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Bonnie Fagoh
April 2003
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Real Estate BubbleOdds Falling Even in the face of war, the odds of a national real estate bubble bursting and pushing home prices down is not much more than one in 20. The likelihood of significant home price declines over the next two years, as represented by the PMI Risk Index, recently declined 16 points in a quarter-to-quarter measurement while rising one point in a year-to-year comparison. The index recently released by PMI Mortgage Insurance Co. of Walnut Creek, a subsidiary of The PMI Group, Inc. rose one percentage point from November 2001 to November 2002 and dropped from the second to the third quarter last year 16 points, in both cases to 110.
Mortgage Rates U.S. averages as of March 27, 2003:30 yr. fixed: 5.91%15 yr. fixed: 5.21%1 yr. adj: 3.84%30 yr. jumbo: 6.98%-->
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The index reveals the average probability of home price declines greater than 10 percent for the 274 metropolitan statistical areas (MSAs) tracked by PMI is about 5.94 percent within the next two years. That's about a 1 in 17 chance that a national real estate bubble will go bust.
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Wondering What Your Home Is Worth?Let me show you.
Increase Your Odds of Selling Quickly, Think Paint It can't be overstated - when it comes to buying a house, the first impression is everything. If you're selling or getting ready to sell in the coming months, one of the easiest and most dramatic ways to enhance that first impression is through paint. Fresh paint makes your house look clean, bright, and inviting. "Painting your house's exterior before you put it on the market give the biggest bang for your fix-up buck - if you use colors that conform with your neighborhood's decorating norm," says Eric Tyson and Ray Brown in their book "House Selling for Dummies (Hungry Minds Inc., 1999). Agents agree that sellers shouldn't take curb appeal lightly, especially when so many buyers are doing their homework and looking at the exterior of houses before they even contact an agent. Curb appeal is crucial. Buyers get a lot of information from the web now and I find that often they have already driven around with a list of addresses and have decided which ones they want to see, giving curb appeal a lot of weight. The Rohm and Haas Paint Quality Institute, an educational resource for paint and paint-related coatings, offers
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Remodel? Refinance? Why Not Do Both? Let's see. Do I want to refinance now or wait until I finish with my home improvements? Or do I go ahead and get a construction loan, complete my addition, then refinance both my mortgages when the addition is complete? Do I need the value of my new addition to increase my appraised value? These are questions many in America are asking: improve now or refinance now? Why not do both? Historically, when one wanted to use the equity in their home for home improvements there were two distinct ways. Obtain an equity loan based upon current appraised value or get some building plans and specifications together, along with a contractor's bid and get a construction loan. What are the differences? First, let's look at the similarities. Both are usually second mortgage loans--liens that subordinate to a current first mortgage. The equity loan is based upon the current market value of the home and the construction loan may use the “as finished” value of the home. That's the value of the house after the improvements have been completed. It's common during a major remodel of a home to have the cost of construction to surpass the current value of the property. Without any equity in the home, lenders aren't as inclined to offer their best programs when someone is automatically “upside down” with regards to value. Many times, second mortgages will carry a higher rate than a first mortgage or in the instance of an equity loan or line
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Dispose of HouseholdWastes Safely I was listening to the radio on the way to work the other day when I heard my municipality urging homeowners not to put hazardous wastes out for regular trash collection. It's hard to believe that people still put old motor oil and gallons of leftover oil-based paint in the trash. But they do. Each year, most municipalities schedule times and drop-off points for hazardous wastes. A lot of homeowners consider it a waste of time, since it is easier to "hide" the materials in the garbage. Over the years, I've seen people dump used motor oil into storm drains or down the basement sink. Unfortunately, the oil is not removed in the wastewater-treatment process, and the chemicals in it -- lead, benzene, cadmium and arsenic -- tend to be consumed by fish and humans alike.
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Daily News and Advice -->Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
More Articles
Mortgage Rates Edge Upward In Late March
Prepayment Penalties Stick Like Glue
Applying for a Mortgage? What You'll Need to Get Started
Selling? Show Your House in the Right Light
Bonnie Fagoh E-mail: bonniefagoh@century21beggins.comWeb: WWW.TAMPACOASTALREALESTATE.COM 813-390-7606
Century 21 Beggins Enterprises813-390-7606 6542 U. S. Hwy. 41 N.Apollo Beach, FL 33572
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