.

Work & Family MailboxSue Shellenbarger answers readers' questions. How We Selected Our Top-Rated CitiesNaming the next wave of top cities for hip, highly mobile young adults is far from an exact science. It's more like a parlor game.
The Wall Street Journal sought out six of the nation's leading experts to rank the 10 U.S. cities they see as most likely to emerge as "youth magnet" cities after the recession—popular target destinations among young, college-educated, often single people setting out to start a career, find a mate or both.
The panelists, who were also asked to provide two or three reasons for their selections, were chosen based on their achievements in research, forecasting or authorship in the fields of geography, regional economics or demography.
The methodology used to compile a final list is closer to a straw poll than a scientific study.
Using criteria of their own choosing, experts provided ranked lists of picks. Composite rankings were then assigned to cities based on a point system: Each expert's No. 1 pick was given 10 points, second choices were given nine points and so on, with 10th-place picks receiving one point. Final rankings were determined by adding the total points each city received.
The panelists:
Steven Cochrane , managing director, Moody's Economy.com, head of the Web site's U.S. regional forecasting service and editor of its monthly Regional Financial Review.
Ross DeVol , director of regional economics, the Milken Institute, a Santa Monica, Calif., nonprofit, and researcher on technology and its impact on regional and national economies.
Richard Florida , author of "Who's Your City" and "The Rise of the Creative Class," and director of the Martin Prosperity Institute at the University of Toronto's Rotman School of Management.
Rachel Franklin , senior lecturer, public policy, at the University of Maryland; former deputy director of the Association of American Geographers, and author of a 2003 Census Bureau report on migration patterns among young, educated workers.
William Frey , demographer and senior fellow at the Metropolitan Policy Program of the Brookings Institution, Washington, D.C., and a research professor in population studies at the University of Michigan.
David Plane , professor of geography and regional development, University of Arizona, Tucson; a senior editor of the Journal of Regional Science, and researcher on age-related factors in migration.
.
Third Place: New York
Reeling from the financial crisis, the nation's largest city may seem an unlikely pick. But one reason New York's unemployment rate is stuck at a daunting 10.3% is that hopeful job seekers continue to move there, city officials say. Clearly, "the city's mythic status as a place to test one's mettle against the best and the brightest" remains intact, Dr. Florida says.

New York hasn't lost as many financial-services jobs as predicted, says Deputy Mayor Robert Lieber; so far, fewer than half of the 293,000 job losses that were projected by the city from 2009 through mid-2010 have materialized. Residential growth in boroughs outside Manhattan, such as Brooklyn, is making the city marginally more affordable, and some panelists see housing prices falling more.

At Vermont's Middlebury College, New York surpasses nearby Boston as the destination of choice for the class of 2010, says Jaye Roseborough, career-services director. Allison Bailey, a 2009 grad, loves the city's "European lifestyle," she says. After studying in France, "I wanted to be in a 'walking city' like Paris." Working lots of overtime as a litigation assistant for a law firm, she can manage the $1,450 monthly rent for her Manhattan studio, she says. And she is happy to leave behind the long car commutes of her native Houston.

The downside: The city is still unaffordable for many, and the less-pricey suburbs can impose enervating commutes.

Fourth Place: Portland, Ore.
Los Angeles native Ryan O'Leary, 23, didn't expect when he graduated from college with a journalism degree last year to be working construction at this point, he says. But he decided about a month ago to give top priority to moving to the place he most wanted to live, and Portland was it—despite its daunting 11.2% unemployment rate.

Mr. O'Leary, who found an apartment downtown, calls his move "the best decision I've made in a long time." He loves the city's nightlife and neighborhoods, and the city's streetcars—one of which stops by his building—are a refreshing change from Los Angeles's car culture. He continues to job-hunt in his field, public relations, on his days off.

A symbol of "West Coast hipness," Ms. Franklin says, Portland has continued to draw migrants through the recession. An urban-growth boundary fosters a strong downtown culture while containing suburban sprawl, easing travel to nearby mountains and forests. Portland has expanded mass transit and boasts sizeable electronics and activewear companies, several wind- and solar-energy firms, and many green-building projects.

Its quirky culture appeals to musicians and artists: The city has more than its share of oddball events, including an adult soap-box derby and an urban Iditarod (wherein costumed revelers pull shopping carts). "Keep Portland Weird" is a popular bumper sticker. Although Austin claimed that motto first in the 1980s, "we live it pretty well here," says a city staffer.

The downside: While regional officials have laid plans to add 10,000 jobs in the next five years, Portland has done better at promoting its quality of life than fostering job growth. "As nice as it may be to live in Portland," says Economy.com's Dr. Cochrane, "you can only sleep on someone's couch for so long. At some point you have to get a job."

Fifth Place: Austin, Texas
After a year spent traveling and working overseas in 2007, New Jersey resident Olga Garcia, 26, and her boyfriend, Kevin Kurkjian, 27, debated places to settle. Then Kevin announced, "Olga, I've got it figured out: We're going to Austin." She agreed. Both had heard from friends that Austin offered housing and career opportunities and a welcoming, youthful culture. "I had never heard anything bad about Austin," says Ms. Garcia, a marketing consultant.

A state capital and the site of a big University of Texas campus, Austin has become a gathering place for tech- and arts-conscious young adults. Its SXSW media and arts conference, and its Austin City Limits music festival, draw hundreds of thousands of visitors each year. Both unemployment and the cost of living are relatively low. And with significant high-tech, videogame and renewable-energy sectors, Mr. DeVol calls Austin "a model for a thriving 21st-century knowledge-based community."

The downside: Some panelists have doubts about how strongly Austin will rebound after the recession.

APR vs. Interest Rates?

2009-09-18T09:25:00.005-04:00

Sometimes I have clients asking me the difference between the APR rate and their interest rate. They are completely separate items, but below is some information that should be helpful that I received from a lender:

APR (Annual Percentage Rate)

If you're willing to know how much your mortgage costs, the APR or Annual Percentage Rate is what you should watch out for. Lenders are required to disclose the APR as part of the Truth-in-Lending disclosure (as per the Truth-in-Lending Act).

What is APR?

The APR is not the actual rate or note rate advertised by the lender. It is the effective rate which represents the cost of borrowing a mortgage loan. Lenders calculate APR taking into account the closing costs and the interest rate on a mortgage. The Annual Percentage Rate is often used to compare mortgage lenders and the programs they offer. However, it is not an effective tool for lender/loan comparison because a mortgage with high APR may often be a better option compared to one with a low APR.

What fees/costs does the APR include?

Some of the fees/closing costs that the APR includes are:

Points (discount and origination points)
Prepaid interest (from closing date to the end of the month)
Loan processing fee
Underwriting fee
Document preparation fee
Private mortgage insurance

Why is APR not the only factor to compare loans?

The Annual Percentage Rate shouldn't be considered as the only factor to compare mortgage lenders or loans. One should take into account other factors like the interest rate, closing costs and lender fees. The APR assumes zero inflation thereby considering that the value of dollar would remain same even after 10-20 years. But this isn't true. Besides, when lenders calculate APR, they assume that the mortgage won't be paid off early even though the average life span of the loan ranges from 5 to 7 years for most borrowers.

The APR also doesn't consider the value of money used for paying lender fees even though you may use it to get a low rate on your mortgage. Until and unless the fees are added to the closing costs, the lenders won't consider it when they calculate APR.

Here's an example to show why you shouldn't compare loans just by the APRs on offer. Just check out the calculation on how to compare loans with different APR explained below. It will give the idea as to what other factors (besides Annual Percentage Rate) should be considered while comparing loans and which lender has the better offer for you.

Let's consider 2 mortgages - X and Y, both being fixed rate mortgages of the same amount and loan term (30 years).

Loan X has the following details:

Mortgage amount = $200,000
Interest rate = 6%
APR = 6.25%
Lender fees = $5000

The amount financed (loan amount minus fees, points, etc) = $(200,000 – 5000) = $195,000.

Monthly payment = $ 1199.10

Loan Y has the following details:

Mortgage Amount = $200,000
Interest = 6.25% APR = 6.45%
Lender fees = 1500

The amount financed = $(200000 – 1500) = $198,500

The monthly payment = $ 1231.43
The monthly payments on loan X and loan Y differ by = $(1231.43 - 1199.1) = $32.33

From the calculation on loan comparison with different APR explained above, we see that loan X has a low Annual Percentage Rate and requires you to pay lower monthly payment as compared to loan Y. But you need to pay higher lender fees for loan X whereas if you go for loan Y, you can save $(5000 – 1500) = $3500 in fees.

On the other hand, if you go for loan X, you'll save only $32.33 on a monthly basis. Using this savings, you can recoup the $3500 in = (3500/32.33) = 108 months or 9 years. If you'd like to sell the property within the 9 year period, then you won't be able to recoup the extra fees. In such a case, loan Y will cost you less. So, if you'd like to relocate within a short term, say 5-6 years, then loan X isn't the right one for you. Thus, a loan with a higher APR and low fees may be a better option than one with a low APR and higher fees.

July Home Maintenance Checklist

2009-07-05T08:14:00.003-04:00

Hope everyone had a great July 4th! The rain was a little disappointing but despite that, it is nice to have a day off (well, for most of us) and to get some reflection time. I can't believe it's July already! The year is going by so quickly. Here is a great checklist for the month of July, to keep your home in tip-top shape.

July home-maintenance checklist

Use the good weather to clean and repair asphalt, concrete and fences. Prune or remove problem trees and protect landscaping from deer. Conduct your own home-energy audit and put insulating foam jackets on hot-water pipes.
By Marilyn Lewis of MSN Real Estate

Take advantage of warm weather while playing or doing chores to also cast a protective eye on your home and landscaping. By paying attention, you’ll learn to spot deterioration or changes before they turn into problems.

Give your home an energy audit
Take an hour to walk around your home with a notepad in hand, taking inventory of gaps and cracks. Experts estimate that you can save 20% on heating and cooling bills by plugging leaks. Start your inspection inside. Turn off the electricity at the circuit box, then remove switch-plate covers to look for gaps. (Replace them with insulated covers for $3 to $4 each or install foam inserts – also called gaskets – for about 49 cents each. Both can be purchased at hardware stores.) You can insulate phone-jack covers, too.

Next, check the junctures where windows meet walls, walls meet floors and pipes and wires enter the home, plugging gaps with caulk. Other leaky zones include fireplace dampers, mail slots, window-mounted (or wall-mounted) air conditioners, attic doors, baseboards and weather stripping surrounding doors. Look for daylight, feel for drafts and listen for rattles, all clues to escaping heat. Next, check the house from the outside, examining the places where pipes, vents or wiring enter. Examine siding for gaps or damage, paying particular attention to corners where the material joins and where it meets other materials, like chimneys, windows or the foundation.
If you’d rather get a professional checkup, call your utility company for referrals. Many utilities even provide rebates for home-energy audits performed by recommended auditors.

What's your home worth?
Insulate hot-water pipesInsulate the hot-water pipes in the basement or crawl space to save on heating costs next winter. Insulating pipes is done by snapping foam jackets – use pre-slit, hollow-core, flexible foam pipe insulation (called “sleeves”), purchased at a hardware store. (Prices vary but, for example, a 6-foot-long piece of foam insulation for half-inch copper pipe might cost less than a dollar.) When shopping, know your pipe’s diameter to get the correct fit. See Department of Energy installation instructions. Exposed pipes pinch your wallet twice: You waste water running it as you wait for it to heat up, and you waste fuel when heat is lost as hot water runs through exposed pipes.

Tip: Slip sleeves on pipes running between the hot-water tank and the wall and also insulate cold-water pipes for the first 3 feet after they enter the house.
Read: 14 ways to lower your heating bill

Claim your insulation tax credit
The beauty of insulation is that you can get back some of the money you spend. Not only do you save on heating costs, but you can get money back on your taxes. Claim a tax credit for 30% of the cost of insulation materials (not labor), up to $1,500. The American Recovery and Reinvestment Act of 2009 lets you deduct the cost of such improvements as “adding insulation, energy-efficient exterior windows and energy-efficient heating and air conditioning systems,” according to the Internal Revenue Service. That means, if you spend $500 on insulation materials, you can take a tax credit of $150. Learn more at IRS.gov.
Read: Install upgrades and slash your tax bill

Clean patio furniture
Mix up a bucketful of soapy bleach solution to maintain your patio furniture. Here’s the recipe: 2/3 cup trisodium phosphate (TSP), 1/3 cup laundry soap powder, a quart of bleach and three quarts of warm water. Remove cushions before spraying. Launder removable fabric coverings. Use a rag and soft-bristle brush to remove embedded dirt on synthetic coverings, metal and wood furniture. Rinse thoroughly and let dry. Spray wicker furniture with water and protect it with paste wax. Simply shoot the garden hose at resin furniture. To remove rust from metal furniture or bolts use Naval Jelly, available at hardware stores, with a wire brush. Wear rubber gloves and follow directions on the package.

Tip: Return fabric coverings to the cushions and frames on which they belong while still damp, to prevent shrinking.

Clean concrete
Power washers can be dangerous to decks (in the hands of amateurs, they can damage wood), but they’re just the tool for cleaning concrete sidewalks, driveways and patio and pool areas. If your garage or carport floor is marred by oil stains, saturate the area with a solution made from a cup of TSP mixed with a gallon of hot water. (Wear goggles and rubber gloves.) Let the solution soak for a half-hour, then scrub with a stiff-bristled brush. Rinse thoroughly and repeat as necessary.

While washing concrete, watch to ensure that the hard surface directs water away from the home’s foundation. If the concrete sends water toward the foundation, take action. First, inspect around the outside of the foundation for damage, looking for cracks and crumbling. Then check from the inside (go into the basement or crawl space) for water stains and wet soil. If water is getting into the foundation, hire a home inspector or structural engineer to help find a solution. You may need to redirect the drainage by removing or correcting the slope of the concrete. If that’s not feasible, a sump pump could be used to mechanically remove the water. A sump pump’s operation is triggered when water reaches a predetermined level under the home, setting off a floating switch.

Slip 'feet' under deck planters
Since standing water rots wood, make certain that water drains directly onto the ground when you water plants in pots and decorative planters on decks. Make drainage room by setting pots on pot “feet” (sold at garden-supply stores that carry pots). Or use pot stands – some have wheels that enable you to move heavy pots. Or for a frugal solution, just prop bricks under the pots, taking care to ensure that they’re stable.

Patch cracks in concreteInspect concrete for cracks. To patch them, clean the cracked area well with a wire brush and small broom. To repair narrow cracks, use masonry crack filler. It comes in cartridges and can be injected into the crack. For bigger openings, apply vinyl concrete patching compound, smoothing the surface with a putty knife.

Patch cracks in asphalt
You can extend the life of an asphalt driveway or path by inspecting it two or three times a year and using a caulking gun and asphalt patching caulk ($5 to $15 a tube) to repair cracks. If you leave cracks, they’ll grow and plants can take root, widening the damage. Squirt the caulk into the cracks and use a disposable putty knife to even the surface. Every five years, treat asphalt to a coat of asphalt sealer ($50-$100 for a five-gallon bucket). Brush it on with a squeegee or push broom.

Prune or remove problem trees
Get a certified arborist to inspect your trees and tell you if any are hazardous. Trees hanging over your roof, rubbing against gutters or dropping loads of leaves and sticks onto the roof should be pruned. Overhanging branches can provide a ladder for rats and squirrels, and diseased or damaged trees may fall on your home in a storm. A typical arborist’s fee is $65 an hour. (Use the American Society of Consulting Arborists’ directory to find an arborist near you.) For pruning or tree removal, call a tree-care service (here’s the International Society of Arboriculture’s directory.)

Trees can bring up boundary issues. They may straddle the property line between you and your neighbor or the branches from your neighbor’s tree may drop fruit onto your land. Although state tree laws vary, in general you have the right to trim branches on your side of the property line as long as you don’t endanger the life of the tree. If you kill the neighbor’s tree, you are liable. An arborist who understands local laws can be a great mediator between neighbors.
Read: 'Arborcide' and 4 other nasty tree fights

Clean exhaust fans
Exhaust fans do a lot of work in your home. In bathrooms, they push out moisture to keep walls and floors dry and prevent the growth of mold. (Be sure to run the fan before taking a bath or shower and keep it running for 15 minutes after you leave the room, so moisture has a chance to clear.) Before you begin cleaning the fan, turn off its power at the circuit breaker box. Dust the vents on the fan’s cover (do this monthly). Use a screwdriver to remove the cover. Gently clean the inside of the cover and the fan blade with a slightly damp cloth or spray cleaner and a paper towel. Dry and reassemble. Do this twice a year.

Professional Services
In kitchens, exhaust fans vent moisture along with oily fumes. Making sure the electricity is disconnected at the circuit breaker box, start by removing the washable filter from the stove's exhaust fan. You’ll find the fan either in the range between the burners or in a hood over the stove. If the fan can be pulled out, unplug it, remove it and extract the filter. Otherwise, just remove the filter. Put it through the dishwasher or soak it in warm soapy water. Vacuum the opening of the fan, then clean the blades and housing with a cloth and spray cleaner or degreaser.

Mend the fence
Even the cheapest new fences cost thousands of dollars. Protect your investment by looking for damage and making prompt repairs. Before touring your fence line, mow the grass low so you’ll have good visibility. Watch for signs that dogs have tunneled under the fence. Training and a watchful eye are the best ways to prevent dogs from digging. Otherwise, attaching a 2-foot-wide apron of wire mesh around the inside perimeter of the fence may work. As you walk the fence, test the strength of the connections by gently tugging posts and slats to ensure they’re well-attached. Check fence posts for signs of rot (poke soft spots in the wood for crumbling or decay). Remove and replace the damaged areas. Keep fences painted or stained to protect the wood. Repaint or stain when the original finish is thin, cracked or peeling. Before painting, hose off and scrub dirty boards, letting them dry thoroughly.

Repel deer
Deer can demolish hundreds or thousands of dollars of landscaping in an evening or two. There are several things you can do to keep deer away from your investment:
Use deer-proof plantings. Identify deer-resistant plants or check a plant’s status with Rutgers University’s New Jersey Agricultural Experiment Station’s tool. Bear in mind that such lists are no guarantee: Deer often eat plants they’re not supposed to like.

Install a mini fence or put bird netting around prized plants. Garden stores have these materials and can instruct you how to use them.

Spray with a home-made deer repellent. Search online garden forums for recipes for repellents that blend eggs, hot sauce (or cayenne pepper), raw garlic, yogurt or buttermilk and dish soap. Spray every three or four days and after a rain.

Purchase one of the better commercial deer repellent sprays. Check with your local garden store or cooperative extension master gardeners for recommendations. Wikipedia lists cooperative extension services around the country, as does Bayer.

A Greener Way to Clean

2009-07-03T07:19:00.008-04:00

Recently I completed all of my courses and received the Nationa Association of Realtors GREEN designation. No matter what your role is in the real estate transaction (whether buyer, seller, builder, developer, property manager, tenant, etc), a NAR Green Designee can help you distinguish fact from fiction and make educated decisions about: green materials, energy-efficient technology, green ratings, green design, green living, green incentives and more! Whether you're going green to save the planet or just save some money, a NAR Green Designee can help you get started- that's me!

All of this has inspired me to be more conscious about my own eco-footprint. I'm in the process of collecting a list of green vendors and resources for my clients. It can be hard to change your lifestyle overnight, but every little bit helps. One great kitchen cleaning products line that I happened upon in the store is the Scotch-Brite Greener Clean. This line of scrubbers, soap pads, wipes and sponges are made with a mix of natural fibers (including bamboo, agave, etc) and also recycled materials (such as recycled plastic bottles, paper and more). In general, one important thing to keep in mind while shopping for green products is also the packaging they come in. A green product isn't very eco-friendly if it's made with a bunch of new plastic & paper. These Scotch-Brite Greener Clean products are packaged in 80-100% recycled content as well.

The Absorbent Cloth, a great alternative to paper towels, is also washable & reusable, which is nice. All of the sponges in this line are biodegradable as well, so you don't have to feel guilty when throwing it away. If you're looking for a little way to start becoming greener, check out these products and let me know what you think!

The Recyclable House

2009-06-13T13:36:00.007-04:00

I've been so busy recently with my first time homebuyers that I haven't had any time for posting! I've also been working on getting my NAR Green Designation (almost done!). While studying for one of the exams, I found this interesting article about Ken Ortiz, who is currently the only certified deconstructionist in the midwest. What's a deconstructionist? In terms of homes, it's basically someone who does almost the opposite of building a home. It's not like a demolition, but taking apart something very carefully and re-using the materials. Below is an article from the Chicago Reader explaining some more about this process.

~

If Ken Ortiz has his way, no one in Chicago will ever simply demolish a building again.
By Harold Henderson

Ken Ortiz has more work than he can handle. As the only certified deconstructionist in the midwest, he’d like nothing better than to train some competitors.
Ortiz doesn’t write unreadable literary criticism; he’s a Northbrook-based contractor who takes down buildings and saves almost all the pieces. After doing construction for 25 years and throwing away “tons of good building materials,” he delights in being able to save 23-foot-long two-by-sixes for reuse as two-by-sixes.

And pretty much everybody else is delighted too—environmentalists, preservationists, antiques dealers, even the folks who live around the houses he’s taking down. “I’ve never been involved with something that’s such a win-win for everybody,” he says. But few people realize that there’s an affordable alternative to conventional demolition, and building and environmental regulations aren’t yet geared to let deconstruction become less of a novelty.

Deconstructing a house is supposed to be just like building it, only in reverse. That wasn’t quite true of the house on Wilson where I met Ortiz to watch him at work. From the street, the green stucco three-story looked like its neighbors, except for the telltale 30-foot Dumpster parked in the driveway. (Ortiz hates Dumpsters, but until someone figures out how to reuse or even recycle stucco, asphalt roofing, and plaster, he’s stuck with them.)

The house had been gutted and then some. Gone were the appliances, cabinets, trim, doors, and the never-sanded three-quarter-inch red oak tongue-and-groove flooring. (“We saved 95 percent of it,” says Ortiz.) An orderly forest of upright rough-cut two-by-fours remained to hold up the structure and define where the rooms had been. Overhead, long beams ran the full width of the house.

With the lath and plaster gone, the high-quality siding underlying the stucco was visible from inside. Ortiz’s crew chief and four workers were shoveling the last of the plaster from the kitchen walls and ceiling. (Deconstruction involves more hand labor than conventional demolition.) The small backyard was divided between a “denailing station” and a stacking area for heavy lumber and appliances. The garage, also slated for deconstruction, was being saved for the moment to store molding, flooring (organized by length in banded bundles), doors with their frames and hardware, and a few unique pieces—like the solid oak classical columns that had once separated the living and dining rooms.

Deconstruction is possible because there’s a market for this stuff, and at the high end it’s been around for a while. West Wilson was Ortiz’s fourth deconstructed house, but auctioneer Jodi Murphy of La Grange Park averages an auction a week in the metro area. Last year Murphy and Ortiz worked together on a Glencoe house built in 1950 and renovated in 1994. “After Jodi took out all the pretty stuff,” says Ortiz, “we removed two 48-foot semitrailers full of lumber and building materials.”

Marketing these items requires some organization, and that’s where Ted Reiff and his brainchild, the Reuse People of America, or TRP (thereusepeople.org), come in. Reiff, aka “the man with the velvet crowbar,” is an investment banker turned nonprofit entrepreneur. Now headquartered in Oakland, TRP started in 1993 as a relief operation to help flood victims in Mexico. It’s now active in Seattle, Boulder, Denver, San Diego, Los Angeles, and the Bay Area, has deconstructed more than 1,000 buildings, and is moving into Chicago. Ortiz is TRP’s regional manager.

“Anyone can save something and keep it out of the landfill,” Reiff told the authors of the book Unbuilding: Salvaging the Architectural Treasures of Unwanted Houses. “Contractors save stuff all the time. Their garages are full, their backyards are full”—Ortiz has his own cache of iron window weights from old double-hung windows. “But eventually they throw most of the materials away because they run out of room,” he said. “The challenge as I see it is to move salvaged materials to markets where they can be reused.”

Some of these markets are nearby—locally deconstructed lumber has gone to Habitat for Humanity’s Restore in Elgin. Some are overseas. “We ship a tremendous amount of our product to Mexico, especially southern yellow pine,” says Reiff. Some high-end woods go to Japan—“They appreciate lumber; they don’t have any”—where they may turn up in cowboy-themed restaurants. Other destinations include Belize, Chile, the Philippines, and the Cook Islands. “We’re not in business to hold out for the highest dollar—we’ve got to do high volume.”
Reiff has no plans to compete with Chicago’s existing architectural salvage stores. “The real high-end stuff is not our business,” he says. “We focus on the everyday—doors, windows, flooring. As a not-for-profit with a charter to keep stuff out of landfills, nobody’s doing what we’re doing.” Right now Ortiz is stashing stuff in semitrailers parked in cooperative businesses’ lots; the goal is to open a warehouse in a year or two and eventually establish what Reiff calls a “Home Cheapo, where you can come and buy a door with hardware and frame for $10.”

Like many environmental innovations, deconstruction requires a long view. It costs more up front than conventional demolition, but often costs less in the end. In other words, often you can make more money selling building materials than it will cost you to pay people to remove them carefully by hand. In 1999-2000, a study of the deconstruction of six houses in Gainesville, Florida, found the average cost of deconstruction before salvage to be $6.47 per square foot, greater than the estimated demolition cost of $5.36 per square foot. But when salvage value was included, the net deconstruction cost dropped to $3.19. When you hire the Reuse People you might pay $10-$14 per square foot, depending on the complexity of the deconstruction, and you agree to donate the salvaged materials to the not-for-profit. The tax deduction you can take on the donation, though, can range from $12 to $55 per square foot of salvaged material, which Ortiz says “usually more than offsets” the initial cost.

Every situation is different, but Reiff is confident that within ten years in many cities you won’t need a sharp pencil or a research study to prefer deconstruction. He expects conventional demolition to become less affordable, as landfill fees rise while the cost of bulldozers and the skilled labor to operate them stays high. Meanwhile, deconstruction will become cheaper as new ways to reuse old materials turn up. “Take steel casement windows,” says Reiff. “We used to just break the glass and scrap the iron. Now, in some markets, people with lofts want dividers, so you can hang multiple steel casement windows next to each other” as a partition—a reuse that’s more lucrative and more environmentally sound than recycling them as scrap.

TRP’s contractor-training program runs a total of 16 to 20 hours, many of them on the job. The students already know construction; they’re getting pointers on reversing the process. “It’s how to take out, package, ship, handle, and market services so as to maintain maximum value and maximize their sales and tax-deduction potential,” says Reiff. “Tax consequences, marketing, and how to bid a job are a big chunk of it.” There are tools to be mastered that are unique to the process, like the pneumatic Nail Kicker, which pushes nails out of wood the way they came in.

Last year the Taunton Press published Unbuilding, which Ortiz refers to as “the bible” for the budding industry. The authors are Bob Falk, a research engineer at the U.S. Forest Products Laboratory in Madison, and Brad Guy, professor of architecture at Carnegie Mellon University and president of the Building Materials Reuse Association. They call deconstruction “the ultimate green endeavor,” noting that in 1996 the U.S. Environmental Protection Agency estimated that “the equivalent of 250,000 single-family homes are disposed of each year, which represents an estimated 1 billion-plus board feet of available salvageable structural lumber, or about 3 percent of our annual softwood timber harvest.” The book’s full of photos that somehow manage to make even half-deconstructed buildings look good. Its how-to tips begin with the elementary—“Remove something only when you are sure that it’s not supporting any other part of the building”—and move on to reminders that old two-by-fours may actually be two inches by four inches, and that there can be a big difference between a 14-foot-1-inch length of lumber (salable as a 14-footer) and a 13-foot-11-inch length (salable only as a 12-footer). Says research architect Thomas Napier of the Corps of Engineers’ Construction Engineering Research Laboratory in Champaign, “Our project people have their routine and rhythm, and there are a lot of skeptics who value low first cost. This book will help.”

Since the Reuse People have worked in western cities famous for being green, I asked Reiff what he thinks of Chicago as a venue. “Ain’t been a better one,” he said without hesitation. “I’ve been flabbergasted every time I come back. Everyone gets it.” Ortiz echoes the point, though he acknowledges that the city official he met when seeking a permit for his first deconstruction job didn’t quite get it. “I told him, ‘We’re gonna do deconstruction, not demolition.’ He said, ‘But when you leave, there’s nothing there, right?’ ‘But I’ll be reusing the stuff!’ ‘But when you leave, there’s nothing there. You need a demolition permit.’”

Some people haven’t thought of deconstruction, but others are in denial, says Reiff: “Typically we’ll talk to someone on the phone and they’ll say the house they want torn down is a piece of junk. And it’s a great house! They just don’t want to believe they’re throwing away something of value.”

In urban areas, lack of working space can make deconstruction seem more like a Houdini act. A house Ortiz deconstructed on the 3900 block of North Janssen came to within three feet of its neighbors on either side. “We had to put four-by-eight plywood sheets over the neighbors’ property to protect it.” When it came time to remove the roof, “we cut down the middle and took it down from the inside.”

Deconstructing a building can be like indexing a book: everyone’s in a hurry for you to get it over with. Each day a developer waits to begin construction costs money, and some jurisdictions compound the problem by not allowing a building to be demolished until a building permit has been issued for its replacement. Glencoe has such a rule, but suburban officials gave Ortiz some wiggle room: “They let us do interior deconstruction without a permit—the house became like a Hollywood set.”

Well-intended environmental regulations can create problems too. For instance, lead paint is a known health hazard and a common obstacle to deconstruction, but as Bob Falk told a class at the Chicago Center for Green Technology, regulation of it is “very confused.” Not only are the regulations from the Occupational Safety and Health Administration, the Consumer Product Safety Commission, and the EPA inconsistent with each other, none set standards for reuse of wood coated with lead-based paint. Falk and Guy take a preventive approach in Unbuilding, advising their readers to “avoid sanding, grinding, and sawing anything that’s . . . coated with lead paint,” and, if you can’t, to “do it outside, wash your hands afterward, and change your clothes so you don’t contaminate the people you come in contact with.” Long-term, of course, the answer is to design buildings so that they can be deconstructed with minimal cost and hassle.
The market for structural lumber is also limited by industry standards. Used two-by-sixes, for instance, aren’t considered acceptable for their original load-bearing purpose unless they are “regraded” (a very expensive process) as able to serve as such. Falk has done extensive testing of reused lumber and is working with grading agencies to adjust standards. Reiff notes that such lumber is fine for a non-load-bearing partition, closet, or shed. But if you’re intent on reusing it structurally, he suggests that you become well acquainted with the building inspectors. “They have latitude and expertise—often the older guys will allow it.”

Architect Dave Hampton of Urban Habitat Chicago (a not-for-profit working for change “at the intersections of urban agriculture, the built environment, materials recovery and reuse, and emerging local industries”) would like the city to give an informational flyer on deconstruction to everyone who takes out a demolition permit and encourage applicants to choose deconstruction by offering quick approval or reduced fees.

More spectacularly, he’d like to see the city do a high-profile building deconstruction that would grab attention the way City Hall’s green roof did. Is that possible? Ted Reiff has no doubt. “On every job,” he says, “when we leave for the day we see people come and look—walking their dogs by, pointing, and talking. It’s hilarious.” It’s also hopeful. When a house has been part of the neighborhood for decades people hate to see it go down, says Ortiz. “But at least it’s going to continue in some way living on.”

Which is the Most Affordable City to Buy a Home in?

2009-05-25T14:29:00.003-04:00

Pick me, pick me!

"For the 15th consecutive quarter, Indianapolis led the nation's large cities (population 500,000 and up) in home affordability. The Indiana capital tops the list due to very reasonable home prices and relatively high median income: Nearly 95% of all homes sold were affordable to those earning the metro area's median income of $68,100."

America's Best Bargain Cities

2009-05-15T11:31:00.006-04:00

Look who tied for #5!

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Provided by Forbes.com

Zack O'Malley Greenburg
Thursday, May 14, 2009

Try these places if you want to get the most for your money

Nearly a decade ago, after making a donation to a volunteer-run radio station in Austin, Texas, local librarian Red Wassenich was asked why he chose to support a broadcaster with a penchant for playing strange crooner music. "Because it keeps Austin weird," he said.

Since then, the phrase "Keep Austin Weird" has become the city's official rallying cry against the establishment of large chain stores near mom-and-pop shops--and, more generally, for maintaining the city's eccentric feel. The city may be weird, but perhaps more redeeming is that it's also a bargain to live there: Austin is the place where people pay the least to get the most.

"Austin has always been really different from the rest of Texas," says Wassenich, 59.
He's talking about the city's weirdness, but he might as well be talking about its affordability and profusion of job opportunities. Four other Texas cities make the list of America's Best Bargain Cities, but none come close to Austin, whose 5.5% unemployment is the best in the country and about half the national average.

Behind the Numbers

To determine which U.S. cities are the best bargains, Forbes looked at the country's 50 largest U.S. metropolitan statistical areas and metropolitan divisions--geographic entities defined by the U.S. Office of Management and Budget used by federal agencies in collecting, tabulating and publishing federal statistics.

We assigned points to metro regions across four data sets: Average salary for workers with a bachelor's degree or higher, from PayScale.com; annual unemployment statistics, from the Bureau of Labor Statistics; cost of living, from Moody's Economy.com; and the Housing Opportunity Index, from the National Association of Home Builders/Wells Fargo, which measures the amount of homes sold in a given area that would be affordable to a family earning the local median income based on standard mortgage underwriting criteria.
Austin earned high marks across the board.

"They have the triple-whammy of being a university town, a state capital and a technology center," says Al Lee, director of quantitative analysis at PayScale.com, a salary data aggregator based in Seattle. "It makes for a very robust economy and a great place for people to work."
Second on our list is Phoenix, Ariz., but what makes this city affordable isn't quite the same formula as in Austin. The real estate bust left the desert oasis as one of America's emptiest cities, which has also driven down home prices. As a result, Phoenix is one of the most affordable big cities in the nation.

Washington, D.C., rounds out the top three, thanks to an employment rate rivaled only by Austin. That comes as no surprise to Lee.

"Between defense spending under Bush and stimulus spending under Obama, it's been an incredibly strong time," he says.

Further on, the list includes a few places that may raise an eyebrow or two. Ritzy Cambridge, Mass., clocked in at No. 11 because of extremely high salary scores, while Detroit's rock-bottom housing costs earned the city a No. 15 rank--despite an astronomical 13% unemployment rate. That's roughly twice Austin's rate.

Lone Star Constellation

While the capital of Texas graced the top of our list, the rest of the state's large cities performed admirably too. All five of Texas' biggest burgs--Houston, San Antonio, Dallas and Ft. Worth--were among the top 10 best bargains. Not a single city in Texas ended up on our list of most overpriced places.

Part of the reason is that Texas offers some of the best incentives for entrepreneurs looking to start or move a business, according to Eduardo Martinez, a senior economist at Moody's Economy.com. Like Phoenix, Texan metros "have picked up a lot of California companies that have left because of high operating costs," he says.

Still, the state's future is far cloudier than its big blue skies. Martinez warns that Texas is vulnerable because of its exposure to America's foundering auto industry via manufacturing. The Lone Star State may also be aversely affected by the expected decrease in defense spending as contracts won in the Bush years begin to expire.

Back in Austin, though, residents are facing a different sort of challenge: To keep the city weird--and to themselves.

"Tell people not to move here!" says Wassenich.

In Depth: America's Best Bargain Cities

1. Austin, Texas
(Austin-Round Rock, Texas)
Cost of Living: 3 of 50
Housing Opportunity: 24 of 50
Unemployment Rate: 1 of 50
Average Salary: 20 of 50

2. Phoenix, Ariz.
(Phoenix-Mesa-Scottsdale, Ariz.)
Cost of Living: 13 of 50
Housing Opportunity: 14 of 50
Unemployment Rate: 6 of 50
Average Salary: 21 of 50

3. Washington, D.C.
(Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.)
Cost of Living: 38 of 50
Housing Opportunity: 21 of 50
Unemployment Rate: 2 of 50
Average Salary: 4 of 50

4. Fort Worth, Texas
(Fort Worth-Arlington, Texas)
Cost of Living: 16 of 50
Housing Opportunity: 10 of 50
Unemployment Rate: 8 of 50
Average Salary: 34 of 50

5. Cincinnati, Ohio (tie)
(Cincinnati-Middletown, Ohio-Ky.-Ind.)
Cost of Living: 9 of 50
Housing Opportunity: 7 of 50
Unemployment Rate: 23 of 50
Average Salary: 33 of 50

5. Indianapolis, Ind. (tie)
(Indianapolis-Carmel, Ind.)
Cost of Living: 13 of 50
Housing Opportunity: 1 of 50
Unemployment Rate: 17 of 50
Average Salary: 41 of 50

Read on for more lists, rankings and real estate coverage including stories on America's most overpriced cities and places where homeowners are the most in debt.
Click here to see the full list of America's Best Bargain Cities.

More Q&A on the First Time Homebuyer's Tax Credit

2009-04-27T11:08:00.003-04:00

I've had a lot of clients recently ask me some more specific questions about this $8,000 (or 10% of the purchase price) tax credit for first time homebuyers. Here is some more Q&A about the tax credit:

If I'm getting married and my spouse already owns a home, but we both need to be on the mortgage for a new house, would I still qualify for the tax credit?

For a married couple, if one person owned a home within the last 3 years and the other did not, they don't qualify for the tax credit. However, if an unmarried couple jointly buys a home, and one person owned a home (within 3 years) and the other did not, they can "designate" the tax credit to that person who will be able to claim it on their individual tax return.

I need my parents to co-sign on the loan for the house with me. Can I still get this tax credit?

Yes, this rule also applies for parents to co-sign on a mortgage. The parents own a home. The son or daughter is FTHB—the child can claim the tax credit.

It's past April 15th and I've already filed my taxes. Even if I did buy a home this year, would I have wait until 2010 to get the $8,000?

No. You can file an amendment for your 2008 returns and still get the money this year. I've already have a couple of clients who were in this situation and it took them about 6-8 weeks to get the check in the mail.

And here is a list of situations where you would not qualify for the credit:

The taxpayer’s income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
The taxpayer buys his home from a close relative. This includes his spouse, parent, grandparent, child or grandchild.
The taxpayer does not use the home as his principal residence.
The taxpayer sells his home before the end of the year.
The taxpayer is a nonresident alien.
The taxpayer is, or was, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
The taxpayer’s home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
The taxpayer owned a principal residence at any time during the three years prior to the date of purchase of the new home. For example, if an individual bought a home on July 1, 2008, he cannot take the credit for that home if he owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

If you aren't sure about how your credit is but maybe contemplated buying a home, feel free to contact me with any questions, big or small at rebecca.upton@century21.com

A photograph is usually looked at - seldom looked into. ~Ansel Adams

2009-04-26T07:59:00.005-04:00

I just purchased my very first DSLR camera! I'm so excited to use it on some real estate. The only thing is, I have yet to purchase my wide angle lens, a necessity when taking real estate shots. The Canon EOS Rebel XS model is the one I chose to go with. Robert's Camera here in Indianapolis was having a spring sale and I got this camera with kit lens, 2 batteries, charger, bag, a lot of SD cards, more accessories, and even a free class at the Jewish Community Center that I will be attending on Tuesday evening! I'm looking forward to this class because it has been a while since I've held a SLR camera in my hand, and it sure wasn't digital.

Although we do hire a professional photographer who comes in to take the pictures, there have always been certain angles that I wished I would have had in hindsight. Re-shoots can also be expensive and I like to change our listing photos when the seasons change (hate to see those snow shots in the middle of July!).

Although I have had a lot of good photos come out with my little Canon Powershot SD450 (a little point and shoot) I always knew that I would not be able to capture those great interior shots the way I wanted. A while back when I was in my staging class, the instructor recommended us to get one of those $30 magnetic wide angle lenses to attach to our point and shoot. It worked in a way- we did get a wider shot which was great. However, the corners of the image were blurred that and the lighting was never great because I didn't have the right kind of flash. It's an essential.

I have had lots of compliments on my photos from my little camera, but at lot of it has to do with what shots I choose to take (which ones I know that my point & shoot can handle) and preparing the scene. Staging is a huge must in my book, because most of us can't see beyond the litter box in the bedroom or exercise machine in the dining room. I was flattered that a couple of agents were even upset with me on occassion because my pictures were deceptive (the house was not in tip-top shape, like the photos were showing) but hey, that's marketing.

So I'm still two accessories away from taking the perfect real estate photos, but I'm closer than before! I'll definitely post some pictures using both cameras, so you can see the difference.

Oh and if you don't think photos make a difference, check out one of the blogs that I follow: www.lovelylisting.com

There are very few monsters who warrant the fear we have of them. ~Andre Gide

2009-04-23T21:12:00.010-04:00

So, I'm not really one of those people who likes scary movies or stories for that matter, but this one just really grabbed my attention. Mostly because, I'm pretty sure I showed this home to a client about a month and a half ago. I am now freaking out. Good thing they didn't write an offer or I would be hiding in the corner breathing into a paper bag. It was raining that day, and I had problems getting the lockbox open too. I don't usually show houses at this low of a price range (nothing wrong with it, but usually just don't have people looking in that range or neighborhood) but this was a "floor call" and so I guess I was the lucky person. Funny thing is, I've been following up with these people all this time and haven't heard anything since...

Today I heard on the radio broadcast of WRTV news that the house where Sylvia Likens was tortured & murdered in, was bulldozed. I had not really heard much of the story, and I'll spare those who don't want to know that gruesome details, but basically in the 1960's when she was about 16 years old, Sylvia's parents who were carnival workers, sent her and her younger sister to live with their neighbor Gertrude Baniszewski, while they were on the road working. They paid Gertrude $20 a week to keep the kids in line. This lady already had 7 kids of her own, by several different men who were abusive with her, and this may have something to do with her craziness and depression which lead her to torture & kill this poor girl.

Anyway, the house at 3850 E. New York Street in Indianapolis has a lot of history (actually listed with someone in my office at one point, bet they didn't know what they were getting into) but has never been able to hold an owner or a tenant steadily. At one time, it was a shelter for abused women, but it was boarded up and today apparently bulldozed.

There have actually been several movies (An American Crime) and books (The Girl Next Door) based off of the "most horrific crime in Indiana" but now that the building is gone, all that is left of this appalling case is rubble now, but hopefully after the dust settles she will be able to rest in peace.

Some articles related to the case:

Indy Star Library

The Cabinet

(Just an FYI, in our Indiana purchase agreements, there is a clause in there stating that we are legally obliged to inform clients of any craziness going on- so murders or big crimes yes, but if the neighborhood kids say the boogie man lives there, no that doesn't count. Had I written up a contract, the listing agent would have told us at that point because there is info in the system. Still, creepy!)

There are no passengers on Spaceship Earth. We are all crew. ~Marshall McLuhan, 1964

2009-04-22T06:42:00.004-04:00

Happy Earth Day! I think for the most part, it's a good thing that the trend of going green has become more mainstream. At least people are aware of the direction that we need to head and with more companies realizing this, they are able to make products and services that are making it easier for people to do so. Here's an article that I snagged from BHG.com that lists 10 easy ways to go green.

10 Easy Ways to Go Green

by Kelly Tagore

Change a Light Bulb
Installing a compact fluorescent bulb (CFL) is the quickest, easiest way to save energy -- and money. Unlike incandescents, CFLs convert most of the energy they use into light rather than heat.
Good for You: They consume about 75 percent less electricity and last up to 10 times longer (10,000 hours as opposed to 1,500). Replace one 75-watt incandescent bulb with a 25-watt CFL and save up to $83 over the life of the bulb.

Unplug Things That Glow
Anything that has an LED (light emitting diode) that glows even after you turn it off continues to draw power (that you pay for). Your TV, cell phone charger, and printer are likely culprits. Unplug the offenders from wall sockets and plug them into power strips instead. When you leave a room, flip the strip switch to cut the flow of electricity.
Good for You: Unplug appliances and electronics that glow and you could save $200 a year.

Recycle Your Electronics
Americans tossed out a whopping 5.5 billion pounds of electronics -- TVs, stereos, cell phones, and computers -- in 2005, according to the Environmental Protection Agency. The result? Millions of pounds of chemicals and heavy metals ended up in the ground even though it's easier than ever to recycle electronics. The Consumer Electronics Association created mygreenelectronics.org to help people find a recycling resource in their area. The site also provides a list of electronics, from laptops to baby monitors, that are easier on the environment and your energy bill.
Good for You: The average American household has three cell phones stashed in a drawer. Sell unused cell phones to greenphone.com. You'll receive about $35, and the phones will be refurbished and resold. If 1 million people recycled one cathode-ray tube TV this year, we'd keep 4 million pounds of lead out of the ground.

Audit Your Energy
It's easier to save energy when you know exactly how much and where you're using it. Investing in a home audit takes a couple of hours and pays off with a list of things you can do to curb consumption. Find an auditor through your utility company (at low or no cost), or hire one ($450-$650). A list of auditors certified by the nonprofit Residential Energy Services Network, is at resnet.us (click on Consumer Information).
Good for You: On average, an energy audit shows how to save up to 30 percent on utility bills.

Support Local Farmers
If your food could talk, it would tell quite a tale. Typical grocery store produce travels nearly 1,500 miles before it ends up on your plate. All this traveling burns fossil fuels and results in carbon emissions -- a fancy term for pollution. Buying from local farmers means you're not only getting the freshest food possible, you're saving energy.
Good for You: To find farmers nationwide, visit localharvest.org, sustainabletable.org, and the U.S. Department of Agriculture at www.ams.usda.govfarmersmarkets/map.htm.

Fix That Drip
When you next fill your water glass, think about this: We each use about 100 gallons a day, enough to fill 1,600 glasses. Household water consumption has increased by 200 percent since 1950, even though the population has grown by only 90 percent. As a result, more than 36 states are expected to face water shortages in the next six years. Stemming the flow is as easy as fixing a leaky faucet or toilet; a dripping faucet can waste up to 74 gallons a day, a leaking toilet up to 200 gallons a day.
Good for You: Repair a leaky toilet and you can save $30 a year, which may not sound like much until you realize it means 73,000 gallons.

Let Your Grass Grow
Spending less time tending to your lawn actually makes it greener -- in every sense of the word. Most grass species fare best when they're kept at least 2 1/2 inches tall. The length creates more surface area to absorb sunlight, which creates thicker turf and deeper roots, which means you won't need to water as often.
Good for You: Save money by letting grass clippings remain on your lawn; it adds nitrogen to the soil and discourages weed seeds from germinating. You'll need less fertilizer and herbicide. Plus, leaving clippings on lawns means less in landfills; in 2005 Americans disposed of more than 12 million tons of yard waste.

Look for the Label
When it's time to replace a household appliance, choose a product with an Energy Star label. Sponsored by the EPA and the Department of Energy, the Energy Star program rates products from light bulbs to kitchen appliances. Energy Star labels guarantee that products are energy-efficient. For example, a battery charger labeled with the Energy Star logo will use 35 percent less energy than a standard one. You may even be eligible for a tax credit when you purchase an Energy Star product. Information at energystar.gov.
Good for You: A household with Energy Star products uses about 30 percent less energy than the average household -- an annual savings of about $570.

Do Full Loads
Whenever you wash just a few clothes or dishes at a time rather than waiting for a full load to accumulate, you're wasting water, power, and money. The average American family of four washes about 540 loads of laundry a year, which consumes up to 21,000 gallons of water, and more than 150 loads of dishes, which uses about 1,500 gallons. Most of the energy consumed by washers goes toward heating the water -- about 90 percent in the clothes washer and 80 percent in the dishwasher. Combining half-loads, choosing short cycles, and using cold or warm rather than hot water in the clothes washer racks up savings.
Good for You: Wash two fewer loads of clothes and one fewer load of dishes a week and save up to 4,500 gallons of water a year.

Work the Critters
Your backyard ecosystem is as intricate as any wild patch of land, and it pays in many ways to enlist its creatures on your side. Birds eat many insects; they just need a water source and trees and shrubs for cover and nesting. Many insects are beautiful -- and beneficial. Ladybugs aren't just cute; they are voracious eaters of aphids.
Good for You: To understand which backyard insects are garden friends, visit garden.org and click on Pest Control Library for photos.

Peep Show

2009-04-09T07:28:00.006-04:00

What to do with all that extra candy the easter bunny left behind? Make a diorama! Don't let your kids rot out their teeth on that sugary stuff, let them play with it! Check out these fun Peeps Creations from the 2nd annual Washington Post's Sundary Source Peep's Diorama Contest.

Happy Passover!

2009-04-08T07:26:00.006-04:00

Happy Passover to my Jewish friends! Passover starts tonight at sundown and lasts until nightfall on Thursday, April 16th. It usually last eight days and commemorates the exodus of the Hebrews from Egypt. A Seder meal is held on the first night of Passover at home and it is basically a big feast. New clothes, fine china, it's like the Chinese Lunar New Year! Here are some ideas for setting your Passover table.

Wondering what you should do for the Passover holiday, the website which I found here gave almost a spring cleaning list. I think in every culture there is a "spring cleaning" to purify yourself and your home. Sometimes it takes something like a holiday, relatives visiting, or some other event to force you to get your home in order. at least it does for me.

Buy a Foreclosure With No Down Payment

2009-04-07T11:11:00.008-04:00

The Indiana Housing & Community Development Authority (IHCDA) has come out with a new loan program for those who are interested in purchasing foreclosure HUD properties. You don't have to be a first time homebuyer either! The NSP (Neighborhood Stabilization Program) will be available starting on April 9th and basically offers assistance with the down payment, closing costs, the rehab costs or a combination of all three. There are different ways this program can be used as well- second mortgage, etc.

Here is a breakdown of the program:

The DPA (down payment assistance) that you will be given is either 20% of the purchase price or $15,000, whichever is less (that is a lot of money!!!)

Can be used with an FHA, VA, Conventional programs

Must be an owner occupied property (so you can't do this for something you want to rent out)

You have to take 8 hours of home ownership training (they do this so that people are fully aware of everything, and since they are giving you the down payment, it's probably worth it).

Repairs by the contractors will be done before closing

Homes that are 50 years and older may be up for 'historic review' (to make sure it's structurally sound and stuff)

If you move in 5 years or less, you have to pay all of the down payment back. 6-10 years, it is pro-rated for 1/5 of the amount every year.

Other requirements & information available.

There are also income limits to this program and other stipulations to qualify for the program. However, if you have had your eye on a home in great neighborhood that needs a little bit of tlc, or have thought about owning but nothing that "looks nice" is in your price range, this may be a great program for you.

1616 Yandes- 2BR/1BA & in Great Condition!

The list of homes that are available under this program is located at this website. I have a list of preferred lenders that you can talk to about this program or feel free to contact me with any other questions at rupton@c21scheetz.com if you are interested.

(There are other DPA & low interest rate programs for first time homebuyers for homes that don't need to be fixed up so feel free to contact me with any other questions)

Too Extreme?

2009-04-04T12:54:00.005-04:00

The "Extreme Makeover" show has been in Indianapolis the past week. If you have never seen an episode of this show on ABC, basically they pick a family somewhere in the country that "deserves" a new home because they are do-gooders in the community. They have staff and tons of help from the community and other sponsors to actually help build/renovate/decorate the house. The family usually goes on a vacation and then they come back, are surprised, and everyone's happy. I have seen a couple episodes of this before, never was a huge fan (I prefer watching other hgtv shows, like budget makeover, or this old house).

I know several people in my office, realtors in other offices, and people in the community have been helping with this project for the past week. Today they will be filming the unveiling of the makeover to an Indianapolis Public Schools worker, and his family of three sons. They seem like a nice, deserving family.

My issue is more with the premise of the show. I know this opinion won't be very popular, but if you know where this area is in Indy, it's all smaller homes, a little run down and several foreclosed properties all around. Not the absolute "worst" area but certainly not a place I would invest tons of money into one house for. Again, this family seems to be really great, the dad does a lot for the community, but why don't they just spread the wealth? I'm not trying to be a socialist here (those who know me well, know that I'm far from that) but it doesn't make sense for this show to spend all this money, time, and effort into one home. What happens when they leave and the family moves in- the house could get broken into, they have to be able to afford the high maintenance of this now bigger and totally remodeled house, and if/when they need to move and go to sell in a few years, who would buy it? The realtor pricing that home is going to have a difficult time.

A more ideal home makeover show, in my opinion, would be to pick a small neighborhood or few blocks where 'Extreme Makeover' could come in and replace some windows, siding, roofs, perhaps update some electrical and plumbing, do some nice landscaping, and then of course the cheapest way to beautify a home- paint. This way, an entire area would benefit, they would bring the value of the homes around it up, and everyone collectively could have a sense of pride about where they live. To be fair, I think Estridge (Carmel based home builder) is helping with some neighborhood landscaping, but I wonder how much it will really help. I will probably go drive by it next week and check it out for myself.

Buying and selling homes is a funny business. Even though a house is your own, your neighbors' homes around you affect it just as much as the condition you keep it in. Changing a whole neighborhood, which would attract new businesses and make people want to come to that area- that would have a bigger impact on people in any neighborhood. To me, that's an extreme makeover.

Even the gods love jokes. ~Plato

2009-04-01T21:41:00.004-04:00

Happy April Fool's Day! This Old House (one of the websites I frequent) has an absolutely silly online article about some of the craziest homes in the world- check it out.

The Path to Your Dreams!

2009-03-28T13:41:00.005-04:00

Spring is finally here! April is also just around the corner, which is great news for buyers out there!

April is Century 21's Open House Month and to promote it, a special sweepstakes will be held. One lucky winner will be put on the path to their dream home! The winner will receive $221,000 towards the home of their choice! To register, feel free to stop by one of my open houses or email me at rupton@c21scheetz.com for more details. I mail/email you an entry form for the sweepstakes.

Mixing It Up

2009-03-22T12:51:00.002-04:00

An extended family’s modernist, off-the-grid retreat

Architect Kyu Sung Woo fulfilled a decades-old promise to create a place for his family to live together when he completed a compound of three homes in Vermont last summer. It blends architectural traditions of New England and Korea.

By The Wall Street Journal

Kyu Sung Woo recalls frequent visits in his childhood from his grandmother, uncle and other relatives living next door. But during the Korean War, Woo and his family fled his hometown, now part of North Korea. His grandmother and uncle's family stayed behind, and were never heard from again.

Woo and his father vowed to buy another property where the remaining family could come together. Decades later, the promise was finally fulfilled: A modernist wood-and-metal compound designed for three generations of his family sits atop an 11-acre clearing in Vermont, amid birch, maple and pine trees. Inside, every room contains enormous windows and glass sliding doors, drawing the eye to the rumpled white blankets of snow-covered hills outside.
"We started a bit late, but I think we're enjoying the land now," says Woo, now 67, as he watches his toddler grandsons snatch icicles from a deck and scale 6-foot snowdrifts. An architect who splits his time between Seoul and Boston, Woo recently became the first in his profession to win South Korea's Ho-Am Prize, that country's highest honor.

Despite the 21-degree temperatures on a recent Saturday, the sun had warmed the kitchen-dining room to a steamy 87 degrees. Woo and his family retreated to a cooler spot in the 50-foot-long living room for a late lunch, sitting shoeless on floor cushions and munching on baked chicken, grilled asparagus and artichokes.

"So much of Korean life and culture is about shared spaces, taking off your shoes and having meals together," says Wonbo Woo, Kyu Sung Woo's 33-year-old son and a Manhattan-based producer for ABC News. "It's the core of what the family does in Putney."

Completed last summer for roughly $300 a square foot, Woo's structures -- two connected living areas and a shed -- bear steeply pitched roofs and roughly triangular shapes that hark back to New England barns. Yet they also draw inspiration from traditional family compounds in Korea, thousands of miles away. "He's got one foot in American and European modernism and one foot in Asia," says Stanford Anderson, an architecture professor at the Massachusetts Institute of Technology. The buildings are "really brought together in a creative and imaginative way."
The home uses under-floor radiant heating, found throughout Korea. The framing of landscape views is partially inspired by Asian cultures, as are the large sliding doors that lead outside onto wooden decks, similar to sliding screen doors that lead to outdoor courtyards found in traditional Korean homes.

In an embrace of American traditions, Woo positioned the 3,200-square-foot compound atop the hill to avoid insects and to take advantage of long southern sun exposures. The buildings, just 15 feet wide at the widest point, have corrugated metal siding on the north-facing facades and stained cedar elsewhere. Off the grid, the retreat draws water from on-site wells and is powered by solar panels and a generator. The home is sparsely decorated with Swedish antiques and midcentury-modern pieces.

While many of Woo's commissioned homes are focused around central living rooms, his Putney compound is very different. "This is a very outward-looking house -- they want to be in nature," says architect Ozzie Nagler, Woo's longtime friend and mentor, who celebrated his 80th birthday in Putney. "But it works so well internally, too."

In the 1970s, Woo and his father, a painter, bought 20 acres in South Korea for their family, but they rarely visited and sold the land 10 years later. The idea remained dormant until 1999, when Woo's work designing dormitories for Bennington College brought him to Vermont. In 2003, he bought 250 acres of virgin forest near Putney, a rural town of 2,600.

What began as a single cabin with one child's bedroom quickly became two linked structures with two kids' rooms, inspired in part by Woo's daughter's becoming pregnant with her second son. The compound is designed so that more buildings can be added as the family grows. Woo's modernist compound is unusual for the area. In Brattleboro, 11 miles away, a 4,000-square-foot Cape Cod on a little over two acres is on the market for $799,000.

Woo designed something for everyone. For his wife, a concert pianist, he designed the living room, a long unadorned space with French acoustic fabric stretched across the ceiling, where she can practice and host small chamber concerts. Son Wonbo's bedroom faces south and west ("I tend not to be a morning person," he says). For his grandsons, he created balconies above the hallway, accessible from the top of their bunk beds and partially enclosed by Plexiglas, so they can spy (and drop small objects) on passers-by in the hallway.

Daughter Ilyon Park, a 36-year-old nonfiction writer in New York, describes the retreat as a "four-generation-and-beyond house, with the memory of my grandparents behind it." She adds, "It's a brand-new house with history, if that's possible." The house is still evolving; Woo pulled out fresh drawings detailing a new one-bedroom wing and roof deck the family is attaching to the living room.

In the fall, the family hosted a reunion for Woo's wife's clan. They are planning a second reunion for the Woo side this summer.

By Sara Lin, The Wall Street Journal

Want $8,000 Cash?

2009-03-04T08:33:00.006-05:00

It has been a while since I have last posted! I just came back from Dallas, TX for a family wedding. The home prices there are actually pretty comparable to Indiana, in fact you may be able to get a little more bang for your buck there. The down sides to Texas housing- there are no basements (where do we put all of our junk?) and the property taxes are pretty steep (they have no state income tax, but still it's a little high).

Speaking of taxes, you have probably heard a lot about this $8,000 first time homebuyers tax credit from the economic stimulus package. Here is a quick Q&A that should hopefully clarify some things:

Q: Who is Eligible to Receive the $8,000 Tax Credit?
A: First-Time home buyers purchasing any type of primary owneroccupied
home. The home must be purchased between January 1, 2009
and December 1, 2009.

Q: What is a Tax Credit?
A: A tax credit is a dollar-for-dollar reduction in what the taxpayer owes.
For instance, if a tax payer is due to receive a $500 refund, that refund
would be increased to $8,500! If a taxpayer owes $8,000, with the
credit that taxpayer would only be responsible for $0!

Q: What is the Definition of First Time Homebuyer?
A: A “First Time Homebuyer” is anyone who has not owned a principle
residence in the past 3 years. For a married couple, both spouses must
meet this criteria in order to qualify.

Q: What Type of Home Qualifies?
A: Any Home Purchased by First Time Home Buyer - Old or Existing -
Single Family, Condo, Townhomes.

Q: Is the $8,000 credit for homes of all purchase prices?
A: No, the tax credit is equal to $8,000 or 10% of the purchase price,
whichever if lower. Ex. A purchase of $55,000 would result in a tax
credit of $5,500

Q: Are there Income Limitation?
A: Yes, a First Time Homebuyer’s “Modified Adjusted Gross Income”
(MAGI) can not exceed $75,000. For a purchasing couple
the combined MAGI cannot exceed $150,000.

Q: What is “Modified Adjusted Gross Income (MAGI)?
A: MAGI is determined by adding any foreign income, student loan
deductions, IRA contributions deductions and deductions for
higher education to your annual adjusted gross income. Contact
your CPA, Tax Preparer or Attorney with questions.

Q: Do I Have to Pay Back the Money?
A: No!!! The Tax Credit does not have to be paid back as long as
you live in the home as your primary residence for 3 years. The
credit is owed back if the property is sold within the initial 3
years after purchasing.

Q: What does “refundable” mean in terms of the tax credit?
A: “Refundable” means that a home buyer can receive the credit
even with little or no federal income liability to offset the credit.

Q: What paperwork is required prior to or at Closing?
A: None. The paperwork required to receive the credit will be completed
in relationship to the home buyers annual tax files by the
taxpayer or their tax preparer.

Also, if you think you qualify for this tax credit and would like a copy of the tax form, feel free to email me at rebecca.upton@century21.com and I will send you a copy. Feel free to email with any questions on this credit too!

When love is not madness, it is not love. ~Pedro Calderon de la Barca

2009-02-14T08:14:00.004-05:00

Happy Valentine's Day everyone! I know this holiday can be hard for us single ladies. Well don't let it get you down, take control of your life! I found a great DIY website that is especially for women called Be Jane. (I stumbled upon this website when I was looking for instructions to make my own headboard.) Yesterday I had to help a client with color choices for bed linens to go with the wallpaint that they have chosen (I often help with color choices and staging when we are getting ready to list a home). If you have a blank canvas and can paint or choose whatever you want, how do we decide on what color to paint?

I can be a very emotional person sometimes (usually only when I need to be though)- my decisions on what to wear (remember that Seinfeld episode with George doing this), what I feel like eating,etc, all have to do with the kind of mood I'm in. Instead of choosing paint colors this way, why not be a little more proactive? Create the mood you want to evoke! A quick paint job just might spark some Valentine's Day passion!~

Color Me Romantic!

Paint Spice on Your Walls & Into Your Life
By Be Jane's ownHeidi Baker

Did last Valentine's Day pass you by without bringing you closer to that special someone? Well, we've got good news. Maybe it's not you.

Take a look at your home. Is this a place where love would want to live?

Just because you might not have someone special in your life other than yourself, doesn't mean you don't need to create a place for love. To help bring love into your life we suggest you create a place in your home where it feels welcome.

Believe it or not, the fastest and easiest way to achieve this is to add a bit of color to your walls. (Get advice on choosing paint sheens.)

Of course you're thinking of painting the bedroom. But for love to truly bloom you'll want to extend the welcoming feeling to encompass any room where you enjoy bringing company or simply enjoy spending time when you're on your own.

Whether it's for wall paint, curtains, or carpet, picking out specific colors for a room challenges most of us. Most of us aren't lucky enough to have a designer's color sense yet we know what we like. Developing a knack for color isn't necessarily easy but you can hone your skills by using your powers of observation. First, start noticing colors whenever you enter a room--someone else's living room, the waiting room at the doctor's office, a church. Magazines are great too, but nothing beats walking into an actual space and sensing what effect the color scheme has on you.
So, how do you pick from the literally thousands of choices out there? Let's start with the color (or colors) you have in your home right now. Are the majority of your walls a chalky white? Or, if there are colors on your walls, were they your choice or were they there when you moved in? Have you simply 'settled' on the color of your walls simply because you haven't gotten around to changing it?

The colors on the outside and inside of your home can truly affect your daily life. There has been quite a bit of research done on the subject recently which shows that colors can influence your choices, your perceptions, even your mood!

So how will your color choice help bring love into your life?

Well, colors speak volumes to us. They can be warm, sensuous, cold, moody, cozy, safe--you name it. What one person might read into a color could be completely different from someone else. But by bringing in those colors that speak to you personally you can change your attitude and outlook on life--which ultimately can create an environment for change and opportunity.
The colors you choose will also say something about you to others. Thus, you may want to choose those colors that are a bit warmer, more romantic and inviting, such as reds, oranges or soft browns, rather than the cool tones of dark blue, green or grayish brown. (Tips for selecting colors that are just right for you.)

What follows are a few generalizations about colors. Take them with a grain of salt, match them against your own personality, and see if you agree. If a color suits your taste and personality, try it. Because remember if you're looking for a change, a little spice in your life, or even a potential new love, a little splash of color can go a long way.

RED Do you love red? Red is a dynamic and passionate color and symbolizes love, rage and courage. An attention getter, red has huge emotional impact. Red is literally at both ends of the emotional spectrum. Some feel that people who select red tend to be aggressive, impulsive, and powerful individuals who strive for success. At the same time, as you delve into deeper tones some reds can be quite warm and create a sense of security and coziness. (How to properly paint your walls red?)

YELLOW Yellow exudes warmth, inspiration and vitality; it is one of the happiest of the colors and is often associated with joy and virtue in their purest sense. It's been known to represent communication, enlightenment, sunlight and spirituality. If your favorite color is yellow it's probable that you look forward to the future, and that you are intellectual, highly imaginative and idealistic. Commonly, people who love yellow may have a cheerful spirit and have an expectation of greater happiness. Yellow and white complement each other beautifully.

ORANGE While orange is the color of autumn in spice form and design you need not feel restricted by this. In its brighter tones orange is happy, positive and lively. If you prefer its darker shades you'll find that it becomes exotic and exciting. Orange lovers tend to have excessive energy with an eye for structure and organization. They usually also love to be surrounded by family and friends.

BROWN Brown, while it may be the color of dirt, it can also be quite sensuous in nature. Brown also represents the importance of hearth and home. You may have noticed that it has been a much more commonly used color in recent design choices. The reason for this shift is that it symbolizes physical comfort, ease and contentment. Those who prefer brown tend to be conscientious, steady and reliable.

TEAL The color of the ocean being teal makes it obvious that it should represent cool and constant. This color points to stability and resistance to change. People who prefer teal more often than not are sensitive and have excellent taste in a wide variety of areas. They tend to be optimistic and trusting, with a high degree of faith and hope, easily trusting others.

PINK Pink is highly emotional in character and connotes a sensitive heart. Universally representing caring and sharing, the person who chooses pink usually indicates a strong personality. The affectionate and concerned individual also prefers pink. Gently you offer love, attention and nurturing to those in distress.

VIOLET Violet, the color of luxury, indicates sensuality, passion and depth of feeling. This lavish color creates an unusual atmosphere and provides an unexpected essence. If you like violet, you tend to be unique, highly sensitive and observant. Creative and artistically talented, you tend to have a complex personality.

GREEN Green is the color of life and represents freshness, security and tranquility. Green creates an atmosphere that is calm and restful and characterizes the intense power of nature. If you selected green you seek stability, balance and persistence. You are a moral and affectionate individual.

BLUE The color of tranquility, blue is cool, soothing and orderly. The color of royalty, blue can also bring comfort and serenity to our lives. If you choose blue you have a basic need for a calm, harmonious and tension-free existence. Capable, conservative and sensitive to others, you make a loyal and trustworthy friend.

WHITE White suggests goodness, purity and innocence. Its elusive nature provides serenity and the essence of perfection. The individual who chooses white as a favorite color seeks excellence and enlightenment in all philosophies. Simplicity, purity and recognition are a constant endeavor.
These are by no means strict rules, nor guidelines. A color will speak to you when you meet it head on. But it might be difficult at first to tell how a color will look from a swatch, so try painting a larger area. You'll quickly learn whether or not that color is for you.

But, be open-minded. Take a chance. Let your home be a landing spot for love. After all, colors can only foster change if you let them in.

Find a job you like and you add five days to every week. ~H. Jackson Browne

2009-02-11T08:45:00.004-05:00

During these tough times, we see a lot of people getting laid off or even being forced to leave their jobs (several realtors are in this situation- don't worry, I'm fine!). Below are a few professions that are actually seeing a boost in their business. It's a little sad because many are making their money due to home foreclosures. But hey, someone has to do the job!

The grass painter (these guys actually paint grass so it looks greener- probably more out west)
The cleaner (someone has to go in and clean those trashed bank owned properties. They still look bad when we go in them, but believe me, they looked even worse before these guys came in to clean!)
The animal-control business (if people don't have enough money for their families, usually these cuddly guys are the first to go. aww )
The pool man (another foreclosure related job, just cleaning out those pools)
The caretaker (I've seen this a lot more recently- these people "rent" out these nice houses, and just basically get to live there and take care of the place, just pay the utilities and usually very reasonable rent!)
Credit repair services (if you're struggling with payments, you go see these guys)
The property preservation folks (these guys check out and keep an eye on these empty, foreclosed properties)
The board-up guys (hurricanes, vandalish, whatever the reason- they basically just go "board up" the house)
The locksmith (these guys are changing the locks on all the foreclosed homes of course, but also with crime going up, people keeping their money under their mattresses- gets it keeps them busy)

Click here for the whole article

Mortgage Market Outlook

2009-02-10T13:46:00.005-05:00

The weather has been crazy here! I guess that is Indiana for you. Just like the weather, the interest rates for mortgages can be unpredictable. Here's one mortgage market view point that is worth reading, if you are considering buying a home or refinancing soon.
~~

AVOID THIS COSTLY MISTAKE

If you've been following the financial news, you've probably heard that the Fed's been buying Mortgage Backed Securities and will continue to do so as needed. Unfortunately, some media outlets have picked up on the news and mistakenly reported that these purchases will continue to cause rates to drop lower into the summer.

But is that really what it means? No.

The truth is, the Fed has been buying Mortgage Bonds. BUT... more precisely, they're buying a lot of FNMA 30-yr 5.0% and 5.5% Bonds. Many of the mortgages in these pools are outstanding home loans with rates between 6.0% and 6.5%, as the rate that a borrower pays is different than the coupon rate given to an investor buying into that mortgage pool, with the difference being taken by Wall Street firms and government agencies. The loans in these pools the Fed is buying hand over fist are likely be refinanced and paid - because current rates make it very attractive to refinance a loan over 6.0% - and thus giving the Fed a quick recoup on some of their investment.

Bottom line: The Fed's purchase of higher rate coupons will not necessarily help rates to move lower, as their actions do not impact the loans being originated at today's low rates.

The Problem Is...

Many consumers are in situations where they can buy a home or refinance now and save hundreds of dollars a month on their mortgage payments. But when they hear the media throwing around teases of lower rates ahead, they decide to hold off on making the decision to save, in the hopes of gaining a few more dollars of savings per month if a lower rate came their way. Of course, while they're waiting, rates could turn higher - and this window of opportunity could pass them by entirely.

Here's the Clincher.

Even if consumers are ultimately able to time the market perfectly and save another few bucks per month, they could still end up losing. That's because while they delayed, they lost the savings each month they could have gained by taking action sooner. In other words, they may have lost hundreds of dollars for every month they waited. So even if they got lucky and obtained the rate they were looking for, it could take years to make up what they lost by waiting.
I don't want anyone to miss an opportunity by either waiting or misunderstanding the media headline. Let's talk further on this. Call or email me, and let's discuss what this might mean for you!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

One other note on a related subject, some have been asking me if they can still qualify for the $7,500* first time homebuyers tax credit, even if they have already filed their 2008 taxes. The answer is yes, you can amend your returns and still cash in!

A gift for me? Oh, you shouldn't have!

2009-02-06T13:45:00.003-05:00

We all need a little help every now and then. Sometimes that help comes in the form of money! Ever thought about buying a home but did not have all of the down payment right now? The $7,500 first time homebuyers tax credit can be a great help. You can borrow your down payment from a relative and then pay them back using part of that credit. One of our lenders sent us this handy info which is below- list of the people that you are allowed to borrow the money from, for specific loans.

Conventional - Owner Occupied Property (this means that you are living in the house as your own home, meaning not renting it out):

Relatives
Domestic partner
Fiance
Church
Municipality
Nonprofit organizations

The rules are different if this is a second/vacation home or an investment property.
If the LTV/CLTV is 80% or less, the entire down payment may be a gift. Otherwise it is 5%.

Investment Only - Gift funds allowed only under the following conditions:
1-unit Single Family Residence (SFR)/condo/Planned Unit Development (PUD)
Maximum LTV of 70%
Minimum down payment of at least 30%, of which at least 20% must come from the Borrower's own funds

FHA (3.5% down)- Owner Occupied Property:

A relative of the borrower.
The borrower's employer or labor union.
A charitable organization that does not receive funding from seller/builder contributions (see below).
A governmental agency or public entity that has a program to provide homeownership assistance to low and moderate income families or first-time homebuyers.
A close friend with a clearly defined interest in the borrower.

A gift from any other source is considered an inducement to purchase and requires a reduction to the sales price.

Donors may borrow gift funds from an acceptable source, i.e., not from a party to the loan transaction including the mortgage lenderPlease be aware of the difference between the two.

These are rules for all lenders that use FHA or Fannie Mae(which is pretty much the two agencies the majority if not all lenders are using)Everything is a paper trail and most lenders if not all will want to see a two month period possibly three. Unusual deposits that are not consistent with normal direct deposits or can be verified the borrower better be able to explain where the deposit came from and document. This is how lending is these days.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

If you have questions about getting pre-approved for a mortgage or down payment stuff (or you were just confused by this whole post) feel free to contact me at rupton@c21scheetz.com

The 7 Biggest Financial Decisions of Your Life

2009-02-05T08:31:00.005-05:00

With tax season around the corner, it's important to keep our finances straight. We are all crossing our fingers, hoping that we will get a nice refund check (or those of us like myself, who are self-employed, hope that we won't have to pay an arm and a leg).

Below is an article by Richard Jenkins, who discusses the 7 Biggest Financial Decisions we have in our lives. Look at # 6 & #7. I don't think most people think about the financial repercussions when making those decisions but it is definitely something to think about.

7 Biggest Financial Decisions

A lot of people spend a whole lot of time worrying about the small stuff: a little extra yield on their savings, a few dollars less in mortgage payments, slightly higher returns, slightly lower commissions.

They pore over Internal Revenue Service publications and fat tax guides searching for ways to save a few hundred bucks on taxes. They read personal-finance magazines, buy books and scour the Web looking for tips.

Fine. It pays off. But does managing your money have to be this complicated?
Actually, no. In fact, if you spend all your time focusing on fractions of a point, you may lose sight of the big picture.

The blunt truth is that if you make the right choices early in life on a handful of major decisions, you'll never have to worry about financial security.

1. How you handle risk Risk affects all aspects of your life.

Would you rather work for a rock-solid company with a strong benefits package, join a smaller startup with great stock options or start your own business? The potential payoffs escalate as you take on more risk, and so do the possibilities for disaster. The same is true for investments.

Make sure your risks are age-appropriate. If you're young, you can dust yourself off and start again. For people over 40, the ability to absorb losses diminishes rapidly as retirement nears.
Do your homework. Risk without research is just another form of gambling. Before jumping into any kind of investment, it's vital to do the due diligence required to accurately evaluate risk, the potential for gains and the potential for losses. (Start with MSN Money's Stock Research or Mutual Fund Research centers.) Don't make yourself a target for unethical advisers or garden-variety con artists.

2. Your choice of career

There are worse things than a fat paycheck. Your options depend largely on your education and skills, but some fields will always pay better than others. Getting the training needed for a better job could be the best investment you make. Ask yourself what the long-term salary expectations are for your career field and consider how you could make yourself more valuable. (See "10 surprising six-figure jobs" and "The 10 best-paying blue-collar jobs.")

Does your pay depend on distortions in the market? A lot of semiskilled but highly paid union workers now know the sting of competition here and overseas. Blue-collar incomes have stagnated over the past 20 years as manufacturers found cheaper workers abroad. So, consider what your skills would be worth in a truly open, worldwide market.

Will your skills retain their value? Knowledge is the key to survival in the years ahead, whether you're a carpenter or a computer programmer. The pace of innovation is staggering, and those who fail to keep up will find their personal stock in a nose dive. Nothing has a more disastrous impact on financial security than a lengthy period of unemployment.

3. Your lifestyle

You don't have to live like a monk to save money. Americans are conditioned to overbuy. Shopping has gone from being a chore to a hobby, a lifestyle even. Shoppers are encouraged to define their individuality in terms of style, which for most people comes down to a matter of which mass-produced goods one chooses to buy. See MSN Money's Saving Money Decision Center for ideas.

Ask yourself how much house you really require. The square footage of the average U.S. home has been growing steadily since World War II. In the 1980s and '90s, buying ever-larger homes seemed a good investment. Home values generally have outpaced inflation -- by a large margin in some places and despite periods of slow economic growth. Still, as the baby-boom generation downshifts into retirement and the subprime-mortgage mess plays out, those 4,000-square-foot, five-bedroom homes aren't seeing a lot of buyers. Besides, smaller houses are in: Read "For many homeowners, less is so much more" on MSN Real Estate.

Every dollar you don't spend on a house saves roughly $2.40 in mortgage payments. A lot of people calculate what they can afford to pay for a house and use that as the floor price for their house search. They don't even consider less expensive homes, and no self-respecting, commission-hungry Realtor would suggest it. Find a smarter approach in "Don't bite off too much house" and "8 big mortgage mistakes to avoid."

4. How you manage debt

Pay yourself instead of your creditors. At its most basic, credit is the privilege of spending money you don't have. Before World War II, most people avoided it. To help Americans get over that silly notion, interest on credit card debt was a deductible expense until 1987. Then, Congress created a new pool of deductible interest in the form of home-equity lines of credit.

We've learned our lessons so well that bankruptcies are now at an all-time high. (If you're in trouble, see MSN Money's Bankruptcy Guide.) Everyone is shocked and appalled to discover how deeply in debt the typical American is today. Banks make a lot of money lending to people who can't wait to buy things. For help getting out of debt, see MSN Money's Debt Management Decision Center.

5. Protecting your assets

Your most important asset is your ability to work. Disability insurance will pay you a percentage of your income, usually from 60% to 80%, if you're sick or injured and unable to work, but that income never increases. Living 30, 40 or 50 years on a fixed income is one of the surest roads to lifelong poverty. Consider the financial as well as physical risks when you're tempted to buy that Harley-Davidson or take up cliff diving.

You also need to protect the rest of your assets. That means making sure you have adequate auto and home insurance, and, for many people, an umbrella liability policy that provides extra protection against large damage awards in certain civil suits. Just about any lawyer can tell you stories about someone forced into bankruptcy by a damage award that exceeded the limits of his or her insurance coverage. See "4 ways to protect your financial freedom."

If you're self-employed, insulate your assets. Consider forming a limited liability corporation. It's easier to set up and maintain than most other corporate forms and will make it much harder for creditors and attorneys to go after your personal assets.

6. How many children you have

Today, there's a powerful financial disincentive to have children. Let's start by saying upfront that we all love children. They provide joy and excitement to every family, but this is intended to view them purely from a financial perspective. In the days before Social Security, there was a positive incentive to have lots of children. Not only did they perform necessary labor on the farm or in the family business, but they also were expected to care for their aging parents, come what may. According to the latest figures from the U.S. Department of Agriculture, it now costs between $145,000 and $290,000 just to raise a child through high school. (Higher-income families tend to spend more.)

Add anywhere from $60,000 to $130,000 more for a four-year college education. There are economies of scale as the number of children you have grows, of course, but there are very few multichild discounts available for college. See "6 reasons not to save for kids' college" and "Balancing kids' college and retirement savings."

The cost of a happy accident. Nobody who wants three children is going to be deterred from having that many, of course. But many people who really wanted to hold the line at two wind up with three, and sometimes more, by what is euphemistically called an accident. Just remember that this kind of accident is among the most expensive you can have.

7. Marrying for better or worse

Take everything you own and divide by two. Deciding whom to marry may not seem like a financial decision, but you'll find out otherwise if you ever have to endure the pain of divorce. Bankruptcy, a legal judgment and even the IRS can't touch certain assets, such as money in retirement plans. But nothing is safe from the divorce attorneys. (See "10 steps to a money-smart divorce.")

On the positive side, getting married can double your income. Though the quaint notion that two can live as cheaply as one is dubious, it doesn't cost twice as much, either. Financial teamwork (see MSN Money's Love and Money Decision Center) early in a marriage can yield a substantial payback in later years, provided you stay together. Choosing someone whose long-term financial goals are similar to yours will reduce friction and help you stay on track.

Wallpaper Woes

2009-01-31T09:14:00.003-05:00

We had a crazy winter storm earlier this week, over 10 inches of snow, schools closed and most people were lucky enough to stay home from work. Snowed in with no way out- except for perhaps by dog sled (my little Westie would disappear in the snow), I was inspired to take a look around my home and see what I should put next on my to-do list. All this extra time on my hands was driving my crazy, so I go out some pen & paper and got to work.

First on the list- my master bedroom. It is ridiculous that I have not done anything with it. The walls are pink- like cotton candy pink, and it has this hideous pink/green/orange wallpaper border that I've been dying to get rid of.

Another easy one- the office. This bedroom/office also has some soon, moon, & stars decals and some more celestial wallpaper border.

Kitchen- this is not going to be pretty. Whoever owned this house before decided that thick, floral wallpaper was in. It looks pretty expensive too, vinyl type and they decided even to do a matching window covering. *shudders*

And finally- the bathroom. Some different vinyl style wallpaper that has just go to go, but it's a little more neutral so at least I don't freak out going in there.

I have come up with some "budget design" ideas for each room, trying to keep costs minimal. First thing is first, I knew I had to deal with all of this hideous wallpaper. Since I was snowed in, I tried googling some ideas for wallpaper removal and put together a home-made concoction of warm water, fabric softener, & vinegar. I took a little knife for scoring, made a few slashes to do a test spot, and then used a sponge to saturate the wallpaper border in my bedroom- just a test spot.

Did not work. I was quite frustrated and used the rest of the afternoon to shovel some more snow.

Yesterday, I decided I was going to do this right and try to rent a steamer. Apparently hardware stores don't do this anymore (they said it wasn't cost effective) and I had to compromise. I bought some Dif, along with the official "paper tiger" and scraper. I was a little tired yesterday evening and tried to do another test spot but it still wasn't coming off like it should.

Today, after I show a few houses and go to a client's baby shower, I'm going to spend a little one and one time with my walls. Hopefully I'll come up with a solution that I can share. I did take some pictures as well, so maybe soon I can post some "before & after" shots. I don't want it to come to this.... but if I get desperate, I may have to *gasp* hire someone. Not ready to throw in the towel yet though.

Year of the Ox!

2009-01-26T11:35:00.004-05:00

Happy Lunar New Year! 2009 is the year of the water buffalo, or the ox. My family has always celebrated both new years, which is lucky for me. Personally, I think January 1st is too soon after the holiday season to be expected to get organized and ready for the new year. One of the things to do in getting ready for Chinese/Lunar New Year is to clean your house. You can sweep away all of the bad luck from the previous year- this is how I spent most of my evening yesterday (still need to mop the kitchen floor though).

I also celebrated by going to my parent's house to eat this traditional Korean rice cake soup and on Saturday, I went to Eli Lilly's Chinese Culture Network's celebration. That was pretty entertaining- lots of dancing, music, skits, even the Eli Lilly executies got up and practiced their Mandarin and their calligraphy to amuse us!

The Ox symbolizes hard work and patience- two things we will definitely need considering the economy we have been experiencing recently. This year it is important to think of the things that really matter- family, health, and home! If we can all just keep the ideals of this animal in mind, we should all hopefully find ourselves more successful and peaceful in the year to come.

Fishers- City or Town?

2009-01-24T12:03:00.003-05:00

The City of Fishers? It very well could be.

Citizens from Fishers have been discussing becoming a city again. In 1998, a ballot referendum was posed to the voters of Fishers who ultimately decided to retain their identity as a town. Since then, Fisher’s population has grown and with it, so has support of becoming a city. A meeting held at the Fishers Library by CityYes, a political action committee with the objective of making Fishers a city, saw more than 30 residents show up to hear their argument. The committee also earned seven new volunteers and 15 more signatures on their petition to get the issue on a ballot. Proponents argue that with a population over 70,000, residents need an appropriate sized and responsive government to respond to their need. Opponents worry about the financial impact these changes would have on their taxes and services. They also find satisfaction in the current government. One thing is clear, everyone interested wants more information. The local Chamber of Commerce has promised to form a study committee which would make a recommendation one way or the other. In the meantime, CityYes is actively seeking signatures for their petition. They currently have almost 800 signatures, or roughly half the amount needed to hold a special election to decide if the state’s eighth largest community should be a city or a town.

(Published by the Metropolitan Indianapolis Board of Realtors)

Hot or Not?

2009-01-04T09:51:00.008-05:00

I wish everyone a Happy New Year and hope we all have a happy, healthy, & prosperous 2009! I love starting a new year because it gives us a fresh slate so we can start over and rejuvenate our mind and body. Of course, these winter months are also a good time for rejuvenating your home, giving it a fresh new look!

MSN Real Estate put out this article- What's hot and what's not for your home in 2009.

There are some really neat decorating tips that I thought were pretty innovative (well at least for us in the Midwest) and so I wanted to share them with you.

What's Hot~

Mismatched Dining Room Chairs

The Color Gray- or grey, which I prefer :)

Retro Appliances

Stylish Garage Doors

Coral Colors (especially with plums and greys)

"Lighter" and less bulky furniture

Luxurious "Green" fabrics and furniture (this also includes recycling or using vintage and antique pieces)

Master Bedroom as your private sanctuary- using plush fabrics, rich quality pieces, and more to give you that hotel feel
Electic- bringing together different styles and pieces (this may require some practice)

What's Not~

Track Lighting

The Muppet Sofa - "Here's an easy test: Stand in front of your sofa. Imagine it has two basketball-sized googly eyes and a tuft of green spiky hair between them. If it looks like it could teach your children their ABCs, it's a Muppet sofa. Get rid of it."

The Fixer Upper- often these banked owned "deals" are more trouble than they are worth! It's easier to have it all in your payment instead of putting out cash to buy more stuff to fix up the house.

Indoor/Outdoor Carpeting- Those rugs that people put outside on their patios. Eww, just think of the mildew!

Hmm.... I may be guilty of that Muppet Sofa (I have a cream colored leather set that I would love to upgrade one day). But most importantly, you want your home to be a place of refuge and a reflection of you and your family. And you don't have to go over the top and spend like crazy to do it. Also, try to just do one room at a time or it will seem overwhelming and you won't ever get to anything (like my pink master bedroom with plaid wallpaper border trim... I need to get started on that).

Cheers to a new year and another chance for us to get it right. ~Oprah Winfrey

2008-12-27T14:59:00.004-05:00

Happy Holidays to everyone! Hope you all got to spend some good times with your family and friends. With a new year coming soon, it is natural to think about your goals and resolutions for 2009. One of the things on my 'to-do list' is to get myself more organized at home.

Better Homes & Gardens has some great information on simple DIY projects for organization. I really do feel that if your environment is neat and organized, you will be able to think much more clearly as well. Even now, I'm having a hard time writing eloquently because my desk is a little messy at the moment (sure blame it on the desk...).

Also, Good Housekeeping has this great article about 3 different websites to help you keep organized, all with different tools and tricks of keeping up a happy household. I'm really interested in having some sort of chart or spread sheet in my iPhone to keep me straight. Technology always makes things a little more interesting for me! Well anyway, here's to a great 2009!

One kind word can warm three winter months. ~Japanese Proverb

2008-11-30T11:12:00.006-05:00

This morning I woke up to the first real snow that we've had here in Indianapolis. This prompted me to add a project this week for my to-do list- purchase and install a programmable thermostat. I constantly talk to my clients about how great they are for saving money on utilities, but I don't even have on in my own home! (Shame on me, I'm always recommending things for my clients to do to their home, things I have not done yet. Hey, it's like a doctor who smokes or doesn't exercise). This is a great thing to do if you have an older home, with an outdated thermostat because you can have pre-programmed settings for the temperature in your home. The Energy Star website has some extra info about this and suggestions on how to program them.

Anyway, I found this handy do-it-yourself video from This Old House's website. Now I just need to narrow down which one I would like to purchase. My house is smaller, a little over 1400 sq ft, so I don't need anything fancy. My work schedule usually is seven days a week, with Saturday and Sunday being a little lighter. So, I'm interested in the 5+2 day models (programmable for weekday and weekend). It seems like these are ranging between $30-$40. The small price of that (plus asking nicely for my dad to come over and help with installation) will be well worth the potential savings this coming winter... especially since I have older windows that will eventually need to be replaced (that's a whole nother post).

My true love gave to me...

2008-11-25T08:55:00.006-05:00

All the recent talk of the 'down economy' isn't just talk anymore. Everyone from low to high income families are feeling it now. The guy sitting next to you just got laid off and college kids home for the holidays are having problems finding part time jobs. Maybe you're not going out to eat as much or now you're going to a beauty school to get your hair cut. No matter who you are, we all should try and find ways to save money. Funny thing is this is how it "used to be" and we have recently just become a materialistic society, putting everything on credit.

Anyway, I digress. The real point of this post is to talk about some fun, FREE things you can do with your family this winter. Indy.org put together this great list of the Twelve Free Days of Christmas. This is a list of 12 fun and free activities you can do together with your family before the Christmas season. There is everything in here from free admission to the Indy Motor Hall of Fame to even free admission to the Children's Museum.

There is nothing that gives more assurance than a mask. ~Colette

2008-10-07T13:10:00.002-04:00

With all of the "economic crisis" talk going on, we could all use a laugh:

"Marilyn Monroe is now showing her underwear, so apparently there are no standards anymore."

2008-09-27T14:57:00.007-04:00

Many of the older realtors enjoy telling the younger generations what selling houses used to be like. Before the online mls system, offices had HUGE books filled with the current listings. Agents used to have to go to another realtor's home to drop off the information about a house. People used to drive through neighborhoods to decide where they wanted to live and before they compiled a list of possibilities (this was also probably when gas was like 10cents a gallon... an urban myth). Negotiations were more often verbal and with a hand shake, the paperwork came later. You waited until you had at least 20% for a down payment before you even thought of buying a house, so you would not get in over your head.

Fast forward to the buyer of today- access to several websites where you can find the all of the information on a house you need, including aerial shots to see its placement in the neighborhood. Websites like Trulia allow a consumer to come up with an idea of "what a house is worth" (it is pretty inaccurate, but that is for another post). Room dimensions, floor plans, virtual tours with music, photo-shopped pictures and more are at your finger tips. Who needs to drive around when you can find out crime statistics of the area and pictures of the last neighborhood party on your computer?

The company that I work for has implemented an exciting new FREE tool that brings together the best of both worlds- the traditional way of house hunting, by driving through neighborhoods, and also quick access to information with the convenience of technology.

Instant Info is a new, convenient, and quick way to get information about any virtually any listing (including residential, multi-family, and vacant lots) by just making a phone call. It is important to me that all of my clients are satisfied and receive the best customer service, technology and information from me. At my expense, I am offering this completely free service to all of my past, present, and future clients.

Here are a few instances where “Instant Info” would be handy:

Driving through a neighborhood, you see a house and are curious about the price.

You are casually looking, not ready for buy for a year or so, but want to see how much homes in an area are going for.

A new listing has come up in your neighborhood! Curious about the price?

Rebecca was not available when I called, but I really want to get more information to see if this fits my requirements.

For your convenience, I can register you as my client to give you quick access to listing information 24/7! This works for ANY listing in the greater Indianapolis area, not just Century 21 listings!

From your mobile or home phone, you can just dial 317-814-5555 to get the property information quickly. After dialing the number, the automated operator will ask for you to enter in the property address and then press the pound key. If there are multiple listings with the same house number, the system will ask you for the street name, to narrow it down.

For example, if you would like the listing information about a house at 123 Elm Street, just dial 317-814-5555 and then 123# (the house #). Another convenient feature of this system is that you don’t have to write down all of the information while you are driving, you will receive an email with the information about the property you inquired about right away.

If you have changed phone numbers or would like me to add other numbers associated with you, please forward those to me. It is important to register the phone number for your privacy and convenience.

If you know of any family members or friends who would like to be signed up for this as well, feel free to send me an email (rebecca.upton@century21.com) or give me a call. Please let me know if you have any other questions on this new mobile search technology.

Tax Credit Confusion

2008-08-31T10:17:00.006-04:00

The past couple of weeks, many of my buyers have been scrambling to find a house to make an offer on. This past Friday was the last day that sellers could offer down payment assistance (DPA) to FHA or other first time homebuyers. Now that that is gone, many have started asking questions about the First Time Homebuyers Tax Credit.

I think many people are confused, some do not understand that it actually isn't a credit, but more of an interest- free loan. Below are some great references about the tax credit. It does sound like a good thing to take advantage of if you are a first time homebuyer (or have recently purchased for the first time) but it is important to educate yourself on all of the facts first.

Quick Chart

FAQs

Federal Housing Tax Credit

First time homebuyers have many expenses, from inspection costs, moving expenses, etc. The DPA programs were a great help when they were available. Unfortunately, there's not really a way right now to use this tax credit as a "down payment". Unless someone perhaps borrowed some gifts funds from a relative (although that's not really a gift then) and repaid them, first time homebuyers are not still needing to come with 3% for down payment now. There is one program that some will qualify for- Indiana Housing Program, that will help with grants for the DPA. However, there are many restrictions, including income, credit score, type of housing, and the whole process can get dragged out a while. However, it is definitely worth looking into if this is your only option. There are some great programs for police & fire dept workers, teachers, sanitation workers, etc. Feel free to contact me with questions!

Indianapolis is Nation's Most Affordable Housing Market!

2008-08-22T15:45:00.002-04:00

RISMEDIA, August 21, 2008-Indianapolis, Indiana maintained its standing as the most affordable major U.S. housing market for
the 12th consecutive time in the second quarter of 2008, according to the National Association of Home Builders/Wells Fargo
Housing Opportunity Index (HOI) released this week.
Nationwide, homes became more affordable for the third consecutive quarter, with the HOI rising to and almost matching the
highest level since the second quarter of 2004.
“Today’s HOI reading shows that 55 percent of all new and existing homes that were sold during the second quarter were
affordable to families earning the national median income of $61,500,” said NAHB President Sandy Dunn, a builder from Point
Pleasant, W.Va. “Several factors combined to increase housing affordability nationwide. There was a marginal rise in mortgage
rates, which still remain near the historically low levels of a few years ago, family income nationwide held steady and lower
house prices.”
In the nation’s most affordable major housing market of Indianapolis, 91.6% of homes sold in the second quarter were affordable
to families earning the area’s median household income of $65,100. Also near the top of the list for affordable major metros this
time around were Youngstown-Warren-Boardman, Ohio-Pa.; Detroit-Livonia-Dearborn, Mich.; Warren-Troy-Farmington Hills,
Mich.; and Grand Rapids-Wyoming, Mich., in that order.

One smaller metro market (fewer than 500,000 people) outranked all others in terms of housing affordability
during the second quarter of 2008. This was Canton-Massillon, Ohio, where 96.7% of all homes
sold in the period were affordable to families earning that area’s median household income of $54,600.
New York-White Plains-Wayne, N.Y.-N.J. was the nation’s least affordable major housing market. This
was the first time a major housing market outside of California was designated the least affordable since
the HOI’s inception in 1991. In the New York market, 11.4% of new and existing homes sold during the
second quarter were affordable to those earning the area’s median family income of $63,000.
Other major metros at the bottom of the housing affordability chart included San Francisco-San Mateo-
Redwood City, Calif.; Los Angeles-Long Beach-Glendale, Calif., Miami-Miami Beach- Kendall, Fla.;
and Nassau-Suffolk, N.Y., in that order.
Among metro areas smaller than 500,000 people, the five markets at the bottom of the affordability chart
were San Luis Obispo-Paso Robles, Calif.; Ocean City, N.J.; Napa, Calif.; Santa Cruz-Watsonville, Calif.;
and Salinas, Calif., respectively.

New Housing Bill Passed by Congress

2008-08-01T17:06:00.002-04:00

Unwrapped, Housing Tax 'Credit' Is Really a Loan

Washington Post, By Michelle Singletary

July 31, 2008

There's been a lot of discussion about how much the new housing bill passed by Congress will help individuals facing foreclosure.
Some will be able to keep their homes, to be sure. But there's a different provision of the Housing and Economic Recovery Act that I want to focus on -- the much-trumpeted tax credit for first-time homebuyers.
A tax credit is much more valuable than a deduction. A credit reduces dollar for dollar the amount of tax you owe. A deduction merely reduces the amount of your income that is taxable.
Under the new law, certain homeowners will be eligible for a tax credit equal to 10 percent of the purchase price of a home, up to a maximum of $7,500. The credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.
When I saw the $7,500 amount, I thought, not a bad tax credit. But there are all kinds of catches. Before you rush to take advantage of this, be aware it's a loan cloaked as a credit. "Essentially this is a loan administered through the tax code," said Gerald Prante, an economist with the nonprofit Tax Foundation. "I question whether the tax code is the best way to do this."
Financially, the loan has about the best rate and term you can get. It's interest-free. Homebuyers would be required to repay the government over 15 years in equal installments for any amount received.
So let's say you qualify for the maximum credit of $7,500. Considering the price of housing, just about every first-time buyer would qualify. The terms would mean a yearly loan payment of $500 for 15 years, or about $41.67 a month.
You have to begin repaying the credit in the second tax year after you purchase the home. If you sell the house before you pay off the credit, the entire amount becomes immediately due.
However, if you sell and the gain is less than the credit, then you only have to repay up to the amount of the gain. If the homeowner dies before the credit/loan is repaid, any outstanding amount is forgiven.
The new law defines a first-time homeowner as an individual who has had no ownership interest in a principal residence for a three-year period ending on the date of the current home purchase.
Also, there's a small window to this opportunity. The credit applies only to homes purchased on or after April 9, 2008, and before July 1, 2009.
Another catch: High-income homebuyers won't qualify for the credit. You can claim less of the credit amount the more you earn. The phaseout starts for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles; $170,000 for married couples filing jointly.
The credit is also not available to nonresident aliens or those who qualify for a similar tax credit in the District of Columbia. And you can't take this credit if your home is financed by the proceeds of a qualified tax-exempt mortgage bond.
There is one other tax-friendly provision. The bill would provide homeowners who claim the standard deduction with an additional standard deduction for state and local real property taxes.
The maximum amount that may be claimed under this provision is $500 ($1,000 for joint filers), according to a summary provided by the Senate Finance Committee.
This particular provision will be helpful to taxpayers who don't itemize. For example, a family with taxable income of $65,100 to $131,450 could deduct $1,000 of property taxes and pay up to $250 less in federal taxes, according to Nebraska Sen. Ben Nelson (D), who issued a release praising the deduction.
Previously, only taxpayers who itemize were able to take advantage of the property tax deduction. About 35 percent of tax returns include itemized deductions, according to Prante.
Ah, but there's a catch to this deduction, too. It applies only for the 2008 tax year. Nonetheless, at least for one year, the property tax deduction will help people who are close to paying off their mortgages and thus don't have a lot of mortgage interest to deduct. It will also help low- to moderate-income homeowners and people in areas with no or low state taxes but who have high property taxes, Prante said.
Weighing these two tax provisions of the new law, I believe the state and property tax deduction will be the most helpful even though it is available just for one year.
I'm not crazy about the tax credit. This loan masked as a credit increases a homebuyer's debt. Yes, it will let some people reduce their tax burden, but the benefit is only temporary.

Staged Homes Do Sell

2008-07-26T08:04:00.016-04:00

To me, presentation is a critical factor whether you are eating at a restaurant, shopping online, or even trying to sell your home. I have seen many a dull new build boring floor plan homes be transformed by the magic of staging. Staging is a great way to help prepare your home for sale, by decluttering, redecorating, cleaning, to be able to present your home, a "product" , in the best light possible. However, there are always a few things we tend to overlook in our own home, just because we live there, so you may need to constul some professional help. About a year ago I decided to go ahead and take the class. I am now an Accredited Staging Professional (ASP for short). When going on listing presentations with my boss, this is a big help for clients, just so they can get some quick consulting on what would be best. The thing is, this stuff actually works! I myself was a skeptic at first, afterall, a house is a house, right? Well, not always. Unfortunately it is hard for most people to look past the granny style wallpaper, cute kids photos, and kitty litter box. It is never a personal thing, we all have our own tastes. However, the way we live is different from the way we stage a home to sell. Here is one of the homes I staged, on a very tight budget.

A cute little bungalow in Broad Ripple. We first had to get new carpet in the bedrooms and new paint in the kitchen. Paint is the least expensive way to give a room a makeover. Also the bedrooms in Broad Ripple are tiny, so I decided not put in in beds but just add an accent piece in the corner. This was done on a very tight budget. Anyone can do it with a little effort and good guidance!

Living Room- Before & After

Dining Room- Before & After

Kitchen- Before & After

Bedrooms After (I wasn't able to find any before pics online)

Make sure your Realtor knows how to take good pictures or hires a professional. It is critical that the pictures look good because most people see the house online first. You won't believe how many terrible pictures I have seen. Lighting is important as well. Make sure your Realtor understands the value of presentation, because it could save you time and money in the long run!

Fishers Makes Top 10

2008-07-17T08:26:00.002-04:00

Recently, I have had several clients interested in moving to the Fishers area or at least learning more about it. Fishers, a suburb on the northeast side of Indianapolis, is rapidly growing, in size and the economy. There are plans for a new rail line in the next few years which will also draw more people. The homes are inexpensive, the schools are four stars, and the Saxony development (mixed used of residences, retail, offices, and more) is well under way.

Because of all of these things, it is no surprise that Fishers made the Top 10 Places to Live in the U.S. by Money Magazine.

Courtesy: Town of Fishers
Population: 61,800
Miles from Indianapolis: 15
Economic development spending: $700 million from 2008 to 2010
Transit: New rail line in the next five years
Pros: Public transportation, growing economy
Con: Minimal downtown

Fishers is growing fast, attracting residents who are young (median age: 30) and smart (over 60% have a bachelor’s degree or more). It has the range of pluses common among our top 10, including a strong economy (lots of life-science companies are moving in), low home prices ($149,700 for the typical house) and good schools (they get high rankings in the state). Though a walkable downtown is still in the planning stages, transportation is already here: Fishers started a commuter bus service to downtown Indianapolis and plans rapid transit via rail in the next two to five years. When it comes to smart planning and sheer livability, other places could learn a lot from this little city in the Midwest.

The age old question, which is better... to rent or to buy?

2008-07-08T06:17:00.003-04:00

66 cities where buying makes sense
Falling prices make homeownership increasingly realistic in some areas. Just don't expect to make a fast buck. By Marilyn Lewis, MSN Real Estate
More on MSN Real Estate

2008 MSN Real Estate best bargain markets
Your home buyer's checklist
Tell us: Which is better — buying or renting?
With house prices falling around the country, many renters are wondering if this is the time to jump in and score a deal.
The answer, of course, depends on where you live. In much of the U.S., you're better off buying despite falling home values, say new data compiled by the National Low Income Housing Coalition and the Center for Economic and Policy Research.
Of the 100 most populous metro areas, 57 have average three-bedroom rental costs higher than the cost of a 6% loan for a typical low-priced house, including Little Rock, Ark., and Akron, Ohio. (The study's authors defined low-priced as 75% of the area's median.) Those renting two-bedroom apartments would be better off buying a low-priced home at a loan rate of 6% in 24 of the 100 largest metro areas.
Of course, a crucial component for renters looking to make the leap is credit history. A prospective buyer with credit worthy of a 6% mortgage will pay a third less in monthly payments than someone who qualifies for an 8% loan – in many cities that can be a difference of hundreds of dollars and push them over the line to where renting actually makes more sense. (For more on the costs of renting versus buying, see "34 cities where it’s still better to rent.")
Even more interesting to potential homebuyers is the chance to build equity. Here, too, there's good news for many major metros. In 66 of the top 100 markets, you'd be in the black in four years should you buy a low-priced home today.

You'd do best in McAllen and El Paso, Texas, where you could build roughly $90,437 in equity with a 6% loan, and just shy of that with a 7% loan. In Syracuse or Buffalo, N.Y., you'd stand to make close to $80,000. In these slow-growing, smaller cities, prices never got run up to the sky. Now, homes are still affordable. And most importantly, the prices aren't likely to come crashing down.
It’s a home, not a get-rich-quick schemeSafe doesn't mean profitable, however. With prices falling in many markets, housing is too risky these days to expect you'll make money on a house deal, experts caution. The object now is to avoid losing money.
"Don't expect these markets to take off," says Danilo Pelletiere, research director for the National Low Income Housing Coalition and co-author of the study, "Ownership, Rental Costs and the Prospects of Building Home Equity."
"The housing boom passed them by because, in many cases, not much is happening in these towns."
Buyers should look at the purchase as a conservative investment that's unlikely to pay off like an oil-patch scheme and may even lose value, Pelletiere, says. Base the decision on more than profit, on intangibles like the chance to build stability, to join a community, to enjoy a neighborhood or love living in a particular home.
"I wouldn't want anybody to interpret this data as saying here's where you should put your money," Pelletiere says. "What I am saying is, if you want to put your money into a home, these are the cities where owning makes sense."

Indianapolis-Carmel, Ind.
$49,520 - 6%
$48,330 - 7%
$47,300 - 8%

Click here for the rest of the table.

This Realtor's Dream House

2008-07-02T18:53:00.002-04:00

A good realtor will narrow down the houses to look at with their clients. Not only will it waste gas and time for both parties involved, but buyers will become exhausted, frustrated and won't remember any of the homes they saw!

I have seen some beautiful houses- small cute bungalows in Broad Ripple, awesome lofts on Mass Ave, and stunning mansions in Carmel. Recently, I found one house that I could actually picture myself living in. You would be surprised to see how many realtors live in dumps or don't take care of their homes as much as they should (I'm guilty of this!). However, one of my new listings just really gets me feeling all warm and fuzzy inside. If I had more money, and were perhaps married (it is a big house after all) I would buy it in a heartbeart.

No, it is not one of the downtown condos with two story ceilings, or the cute house that's just a quick walk to the strip. It is a very nice house in Washington Township, near Nora. It is listed at $279,900 with 4 bedrooms and 2.5 baths. Completely updated, beautiful half acre lot, and finished basement. It is a nice french style tri-level that reminds me very much of the house my parents live in (maybe that is why I am so fond of it). Anyway, though I cannot afford it at this stage in my life, maybe when the lucky buyers go to sell, I'll be next in line. Open house this Sunday 2-5pm!

Virtual Tour

"Money can't buy love, but it improves your bargaining position." ~ Christopher Marlowe

2008-06-30T19:42:00.004-04:00

I have had several buyers with "odd" requests when purchasing a home. They want to know if the seller can throw in a fish tank, a Civil War Rifle, a Mustang and more. Sellers often think by throwing in the flat screen, patio furniture, etc, that this will entice buyers. Here is an odd article about just that.

Single Mom Selling Heart, Florida Home On Internet

Woman Turns To eBay, Craiglist To Solve 2 Desires With 1 ClickPALM BEACH GARDENS, Fla. (AP) ― She's tried night clubs and online dating sites, but now a 42-year-old single mother is looking for love where everyone else's heart is breaking - the real estate market.After a year of trying to sell her four-bedroom home and eight years of singledom, Deven Trabosh is offering her South Florida home and a shot at marrying her on the Internet."I figured let's combine the ad because I'm looking for love and I'm looking to sell the house," said Trabosh, a Barbie-esque blonde who teeters around the nearly 2,000 square-foot house in patent leather heels."Marry a Princess Lost in America," Trabosh wrote in the ads she posted on eBay and Craigslist last week. She describes a life of romance and travel and a home decorated with vaulted ceilings, upgraded tile and a soaking tub in a gated community with a pool and tennis courts.Trabosh, a licensed real estate agent who hasn't practiced in years, knew she would struggle to sell the home in the troubled real estate market, but insists her fairytale ad isn't just a sales gimmick."I'm struggling...I don't want to lose my house and I want to find somebody," said Trabosh, who changed her name in the ad to Traboscia to keep people from finding her in the phone book. "So I came up with this dream plan because I've always dreamt about being a fairytale princess."She listed the home for $340,000 on a sell-it-yourself web site, but upped the price, adding a $500,000 shipping fee to include her companionship on eBay.Trabosh says eBay removed her ad, though she planned to change the wording and repost it. Under the site's prohibited services policy, eBay does not allow the sale of human beings, body parts or relationships, spokeswoman Catherine England said Friday.Trabosh hasn't received any serious offers, but says she's had nearly 500 responses, mostly positive, including one from Ottie of Surrey, England, who e-mailed to say, "You are offering the perfect life with the perfect American princess."She whips out her laptop to show off a picture of Claudio, a handsome Italian wine and cheese taster, who she's been corresponding with since he responded to the ad. Seated on a white leather love seat in her living room, she giggles almost girlishly about him. They're hoping to meet in Miami in a few weeks.She's gotten criticism too. Her 21-year-old daughter Haley says she just wants her mom to find love, but her 14-year-old daughter says her mother is embarrassing her. Other have e-mailed to say she's selling herself short."I'm not selling myself. I'm selling love...to meet that true love," Trabosh says. "Of course, it's gonna take more chemistry and connection. It's not going to be instantaneous that I'm just going to be automatically for sale...it's a package deal for true love."Trabosh isn't the first to use the Internet to hawk the unconventional. A heartbroken Australian man recently tried to sell his life online, including his house, job and friends. Others have sold body space, promising to display advertisements for the highest bidder."There is a plethora of quirky ads on craigslist that pop up on craigslist every day, and this appears to be one of them," spokeswoman Susan MacTavish Best said in an e-mail. "Scads of couples have met and, thus, married through craigslist over the last twelve years sometimes marrying the person who bought their tired couch."Ideally, Trabosh hopes a European man will close the deal and says she's willing to move overseas."I know I'm putting myself out there. I'm sincere. I believe in true love," she says. "I want to get married again."

(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Renaissance Bay Condominiums

2008-06-17T15:12:00.002-04:00

Some of you who drive down Keystone Avenue every day may be wondering about the new condo developments, north of the Wal-Mart near Keystone at the Crossing. The old Landings Apartment complex was torn down to make way for the Renaissance Bay community- townhomes and flats. This private waterfront community is minutes away from everything- Broad Ripple, Nora, Castleton, Keystone at the Crossing, a quick route to downtown as well! I had the pleasure of attending the private grand opening for Realtors and was impressed with the unique features of these townhomes. They were made to have a resort style feel- like the Carolinas.

Below is some more information about the townhomes. If you have any other questions or would like a tour of the properties, please feel free to contact me with any questions!

Renaissance BayA Development of Sun Shiel Properties II, LLC Renaissance Bay...waterfront condominium living with Carolina inspired architecture comes to 78th and Keystone Avenue in Indianapolis. This private, gated, condominium community is bounded by the White River with condominium residences wrapped around a 12 acre lake. The community features concrete boulevards, beautifully illuminated community pathways and nature trails that venture into the preservation areas. Located minutes from shopping, dining, commerce and the interstate and with features including a clubhouse, pool with pool house and fitness center. Renaissance Bay will include two distinct floorplan types. Renaissance Bay has two distinct floorplan types; the three-story townhomes and the single floor stacked flats. The six townhome floorplans range in interior square footage from 2,616 to 3,028 sq. ft, and include unique patios and balconies adding square footage up to 1,035 square feet. The two car attached garages and private entrances distinguish the three story townhome floorplans. The stacked flats are open, one-story floorplans located in four distinct building types with elevator service, and reserved parking on the lower level. The nine stacked flats floorplans range in square footage from 1,470 to 3,279 square feet, and include unique decks and balconies adding square footage up to 1,255 square feet. All condominiums include such standard features as granite countertops, hardwood flooring, and much more. Additional upgrade and custom options are also available.

100 Years

2008-06-03T07:05:00.001-04:00

The National Association of Realtors is celebrating their centennial this year. Originally formed in 1908, NAR started not only to bring together Realtors® together but also to uphold a code of ethics to better serve clients who have real estate needs. The main principles behind the code of ethics is: loyalty to clients, fiduciary (legal) duto to clients, cooperation with competitors, truthfulness in statements and advertising, etc. There is a really great timeline of events on the NAR website, which pinpoints major events in real estate throughout these hundred years. There is a big difference between a Realtor® and someone who just has their real estate license. Make sure when buying or selling your home, that you use a Realtor®. If you don't know of one in your area, contact me and I will help you get in touch with a great professional in your area!

You can never go home again, but the truth is you can never leave home, so it's all right. ~Angelou

2008-06-03T07:03:00.000-04:00

Hello! I am a young realtor from Indianapolis. This is going to be the first of hopefully many entries about anything concerning real estate, buying or selling a home, and about living! I have noticed that there really aren't very many websites or blogs to help educate someone about the process of buying or selling a home. I know that most people my age do not even have a clue of where to start! I hope that some people will be able to gain something from reading this. It won't be stuffy all the time- I will try to also post some decorating or fix-it tips! Feel free to let me know if there's a particular topic you would like to hear about.