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Think you missed the boat on refinancing? You might want to take another look. Interest rates have been falling and if your current rate is above 4%, it might make sense to refinance now. Please give me call or email me.
2013-14 Cost vs. Value: Remodeling Pays Off Big Time Home improvement projects across the board are giving home owners a greater return on their investment when it comes time to sell. Find out which projects “open the door” to buyers and where remodeling dollars stretch the furthest. January 2014 | By Erica Christoffer As existing-home sales and home prices make remarkable strides upward nationwide, remodeling projects are also continuing to make a comeback in a big way. This is the second year in a row that all 35 projects in Remodelingmagazine’s Cost vs. Value Report saw more home improvement dollars recouped upon resale of a home than the previous year. Existing-home sales reached 5.02 million in 2013, a 9.1 percent increase from 2012, according to the National Association of REALTORS®. Home prices also rose in 2013: Existing homes commanded a median price of $197,100, up 11.5 percent from the 2012 median price of $176,800. This is the largest price gain since 2005. Also for 2013, the cost-value ratio of remodeling projects nationwide averaged 66.1 percent, up 5.5 points over the previous year — which is, like median price, the largest increase since 2005. Remodels That Payoff The fan favorite in the 16th annual Cost vs. Value Report, which was released this month, was again the steel door entryway. Topping the list last year as well, this project is ideal for clients considering a quick update to the curb appeal of a home. The survey shows that a new steel door, with an average cost of $1,162, will recoup 96.6 percent of the remodeling cost at resale. Making the biggest gain in percentage of recouped costs was the addition of a backup power generator. This project, averaging $11,742, jumped 28 percent in estimated resale value, recouping 67.5 percent of its cost in 2013. Usually at the bottom of the list, this project now ranks 25th out of the 35 projects. The increase is attributed in the report to 2013’s “unpredictable weather and multiple large storms.” Top Projects If your clients are considering a home improvement project to boost the quality and appeal of their home, pass on this list of top 10 midrange and upscale projects from the 2013-14 Cost vs. Value Report: Top 10 Midrange Projects 1. Entry Door Replacement (steel) Job Cost: $1,162 Resale Value: $1,122 Cost Recouped: 96.6% 2. Deck Addition (wood) Job Cost: $9,539 Resale Value: $8,334 Cost Recouped: 87.4% 3. Attic Bedroom Job Cost: $49,438 Resale Value: $41,656 Cost Recouped: 84.3% 4. Garage Door Replacement Job Cost: $1,534 Resale Value: $1,283 Cost Recouped: 83.7% 5. Minor Kitchen Remodel Job Cost: $18,856 Resale Value: $15,585 Cost Recouped: 82.7% 6. Window Replacement (wood) Job Cost: $10,926 Resale Value: $8,662 Cost Recouped: 79.3% 7. Window Replacement (vinyl) Job Cost: $9,978 Resale Value: $7,857 Cost Recouped: 78.7% 8. Siding Replacement (vinyl) Job Cost: $11,475 Resale Value: $8,975 Cost Recouped: 78.2% 9. Basement Remodel Job Cost: $62,834 Resale Value: $48,777 Cost Recouped: 77.6% 10. Deck Addition (composite) Job Cost: $15,437 Resale Value: $11,476 Cost Recouped: 74.3% Top 10 Upscale Projects 1. Siding Replacement (fiber-cement) Job Cost: $13,378 Resale Value: $11,645 Cost Recouped: 87.0% 2. Garage Door Replacement Job Cost: $2,791 Resale Value: $2,315 Cost Recouped: 82.9% 3. Siding Replacement (foam-backed vinyl) Job Cost: $14,236 Resale Value: $11,124 Cost Recouped: 78.1% 4. Window Replacement (vinyl) Job Cost: $13,385 Resale Value: $10,252 Cost Recouped: 76.6% 5. Window Replacement (wood) Job Cost: $16,798 Resale Value: $12,438 Cost Recouped: 74.0% 6. Grand Entrance (fiberglass) Job Cost: $7,305 Resale Value: $5,163 Cost Recouped: 70.7% 7. Deck Addition (composite) Job Cost: $35,158 Resale Value: $22,881 Cost Recouped: 65.1% 8. (tie) Bathroom Remodel Job Cost: $51,374 Resale Value: $32,660 Cost Recouped: 63.6% (tie) Major Kitchen Remodel Job Cost: $109,935 Resale Value: $69,973 Cost Recouped: 63.6% 9. Roofing Replacement Job Cost: $34,495 Resale Value: $21,731 Cost Recouped: 63.0% 10. Bathroom Addition Job Cost: $72,538 Resale Value: $43,936 Cost Recouped: 60.6% The data used in the Cost vs. Value Report was collected with the help of REALTOR® Magazine in an online survey between August and October 2013. More than 4,500 NAR members participated from 101 U.S. cities, up from 81 cities included in last year’s survey.
This is from one of our vendors - The truth about multiple inquiries The fact of the matter is every time, and I repeat EVERY time you pull a credit report for the sake of securing a type of financing, your score will drop between an average of 2 and 5 points. In a mortgage industry, you will not see the drop in your Fico Score right away because of the fact that mortgage formulas that calculate your FICO score, have a “duplication” window on multiple inquiries. How long all depends on which algorithm you are reffering. The smallest window is 14 days the longest is 45 days. Example on a thirty window algorithm: If you pull your credit report with 5 lending companies in the span of 30 days, you will only be negatively affected by that first inquiry for that 30 days of 2-5 points. However, when day 31 rolls around, ALL 5 inquiries are now affecting your credit score! A penalty of 2-5 points for the first 30 days can turn into a 10-25 point penalty for those inquires in that month. Before you shop around, think of the long term consequences that could affect your score as once an inquiry posts on your credit report, it will stay on affecting your Fico score for 12 months and then will not be used in the calculations thereafter. Please remember that there are many different mathematical algorithms with pulling your credit report in many different industries and the above example is a common formula used in the mortgage industry.
5 Reasons to Hire a Real Estate Professional ________________________________________ 5 Reasons to Hire a Real Estate Professional Posted: 03 Feb 2014 04:00 AM PST We are often asked if it makes sense to hire a real estate professional when buying or selling a home. We always emphatically answer – YES! Here are five reasons why: PAPERWORK An agent will help with all disclosures and paperwork necessary in today’s heavily regulated environment. This helps remove much of the liability a buyer or seller could face. EXPERIENCE Navigating today’s real estate and mortgage processes can be like walking through a minefield of challenges. Real estate professionals are well educated in and experienced with the entire sales process. NEGOTIATIONS Negotiating such a large financial transaction can get tricky. Agents act as a ‘buffer’ in negotiations with all parties throughout the entire transaction. PRICING Real estate professionals help buyers and sellers understand the true real estate value of a property in today’s market. This is crucial when setting the price on a listing or on an offer to purchase. UNDERSTANDING OF CURRENT MARKET CONDITIONS There is a plethora of housing information available today. The challenge is that some information appears to be in direct conflict with other pieces of information. A true real estate professional can simply and effectively explain today’s real estate headlines and decipher what they mean to you. ________________________________________________________________________________ At KCM, we offer a monthly information service for agents that helps them keep up with current market conditions. When looking for a real estate professional, ask them if they’re a KCM Member and if they’re prepared to educate you on what’s truly happening in real estate today.