Tulsa Real Estate For Sale and Information Updates

Buying with Cash Brings Huge Discount, RealtyTrac Report Shows

All-cash buyers of single family homes and condos nationwide paid 23 percent less per square foot than all homebuyers, but that cash buyers in 9 percent of local housing markets paid a premium price per square foot. These data come from the recently released RealtyTrac® Q1 2016 U.S. Cash & Institutional Investor Housing Market Report.

Nationwide all-cash buyers purchased single family homes and condos for a median $91 a square foot in the first quarter of 2016, a discount of 23 percent below the median $118 per square foot for all home purchases.

“While large institutional investors and other cash buyers continue to shrink as a share of U.S. home sales, these buyers still typically beat out traditional buyers using financing — in some cases even when they submit a lower offer for a home,” says Daren Blomquist, senior vice president at RealtyTrac. “Additionally cash buyers are often willing to take on properties in poor condition that may not readily qualify for standard financing, another reason why cash purchases normally sell at a lower price per square foot.

“Markets where we see the opposite — with cash buyers actually paying a premium price per square foot — could be in danger of overheating,” Blomquist adds. “In most markets, cash buyers act as an anchor for home values, but in these exceptions to the rule, cash buyers are acting as an oversized sail, catching more wind and pushing home price appreciation to a potentially precarious pace.”

Markets with Biggest Cash Buyer Discounts

Among 99 metropolitan statistical areas with at least 1,000 single family home and condo sales in the first quarter of 2016 — and with sufficient home price and loan data collected from public records by RealtyTrac—those where cash buyers realized the biggest discounts were Baltimore (58.2 percent discount); Harrisburg, Pennsylvania (52.0 percent discount); Akron, Ohio (50.2 percent discount); Birmingham, Alabama (49.3 percent discount); and Columbia, South Carolina (48.3 percent discount).

Other markets with cash buyer discounts ranking in the top 10 highest in the first quarter of 2016 included Cleveland, Ohio (47.4 percent discount) and Memphis, Tennessee (43.7 percent discount).

Markets Where Cash Buyers Paid a Premium

All-cash homebuyers in the first quarter paid a premium price per square foot in nine of the 99 metro areas analyzed (9 percent), led by Honolulu (6.6 percent premium); Seattle (5.2 percent premium); San Francisco (4.8 percent premium); Naples, Fla. (3.9 percent premium); and San Diego (2.5 percent premium).

Other markets where cash buyers paid a premium per square foot for homes purchased in the first quarter were San Jose, Calif. (2.2 percent premium); Los Angeles (2.2 percent premium); Cape Coral-Fort Myers, Fla. (1.5 percent premium); and Oxnard-Thousand Oaks-Ventura, Calif. (0.2 percent premium).

While cash buyers still realized a 14.2 percent discount in the greater New York metro areas, buyers in New York County (Manhattan) paid a 5.0 percent premium price per square foot.

The 9 percent of markets where cash buyers paid a premium in the first quarter of 2016 is up from 5 percent of markets where cash buyers paid a premium in the first quarter of 2015.

Institutional Investor Share Down Annually for 11th Consecutive Quarter

Institutional investors — entities that purchase at least 10 single family homes and condos in a calendar year — accounted for 2.6 percent of all single family home and condo sales in the first quarter, down from 4.0 percent in the previous quarter and down from 3.4 percent a year ago. The year-over-year decrease in the first quarter marked the 11th consecutive quarter where the institutional investor share of sales has decreased on a year-over-year basis.

The share of institutional investor home purchases in the first quarter of 2016 decreased from a year ago in 87 of the 110 metro areas (78 percent), including, among the nation’s 20 largest metro areas, San Francisco (down 64 percent); Seattle (down 57 percent); Riverside-San Bernardino, Calif. (down 57 percent); San Diego (down 52 percent); Los Angeles (down 44 percent); Detroit (down 41 percent); and Dallas (down 38 percent).

Markets with Highest Share of Institutional Investors

Among 110 metro areas with at least 1,000 single family and condo sales in the first quarter, those with the top five highest share of institutional investor purchases were Birmingham, Ala. (9.9 percent); Augusta, Ga.(7.4 percent); Memphis, Tenn. (7.0 percent); York-Hanover, Penn. (6.9 percent); and Atlanta (6.7 percent).

Metro areas with the biggest year-over-year increase in share of institutional investor purchases in the first quarter were Birmingham, Ala. (up 582 percent); Knoxville, Tenn. (up 98 percent); Crestview-Fort Walton Beach, Fla. (up 94 percent); Pittsburgh, Penn. (up 85 percent); and Albuquerque, N.M. (up 84 percent).

For more information, visit http://www.realtytrac.com/. 

Reprinted with permission from RISMedia. ©2016. All rights reserved.

 

 

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First" 

Stock Market Volatility Good for Some Housing Markets, Bad for Others

Instead of starting with a bang, 2016 kicked off with a plunge. On the first day of trading, Jan. 4, the American indexes recorded the biggest losses ever for a year-opening session. The Dow Jones Industrial Average dropped 275 points, with the S&P 500 and NASDAQ indexes each shedding 1.5 percent and 2.1 percent, respectively.  
 
From there, the stock market only got worse for average investors. Fueled by even sharper declines overseas and a Federal Reserve (the Fed) policy that could continue to raise interest rates, the first quarter of the year is shaping up to be extremely volatile and sometimes scary to watch. But what does it all mean for real estate?
 
For most of the country, it could actually be good. As stocks become a riskier asset class by comparison, real estate could be seen as a safe haven or, at the very least, a more stable place for homebuyers and investors to put their money.
 
“For the more normal price ranges, more clients are turning to real estate for stability and to guard against inflation,” says Randy Courtney, a broker/owner in Arizona.
 
Courtney began to notice a change in buyer behavior around the time when the Chinese stock market collapsed in mid-2015. That market, which represents the world’s second-largest economy, suffered a crash of epic proportions and lost nearly half of its market cap in about a month. It was a staggering blow for the Chinese, who are relatively new to the stock-picking culture and have been increasingly active in buying American properties. Their loss rippled through the global economy but never impacted the core U.S. indicators, such as employment, inflation and gross domestic product.
 
Still, with the domestic markets softened by China, the Fed’s December announcement to raise the prime interest rate by a quarter of a percentage point seems to have triggered an accelerated volatility that real estate brokers are scrambling to understand so they can best advise their panicked clients.
 
“I think the volatility affects more of the upper-end buyers,” says Courtney, adding that Arizona homes listed for more than $2 million are more vulnerable to this trend. “The world economy seems to be uneasy since about July 2015.  Luxury homes were selling well for the first three quarters in Phoenix, then with China and the stock market gyrating, sales have been very soft.”
 
In the posh Hamptons communities of New York, a luxurious destination for Manhattanites, the volatility has sparked a mix of unease and opportunity.
 
“This is a curious market right now with the stock market looking unsettled,” says Diane Saatchi, a broker who buys and sells all over the Hamptons region. “You’d think the vacation home market is less impacted by the stock market, but it’s actually worse. People aren’t on a schedule when they buy second or third homes.”
 
After years of recovering real estate prices and increasing activity, the recent volatility has softened the market for luxury homebuyers. Saatchi says these buyers are very savvy and can afford to wait for the right conditions before pulling the trigger on a deal.
 
“Buyers think they can rent for another year,” she explains. “It’s a luxury lifestyle—not a tragedy to be second-homeless or third-homeless.”
 
Meanwhile, in New York City, where much of the Hamptons crowd keeps their primary residences, there is a big segment of the real estate pool that is directly impacted by Wall Street. Unlike single-family homebuyers in the Midwest, a regular homebuyer in Manhattan is likely to work in the financial services industry and could be afraid of losing his or her job in a bear market.
 
“I’ve noticed a pull-back in the upper markets,” says New York City broker Klara Madlin.  “A lot of people are very nervous to do anything.”
 
In the upscale neighborhoods of the Upper West Side and Upper East Side, Madlin thinks buyers will wait and see how the stock market looks in the second half of 2016 before deciding to re-enter the real estate market.
 
Manhattan is also very influenced by international buyers, and that demand has slowed down, as well. The recent stock market crash in China has blocked some would-be buyers, and a longer-term economic slowdown in Russia is starting to take its toll on what has been an enormous rush of buying pressure on the Manhattan market. Plus, much of the demand has been offset by billions of dollars worth of new, high-end construction in the city, which has transformed the iconic Manhattan skyline.
 
With such headwinds converging, Madlin says brokers are being extra sensitive to stocks. When housing collapsed nationwide in the late 2000s, it was closely tied to a stock market crash and the implosion of the banking industry. Today’s situation doesn’t seem nearly as dire, but the memories of Lehman Brothers and Bear Stearns are still very fresh in the minds of the Big Apple’s real estate brokers.
 
“I haven’t seen a big effect of people being laid off in the financial sector like we did a few years ago, but people are being more cautious. They are going to see where they are with their portfolio and their jobs,” Madlin reports. “A year ago, it was more bullish. There were bidding wars. Now there are some bidding wars, but it’s more down to earth.”
 
Whether clients are being motivated by fear, caution or opportunity, brokers are feeling a lot of pressure to set expectations, and that can be hard news to break.
 
“I think I make people cry when I set expectations. Sellers need to be told that this might not be another up year due to the stock market correction and economic uncertainty,” says Saatchi. “These kinds of fluctuations make us busy. It makes our lives a little more complicated.”
 
Andrew King is an award-winning journalist with 15 years of experience with the Gannett newspaper company, appearing in The Journal News (Westchester, N.Y.), Asbury Park Press and USA Today. He also contributes to The Real Deal, TheLadders.com and TechPageOne.com. By Andrew King

Reprinted with permission from RISMedia. ©2016. All rights reserved.

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First" 

 

Simple Tips to Unclutter the Garage and Set the Stage for a Successful Sale

When selling a home, staging is an important piece of the puzzle that can’t be overlooked. From the kitchen to the bedrooms and bathrooms, staging is a great way to make sure your home appeals to the masses. While staging spaces within your home is crucial, many sellers often neglect one important area: the garage. 
 
While the garage is used for many different things, storage is one of its biggest benefits. As buyers consistently point to storage, space and usefulness as the main criteria used to rate any garage, it’s still the most overlooked area when homeowners begin getting their property ready for sale.
 
In fact, many sellers use the garage as a dumping ground for items no longer needed within the home as it’s being prepared for the market, which could be a big mistake when it comes to getting your home sold. A cluttered or unorganized garage can ultimately send the wrong message to a potential buyer, making it impossible to visualize all that the space can offer.
 
If you absolutely have to use some of the space for storage purposes, be sure to keep everything neat and organized, as this can subconsciously imply that you take better than average care of your home. It may also lend a feeling of newness to the property. 
 
Getting your garage in tip-top shape begins with removing all the junk that has collected over the years and organizing everything on clean shelves. Vacuum up any dirt and do away with any spider webs and bugs. It’s also important to make sure there is plenty of light. If there are windows in the garage, be sure to clean them.
 
Bigger fixes include adding industrial flooring, painting the walls and ceiling and replacing any coils or parts of the garage door that are rusty and not working properly. If you have an automatic garage opener, make sure the batteries are fresh and everything is working properly.
 
Keeping your garage presentable can be the difference between getting a terrific offer or seeing yet another buyer move on to another home. Taking the time to clean, paint and organize will do wonders for making the space more appealing to potential buyers.
 
For more staging tips, contact our office today. By Keith Loria

Reprinted with permission from RISMedia. ©2016

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First" 

America's Seniors Hold More Home Equity than Pre-Recession Peak

An estimated $140.2 billion increase in the aggregate value of homes owned by seniors drove their share of home equity to $5.83 trillion and fueled the NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) to an all-time high in Q4 2015 of 203.20 from 198.53 in Q3. This information comes from data released by The National Reverse Mortgage Lenders Association, reporting that on a year-over-year basis, the index increased 8.1 percent in 2015, compared to an increase of 7.8 percent in 2014 and 17.5 percent in 2013.

"Significant gains in senior home equity are adding stability to the traditionally three-legged retirement funding stool of savings, social security, and pensions," says NRMLA President and CEO Peter Bell. "For retirees leaving the workplace with a defined benefit plan, home equity is a fourth leg of the stool, available to tap when needed. For the millions of seniors without a pension, home equity is a valuable resource and can be an integral part of their retirement funding strategy."

The Q4 senior equity value also represents a 16 percent increase from the pre-recession peak, when senior equity levels hit an estimated $5.04 trillion in Q4 2006. The RMMI in Q3 2015 was revised from 200.19 to 198.53 primarily due to the updated total housing value from Federal Reserve's Z.1 release of historical data on March 10, 2016.

For more information, visit http://www.reversemortgage.org/.

Reprinted with permission from RISMedia. ©2016. All rights reserved.

 

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First" 

Are Outdoor Kitchens on the Outs?

By John Egan

Homeowners continue to cook up outdoor kitchens that in some cases rival their indoor counterparts. Yet some experts insist the popularity of outdoor kitchens has boiled over.

Belgard, a maker of outdoor living products, says souped-up outdoor kitchens include professional-grade appliances (particularly refrigerators and dishwashers), numerous cooking surfaces, bar-style seating and brick ovens, while Trex Co., another maker of outdoor living products, adds cooking islands and built-in sinks to the mix.
 
“The whole concept of outdoor cooking has grown far beyond a backyard barbecue,” design expert Paul Lafrance, one of the stars of HGTV’s ‘Decked Out,” says in a Trex news release. “Homeowners are hungry for fully appointed kitchens with features like integrated trash bins, ice chests and cabinetry that add convenience and luxury.”
 
In a 2015 survey by the Hearth Patio & Barbecue Association, 35 percent of people who have outdoor kitchens said they planned to undertake upgrades within the next three years. Outdoor furniture purchases, deck/patio improvements and garden/landscaping improvements topped the list of planned upgrades.
 
“Outdoor kitchens make life easier for those who enjoy grilling their meals and entertaining outdoors, making your deck or patio an extension of your family’s living space. It also can enhance your home’s resale value,” the National Association of Home Builders says.

As you’d expect, the National Outdoor Kitchen & Fireplace Association is bullish about outdoor kitchens.
 
“The outdoor kitchen has become one of the most popular home improvements for consumers across America,” the association says, “and just about every consumer we speak to is either planning on having an outdoor kitchen built or it’s at the top of their wish list for a future backyard project.”
 
A 2013 survey for Casual Living and HGTV showed that 4 percent of U.S. consumers had outdoor kitchens, but it’s likely that number has grown in the meantime. The 2013 research found that outdoor kitchens most often are owned by wealthier, older Americans.

Ian Phi, publisher of the Patio Resource website, says the popularity of outdoor kitchens peaked a few years ago and now is waning. As a matter of fact, a December 2015 survey by the National Home Builders Association indicates that builders expect outdoor kitchens to be one of the least likely features incorporated into new single-family homes in 2016.
 
Phi says some homeowners have discovered that they don’t use their outdoor kitchens all that much, and that these kitchens are yet another area they must clean and maintain. If outdoor kitchens aren’t maintained well, he says, birds, insects and other pests might come calling.
 
“Most homeowners want to have some planned outdoor space,” Phi says. “It could be something simple, perhaps just a small area to put an outdoor table and a grill. Other people want to go all out and have a fire pit area, lots of custom-built seating, extensive landscaping and maybe even an outdoor kitchen.”
 
John Egan is editor in chief at LawnStarter, an Austin, Texas-based company that helps people find, schedule, pay for and manage lawn care services.

This post was originally published on RISMedia's blog, Housecall. Check the blog daily for top real estate tips and trends.

Reprinted with permission from RISMedia. ©2016. All rights reserved.

 

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First" 

Make a Note: 8 Home Maintenance Chores to Stay on Top Of

By John Voket

Regularly scheduled maintenance checks can help prevent equipment breakdowns while keeping all of your mechanical, plumbing, HVAC and other critical home systems running smoothly and efficiently.

Homeowners should schedule the following checks once every six months, according to Homestructions.com:

Check Washer and Dryer – Check hoses for leaks, replace the hoses if needed and clean the lint from the ducts of your dryer.

Clean A/C Coils – Dirt and dust will settle on the condenser coils of your A/C, and this prevents your unit from cooling down the air. Be sure to clean the dust that is sitting on the coils and grills of your unit to extend the life of your A/C.

Seal Tile Grout – The only way to prevent the moisture from accumulating under tile is to seal the grout. Prevent mold and mildew growth by sealing once every six months and you can prevent moisture from sitting in areas that will not dry out.

Homestructions.com also recommends adding the following chores to your maintenance calendar each month:

Change A/C and Heater Air Filters – If you have a forced air system, by changing the filter, you can improve the air quality in your home and also reduce the stress you put on your A/C and heating system.

Check Water Softener Salt Levels – If the amount in the salt drum is low, add salt to prevent hard water.

Clear Dishwasher Clogs – If you use your dishwasher on a regular basis, make time to clean out the drain bin on a monthly basis. All of those food particles that are caked onto your dishes will wash down into the drain bin and clog the drain if it is not cleaned.

Maintain the Garbage Disposal – If you do not flush the disposal with hot water and baking soda, the grime will accumulate and lead to a serious problem.

And lastly, be sure your fire extinguisher is charged—this is more of a safety reminder than a maintenance issue.

Reprinted with permission from RISMedia. ©2016. All rights reserved.

 

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First" 

Winning: Mortgage Rates Look Good for Spring Buying Season

Mortgage rates moved higher for the second week in a row, while also only posting the second increase this year. This makes mortgage rates very attractive for the upcoming spring home buying season, according to results from the Freddie Mac Primary Mortgage Market Survey® (PMMS®).

"The 10-year Treasury yield ended the survey week exactly where it started, however the solid February employment report boosted the yield noticeably on Friday and Monday,” says Sean Becketti, chief economist, Freddie Mac. “Our mortgage rate survey captured the impact of this temporary increase in yield, and the 30-year mortgage rate rose 4 basis points to 3.68 percent. This marks the second increase this year. Nonetheless, the mortgage rate remains 33 basis points lower than its end-of-2015 level."

According to the survey, the 30-year fixed-rate mortgage (FRM) averaged 3.68 percent with an average 0.5 point for the week ending March 10, 2016, up from last week when it averaged 3.64 percent. A year ago at this time, the 30-year FRM averaged 3.86 percent.

The 15-year FRM this week averaged 2.96 percent with an average 0.5 point, up from last week when it averaged 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.10 percent.

Results show that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.92 percent this week with an average 0.4 point, up from last week when it averaged 2.84 percent. A year ago, the 5-year ARM averaged 3.01 percent.

For more information, visit http://www.freddiemac.com/. 

Reprinted with permission from RISMedia. ©2016. All rights reserved.

 

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First"

The Top 6 Landscape Design Trends for 2016

Lux lighting and edible arrangements are on the rise this year, according to the National Association of Landscape Professionals' list of the top landscape design trends for 2016, a gathering of data based on current consumer demands and lifestyle trends, as well as broader horticultural, architectural and design factors.
 
“The latest trends reflect the desire to bring the indoors out — to create comfortable landscapes that are both functional and beautiful,” says Missy Henriksen, vice president of public affairs, NALP. “At the same time, we’re seeing a shift toward sustainable landscapes that reflect a renewed sense of mindfulness for the Earth and its ecosystems.”

Specifically, NALP anticipates increased consumer interest in and adoption of the following six trends:

• Fully customized outdoor living spaces. As more and more homeowners entertain outdoors and make the most of time spent outside, landscapes have become extensions of interior spaces, complete with furniture and appliances. Beyond basic decks and patios, more landscapes this year will be transformed into full-service kitchens with brick ovens and grills, comfortable living and dining rooms featuring fireplaces and firepits, and romantic canopy bedrooms. Themed spaces, such as yoga gardens or bocce fields, further personalize outdoor retreats to fit homeowners’ interests. 
• Lighted and high-tech landscapes. A natural extension of the outdoor living trend is equipping these landscapes with creative and functional lighting and technological enhancements. Dramatic and boldly colored lights, twinkling accent lighting in walkways, backyard Wi-Fi and TV installations are just some of the ways gardens are getting tech-savvy in 2016.
• Eco-friendly and native gardens. “Naturescaping” — selecting and growing native plants to attract birds, insects and wildlife — is one method landscapers will continue to employ in 2016 to appeal to an increased interest in developing environmentally conscious landscapes. Busy homeowners seek simply beautiful landscapes that are easy to maintain, and naturescaping encourages the use of low-maintenance perennial native plants and innately manages water runoff. The installation of solar-powered lighting or energy-efficient LED lights is another way landscapes will go green this year.
• Edible landscapes. The demand for low-maintenance options has made container gardens, which often do not require extensive care, grow in popularity. When combined with a preference for the natural and organic, a new trend emerges: edible landscapes. Fresh herbs, fruits and vegetables add texture and color variety to landscapes, while providing a fresh supply of delicious ingredients. Not limited to individual home gardens, edible landscapes will be planned and planted by landscape developers in neighborhoods and community residences in 2016.
• Freshwater features. The techniques used to manage storm water will not be hidden in 2016. Rain barrels, rain gardens and stone retaining walls add stunning dimension to lush landscapes, while serving an important purpose of collecting, cleaning or stopping water. In fact, water and other non-plant features, including sculptures or pottery, are becoming focal points in landscapes.
• Soothing hues. For the first time, Pantone, the authority on color and provider of color systems and technology for color communication, has announced the blending of two colors — Rose Quartz and Serenity — as its Pantone Color of the Year for 2016. Expect these soft, nature-inspired pink and blue hues to bloom in gardens this year as heritage rose bushes, Catherine Woodbury daylilies, Angelique tulips, blue lace delphinium, French hydrangea and others.

For more information, visit LoveYourLandscape.com.

Reprinted with permission from RISMedia. ©2016. All rights reserved.

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First" 

Mortgage Moves: Rates Drop, Refi Applications Surge

Mortgage applications increased 9.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending February 5, 2016. 

The Market Composite Index, a measure of mortgage loan application volume, increased 9.3 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 12 percent compared with the previous week.  The Refinance Index increased 16 percent from the previous week.  The seasonally adjusted Purchase Index increased 0.2 percent from one week earlier. The unadjusted Purchase Index increased 7 percent compared with the previous week and was 25 percent higher than the same week one year ago.

The refinance share of mortgage activity increased to 61.2 percent of total applications from 59.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.4 percent of total applications.

The FHA share of total applications decreased to 12.3 percent from 12.9 percent the week prior. The VA share of total applications remained unchanged from 11.1 percent the week prior. The USDA share of total applications decreased to 0.6 percent from 0.7 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to its lowest level since April 2015, 3.91 percent, from 3.97 percent, with points unchanged at  0.41 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to its lowest level since April 2013, 3.76 percent, from 3.84 percent, with points increasing to 0.30 from 0.26 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to its lowest level since May 2015, 3.72 percent, from 3.80 percent, with points decreasing to 0.33 from 0.35 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to its lowest level since April 2015, 3.18 percent, from 3.22 percent, with points increasing to 0.38 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to its lowest level since October 2015, 2.96 percent, from 3.00 percent, with points decreasing to 0.30 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

For more information, visit www.mba.org/WeeklyApps.

Reprinted with permission from RISMedia. ©2016. All rights reserved.

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First"

Rent Prediction: Prices Flatten in 2016

Rent appreciation will level off over the next 12 months, slowing to an annual rate of 1.1 percent by December 2016, according to the new Zillow® Rent Forecast. The national Zillow Rent Index at the end of 2016 is projected to be $1,39 -- compared to $1,381 in December 2015.

Zillow is forecasting a decrease in the rate of rental appreciation amid a rental affordability crisis that has renters in some markets spending almost half of their income on rent.  Some of the fastest growing metros had double-digit annual rental appreciation at the end of 2015.

Zillow expects rental appreciation to slow down most significantly in Nashville, Tenn., San Francisco, Portland, Ore. and Denver. Rents in San Francisco saw 12.5 percent appreciation in 2015. Zillow forecasts rent in San Francisco will grow half as fast in 2016 -- 5.9 percent.

Even with the slowdown, rents will remain unaffordable in many of the major markets across the U.S., especially on the West Coast. Renters in San Francisco and Los Angeles can expect to spend 40 percent of their income on a rental payment.

"Hot markets are still going to be hot in 2016, but rents won't rise as quickly as they have been," says Zillow Chief Economist Dr. Svenja Gudell. "The slowdown in rental appreciation will provide some relief for renters who've been seeing their rents rise dramatically every single year for the past few years. However, the situation remains tough on the ground: rents are still rising and renters are struggling to keep up."

The slowdown in rental appreciation indicates that supply of new multi-family homes is catching up to demand. Substantial new housing supply is becoming available in Atlanta, Denver, Portland, Seattle, and other markets.
The Zillow Home Value Index rose 4 percent year-over-year in December 2015, to $183,500, according to the Zillow®December Real Estate Market Reports.

For more information, visit www.zillow.com/research/data.

Reprinted with permission from RISMedia. ©2016. All rights reserved.

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First"

Mortgage Applications Shoot Up 21 Percent

Mortgage applications increased 21.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending January 8, 2016.  The previous week's results included an adjustment for the New Year's holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 21.3 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 76 percent compared with the previous week.  The Refinance Index increased 24 percent from the previous week.  The seasonally adjusted Purchase Index increased 18 percent from one week earlier. The unadjusted Purchase Index increased 74 percent compared with the previous week and was 19 percent higher than the same week one year ago.

"MBA's purchase mortgage application index reached its second highest level since May 2010 on a seasonally adjusted basis last week, second only to the week prior to the implementation of the Know Before You Owe rules," says Lynn Fisher, MBA's Vice President of Research and Economics.

"Bolstered by strong fourth quarter growth in jobs and continuing low rates, the results are similar to levels we saw in early December, suggesting that the purchase market's strong finish to 2015 may be continuing.  While refinances also increased on a holiday-adjusted basis, refinance activity was down 38 percent relative to a year ago when rates dove below 4 percent," Fisher continues.

The refinance share of mortgage activity increased to 55.8 percent of total applications from 55.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.1 percent of total applications.

The FHA share of total applications decreased to 14.4 percent from 14.6 percent the week prior. The VA share of total applications decreased to 12.2 percent from 12.9 percent the week prior. The USDA share of total applications increased to 0.8 percent from 0.6 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.12 percent from 4.20 percent, with points decreasing to 0.38 from  0.42 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.  The effective rate decreased from the last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.02 percent from 4.09 percent, with points decreasing to 0.30 from 0.35 (including the origination fee) for 80 percent LTV loans.  The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.90 percent from 3.95 percent, with points decreasing to 0.34 from 0.41 (including the origination fee) for 80 percent LTV loans.  The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.42 percent from 3.47 percent, with points increasing to 0.39 from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 3.14 percent from 3.19 percent, with points increasing to 0.42 from 0.32 (including the origination fee) for 80 percent LTV loans.  The effective rate decreased from last week.

For more information, visit http://www.mba.org/.

Reprinted with permission from RISMedia. ©2016. All rights reserved.

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First"

 

Get the Best ROI with Your Next Home Improvement Project

Home is where the heart is, but sometimes it’s also where a homeowner’s savings plan comes into account. Homeowners may have a long wish list of home renovations and projects, and sometimes the work is never done. While return on investment (ROI) may not be the biggest consideration in a homeowner’s mind when deciding which projects make it to the top of the list, knowing which projects see the highest returns may be helpful in the decision-making process.


 
Happiness in the home can be a part of the ROI, but other cost vs. value factors vary by region and even by room. ROI, as defined in Remodeling’s 2015 Cost vs. Value report, can be broken down as the percentage of the estimated average cost of a renovation project that is projected to be recouped in resale value, as aggregated from real estate and appraisal estimates.
 
According to Huffington Post, the most common remodeling job request projects in the United States are in the bathroom. A mid-range bathroom addition costs approximately $39,578, as complied in Remodeling’s Cost vs. Value report. The ROI was estimated at 57.8 percent. For those needing a bathroom remodel, the cost averaged $16,724 with an ROI of 70 percent. Upscale additions and remodels naturally went up in cost, but the ROI didn’t quite hit the level of a mid-range upgrade, with 58 percent and 59.8 percent, respectively. Bathroom remodeling projects that were big in 2015, according to Forbes, included custom vanities, feature floor tiles, bigger showers and plant life.

Kitchen remodel job requests accounted for 69 percent, the second most common in the U.S. A major mid-range remodel averaged at about $56,768 with an ROI of 67.8 percent, while minor remodels saw an ROI of 79.3 percent and a cost of about $19,226. A major upscale remodel could cost upward of $113,097, with an ROI at 59 percent. According to My Home Ideas, trends in 2015 included built-in coffee centers, dual-fuel ranges, Italian cooking gadgets, designer dishwashers and wine refrigeration.

Not all projects, of course, are room-centered. Window/door replacement accounted for 44 percent of home remodeling job requests in 2015. This included window replacement, entry door replacement and steel, with ROIs of 72.9 percent, 78.8 percent and 72 percent, respectively. Finished basements also were high on the list, with 27 percent of remodeling job requests. Coming in with an average cost of $65,442 in 2015, the ROI on these projects was 72.8 percent.

Contributed by Northshore Fireplace

This post was originally published on RISMedia's blog, Housecall. Check the blog daily for winning real estate tips and trends.

Reprinted with permission from RISMedia. ©2016. All rights reserved.

 

 

 Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First"

 

U.S. Home Values Gained $1.1 Trillion in 2015

The value of all homes nationwide grew $1.1 trillion in 2015, and is expected to end the year at $28.5 trillion total. The value of the entire housing stock grew 4.1 percent over the past year, slower than the 6 percent growth in 2014.

The total value of all homes has regained $5.3 trillion since hitting its lowest point during the housing bust in December 2011, but is still $782 billion below the bubble peak value of $29.2 trillion, reached in October 2006.

The dollar amount itself underscores the significance of housing to the U.S. economy. In the third quarter of 2015, the U.S. gross domestic product was $18.1 trillion, $10 trillion less than the total value of the housing stock.
 
"This reminds us of the large role housing plays in the overall economy," says Zillow® Chief Economist Dr. Svenja Gudell. "Total home value growth slowed this year, but there was still a significant increase in overall value, and many markets are more valuable than they've ever been. At the same time, more renter households and rising rents combined to set new records in rental spending in 2015. Americans are spending a lot of money on housing, and that will make affordability an important issue next year."

Housing value isn't distributed equally across the country. California is home to about 12 percent of the U.S. population, but the state accounts for nearly a quarter of the country's total home value, driven by highly valued markets like Los Angeles and San Francisco.

Total Rent Paid
Americans shelled out nearly $20 billion more in rent in 2015 than in 2014 as people around the country set up 1.8 million new renter households and median monthly rents rose at a record pace.  In all, renters spent $535 billion on rent in 2015 – nearly as much as the total budget of the Department of Defense ($575 billion), according to a new Zillow rentals analysis.  In 2014, they spent $516 billion.
 
Renters of single-family homes and apartments spent about the same amount on rent this year, with apartment renters paying $239 billion and single-family home renters paying $245 billion.

Renters in the New York/Northern New Jersey metro area spent the most on rent in 2015 – about $56 billion. Los Angeles-area renters spent nearly $35 billion, and San-Francisco renters spent $17 billion. About two-thirds of the total rent paid in 2015 was spent in the 50 largest metros.

November Real Estate Market Report
Home values rose 3.9 percent annually in November to a Zillow Home Value Index of $183,000, according to Zillow's November Real Estate Market Reports. Denver home values grew fastest for the tenth consecutive month at 15.5 percent annual appreciation. Miami joined Dallas, San Francisco, San Jose, and Portland as other metros seeing double-digit growth.

Rents also continued their steady climb, growing 3.8 percent annually to a Zillow Rent Index of $1,382. The pace of rental appreciation has slowed over the past four months. Only San Francisco and Portland saw rents grow at a double-digit pace, as Denver and San Jose slipped back into single-digit growth.

For more information, visit http://www.zillow.com/.

Reprinted with permission from RISMedia. ©2016. All rights reserved.

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First"

 

Wildlfire Danger Update: Is Your Home One of 46 Million at Risk?

By John Voket

Last year, I began following the issue of wildfire threats and the potential risks more property owners may be taking as they move into areas designated as Wildland-Urban Interface (WUI).

The issue was a recent subject of a notice straight from the White House, confirming that the increase in wildfires is particularly dangerous in WUI zones, where houses, structures and people are at risk of loss, injury and death.

So, how many homes are we talking about here? Short answer: the WUI now contains 46 million single family homes, several hundred thousands of businesses, and a population of more than 120 million.

Since 1990, 60 percent of new homes built in the United States have been built in the WUI, increasing the amount of land at risk in the by 4,000 acres per day, nearly 2 million acres per year, according to the report. Many of those homes and businesses located in the WUI are at greater risk from wildfire because of the impacts of climate change, threatening both structures and lives.

As fire risks in these areas increase, the report says government agencies continue to partner with fire professionals and local leaders to increase understanding of "how wildfires interact with communities in terms of structures, terrain, and weather."

Taking aim at this increasing wildfire risk, including properties in the WUI, the President’s FY 2016 Budget proposal would provide the necessary resources for the U.S. Forest Service as well as the Department of the Interior to address wildfire suppression and rehabilitation needs without resorting to detrimental transfers from other critical forest landscape resilience priorities, the report says.

As more and more agency resources are spent each year to provide the firefighters, aircraft, and other assets necessary to protect lives, property, and natural resources from catastrophic wildfires, the report says fewer funds and resources are available for other agency work - including the very programs and restoration projects that reduce fire threats on public and private land.

So whether it's a change in the way property is insured, built, located or taxed - the increasing threat of WUI wildfires is going to have some direct impact on nearly 50 million homeowners in the coming years. As a result, I will continue to bring you regular reporting and updates on this important issue.

Reprinted with permission from RISMedia. ©2015. All rights reserved.

 

 Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First"

 

6 Easy Ways to Rejuvenate Your Kitchen By David Glenn

 

From installing new cabinet doors to renovating old furnishings, there are many ways to modernize and brighten your kitchen without committing to a complete renovation. Painting, changing cabinet doors and drawer pulls, or adding a kitchen island are all options that you can use to modernize your kitchen. By choosing colors, patterns and styles that you really love, you can transform your kitchen into the most-loved room in the home.

New Look for Old Cabinets
Cabinetry can be updated rather than replaced when you are looking for an easy way to modernize your kitchen. Install glass pantry doors http://www.sanssoucie.com/etched-glass/piece-types/pantry-doors with recessed lighting to turn a stack of antique dishes into a display, or refinish the countertops with a bright new color to change the look of the cabinets. Add new drawer pulls after installing new cabinet doors to tie the theme of the room together.
 
Paint
Painting is an easy and affordable way to modernize your kitchen. Opt for bright colors, like yellow, to create an open, friendly atmosphere, or choose deeper colors, such as red, to make the space cozy and inviting. Bright white is a classic option that lasts for several years, even when you change the decor in your home often. Don't be afraid to experiment with color. Deep aqua, for instance, may not be a traditional color for the kitchen, but works just as well as yellow or white when paired with matching decor. Freshen the trim in a complimentary color to finish the project.
 
Flooring Options
Changing the look of your kitchen floor is easy when you opt for click-together flooring or marmoleum tiles. Marmoleum is similar to linoleum in appearance, and is sold in bundles of tiles. Mix and match marmoleum tiles in different colors or patterns, or opt for a more traditional look by installing a neutral colored floor.
 
To install the marmoleum, just apply the recommended adhesive to the tiles, and glue the tiles down in the desired pattern. Another option is to use click-together flooring. Click-together vinyl flooring is easy to clean and care for, and is installed on top of the existing floor.
 
Change the Theme
Trends in home decor change frequently. One of the easiest ways to change the appearance of your kitchen is to toss old items in favor of sleek, modern choices. Stainless steel canisters, bamboo dish drainers and light muslin dish towels are just a few options that are popular today. Opt for a theme that you really love to ensure your new kitchen decor stands the test of time.
 
Add a Backsplash
If you have a neutral room and want to add some personality, add a colorful backsplash. To make a tile mosaic behind the kitchen sink or oven, pick up tiles in the desired color and size, and apply them using grout. You can be as creative as you'd like, but using tiles that are all the same size simplifies the project. If you want to create a pattern, lay the tiles out in the desired pattern before setting them in place to prevent mistakes.
 
Install an Island
If you are pressed for counter space, an island is an addition that you will appreciate day after day. Choose an island that features ample storage space to streamline meal prep, and opt for a design that suits the overall layout of the kitchen. Even those with small kitchens can use a portable island to simplify meal prep and add a touch of style to the kitchen.
 
To make your own budget-friendly kitchen island, renovate a console table by painting it and adding wheels. Sand the table lightly before painting to ensure the paint adheres to the table. To complete the project, add a decorative drawer pull to hold kitchen towels, and add matching hooks for your most-used kitchen tools.

This original post was published on RISmedia’s blog, Housecall. Check the blog daily for winning real estate news and trends.

Reprinted with permission from RISMedia. ©2015. All rights reserved.

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First"