Should You Remodel or Trade Up?

Real estate agents often hear from clients who are interested in home buying because they “need more space” or they want more “modern” kitchens. There may be other reasons their current homes don’t fully meet their needs: a new job, a new relationship, a new baby and so on.

But buying a new home is never the only solution. In fact, in some cases it may be better to remodel or renovate the home you have. Here are some things to consider when deciding whether to remodel, renovate or buy:

Buying means selling, too

Often, the desire for more space leads the homeowner into a simultaneous buy/sell situation. Given that lending standards are still tighter than they were a decade ago, it’s nearly impossible for most people to buy a home before first selling their current home. That means being in limbo — potentially homeless — until they find a new home. This brings up a great deal of uncertainty.

Buying and selling at the same time is stressful. For starters, in many parts of the country, the inventory of available homes is limited. Yes, you can sell your home, but with inventories so tight, where will you go? Few people want to take that gamble. This is keeping many people, and potential inventory, on the sidelines today.

Buying and selling also comes with a lot of costs. The seller pays the real estate agent’s commission, for instance, along with closing costs on the buy side, plus moving expenses and more. Though it might not be music to a real estate agent’s ears, your money may be better spent on a remodel or renovation.

Credit is easier to obtain

With property values up, homeowners in some parts of the country are realizing an increase in equity of 10 percent to 20 percent over just a year ago. If you suspect that your home equity has increased, call your local bank or mortgage professional or do some research online. You might be surprised to learn that a bank will lend you money — more than you might imagine — against the equity in your home. Also, a home equity line of credit (HELOC) is considered a mortgage, therefore, the interest part of the loan is tax deductible.

Turn to pros for help

You likely have lots of ideas about what you want to do to your home but are unsure about where to begin or how realistic the changes are. And it’s likely you have no idea how much proposed changes will cost. Don’t assume anything. Go and get the information. If you don’t know a good, local contractor or how to get the information you need, ask for referrals from friends and family. Go online and ask your social media circles for recommendations; explore contractor reviews online.

You don’t have to think big

Making your home a better place to live does not necessarily mean doubling its size or adding an extra bedroom. Sometimes, small changes can make a big difference: a change in the color of the kitchen cabinets, painting the home or changing the flooring. These relatively minor cosmetic fixes can add a lot of value to your home as well as to your life. Don’t assume you need to go crazy to make a real impact.

Prepare yourself for stress, change

Buying and selling a home at the same time is a big deal. But managing a home renovation can also be stressful. Think hard about your options, do the math and consider making changes to your current home. You may realize that remodeling is something you’re comfortable with, and it could be a better option than selling and buying.

Above all, don’t assume it’s time to sell just because your home isn’t “perfect” for you anymore. With a little work, it could be just what you need after all.

Related:

Brendon DeSimone is a Realtor, a nationally recognized real estate expert and author of the book “Next Generation Real Estate.” His practical advice is regularly sought out by print, online and television media outlets including FOX News, CNBC, USA Today, Bloomberg, FOX Business and Forbes. An active investor himself, Brendon owns real estate around the U.S. and abroad and is licensed to sell in California and New York. Consumers often call on Brendon for advice and to help them find a real estate agent. You can follow him on Twitter or Google Plus.

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

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How “Uncle Sam’s Big Ditch” inspired the real estate industry in 1914

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One of the premiere events for Americans a century ago was the long-awaited opening of the Panama Canal. Initially started by France in 1881, the United States took control of the project in May 1904, shortly after Panama declared its independence from Columbia. The Canal was completed ten years later, and was officially opened to [...]

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Propiedad en venta Playa del Carmen : El lugar óptimo para pasar vacaciones de vacaciones y la jubilación

Playa del Carmen se encuentra en los balnearios más elegantes del planeta y requiere por debajo de una hora para llegar a la terminal del aeropuerto y bien establecida de la ciudad resort. Se encuentra justo en el triángulo de Cancún Tulum- Cozumel , haciendo un acceso oportuno a los propietarios de bienes raíces para hacer turismo , ir de compras , viajar y otras actividades. Cuando usted está interesado en alquilar o invertir en una propiedad para vacaciones o para otros fines , lo que realmente se requiere que usted debe reconocer todas las ventajas y desventajas del lugar. Los inmuebles de Playa del Carmen es a menudo un lugar que vio sólo una ligera desaceleración en el interior de la reciente recesión. Tienen precio brillante para las personas cualquiera que quiera buena las instalaciones y listo para moverse al instante para las mejores ofertas . Propiedad disponible Playa del Carmen cuenta con numerosas opciones para que pueda elegir entre la compra de un apartamento para pagar sus vacaciones con la familia. No es fácil de alquilar una propiedad o simplemente comprarlo para poder venir cuando quiera. Playa del Carmen venta de casas dispone de apartamentos con las comodidades que cualquier persona puede desear. Si usted está planeando su retiro Playa Del Carmen , tendrá que deber a su agente para encontrar un apartamento que es ideal para usted. El precio de alquiler de Playa Del Carmen son increíblemente comptitive como puede rivalizar con las propiedades de los Estados Unidos y Europa. Sin embargo, si usted desea comprar una propiedad de vacaciones, entonces usted tiene que considerar en términos absolutos , excepto de términos relativos. Los precios de las propiedades disponibles para la venta en Playa Del Carmen siempre han sido excepcionalmente elástico. Incluso durante algún tiempo de la recesión, cuando todo el mundo en los Estados Unidos estaban teniendo problemas en la venta de sus propiedades , los precios de Playa del Carmen se mantuvieron estables . Como se mencionó anteriormente , Playa del Carmen ofrece mejores instalaciones dentro de sus condominios, hoteles y apartamentos. Playa Del Carmen también ofrece algunos hermosos frente a la playa donde la gente puede nadar , tomar un baño de sol y jugar al voleibol . Otras actividades de entretenimiento incluyen snorkeling y el buceo en aguas profundas. Su zona de la Quinta Avenida es , sin duda, un lugar para una persona coherente para pasar el rato después de comprar una casa dentro de la ciudad . Playa del Carmen es también el suministro de la comodidad habitual de los turistas , que incluyen dos centros comerciales con primera clase mexicana y tiendas internacionales y grandes teatros de pantalla. La ciudad es absolutamente pequeña que la media sólo se tarda 20 minutos para cruzar toda la ciudad para que todo lo que se debe conseguir es de 10 minutos para llegar a estos centros comerciales y 5 minutos más para llegar a la playa . También hay numerosas zonas de juego para los niños, fuentes, bancos , parques públicos con conexión a internet wi- fi se puede comprar . Pocos parques han celebración de eventos , talleres , eventos culturales, los clubes de ajedrez y sesiones de artesanía. Propiedades en Playa del Carmen es realmente el lugar ideal para las personas que están organizando su jubilación y que buscan un lugar para pasar sus vacaciones con las mejores instalaciones absolutos disponibles .

What We’re Reading: Jan. 25 – Jan. 31

Netflix about to raise prices? McDonalds & the neighborhood, and new scams to watch out for

Is Netflix going to raise its price? It’s been a few years since the last price change so people are beginning to wonder. Some speculate that Netflix will move to a tiered price structure to help stave off complaints. It’s all part of consumer marketing. The Atlantic has an article this week explaining how it might work.

McDonald’s made the news this week when a local New York branch brought in the police to kick out some elderly patrons who were camping out for most of the day. The dispute was settled and things seem to have quieted down, but why did this particular McDonald’s become the neighborhood’s de facto senior center? The New York Times investigated and discovered it had more to do with neighborhood dynamics, restaurant layout, and convenience than the great coffee and food.

The US 1 dollar bill hasn’t had a refresh in over 50 years. Every other bill has seen lots of changes recently. Why not old George? Partly because the low denomination currency isn’t a frequent target of counterfeiting. And also because the vending machine industry doesn’t want it to happen.

Had a call on your mobile recently that rings once and then hangs up? Don’t be so quick to call that number back to see who it is. It could be a scam that will cost you.

Speaking of scams, most credit card users know that it’s important to check monthly statements for suspicious charges. Obviously, large sums that you never charged should be reported and generally can be removed. But how often do you just skip over smaller charges? If you see $9.84 from a somewhat vague company, look closer.

Hate peeling potatoes? Have you tried the water-bath technique? A colleague found a video on Facebook that demos.

Dave

Senior Information Specialist

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30-Year Fixed Mortgage Rate Declines Slightly

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace 4.18 percent, down from 4.23 percent at this same time last week.

The 30-year fixed mortgage rate remained stable for the majority of the week, peaking on Wednesday at 4.26 percent before dropping to the current rate over the weekend.

“Last week, rates dipped abruptly after China’s lackluster manufacturing report triggered concerns about the health of the global economy,” said Erin Lantz, director of mortgages at Zillow. “This week, markets will look to Wednesday’s Fed announcement about unwinding its stimulus program and Thursday’s GDP numbers as indicators of whether the U.S. economy can continue to improve. Mortgage rates could be affected by either or both.”

Additionally, the 15-year fixed mortgage rate this morning was 3.18 percent and for 5/1 ARMs, the rate was 2.80 percent.

What are the interest rates right now? Check Zillow Mortgage Marketplace for mortgage rate trends and up-to-the-minute mortgage rates for your state.

*The weekly mortgage rate chart illustrates the average 30-year fixed interest in six-hour intervals.

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Do You Own the Land Under Your Home?

When you buy a home, you probably assume that you own everything in and around it within the property lines. But in some parts of the country, homeowners are discovering the property they’re buying does not fully include the land beneath it.

For example, in Tampa Bay, FL a family realized at closing that their home builder had already signed away the rights to the land underneath their home to its own energy company. The “mineral rights” grant gave the energy company the freedom to drill, mine or explore for precious minerals beneath the home.

How is this even possible, and how can it be avoided? Who really owns the land beneath your home? Here’s what you need to know.

You Probably Own the Land

Generally speaking, it’s likely that you own the property underneath and around your house. Most property ownership law is based on the Latin doctrine, “For whoever owns the soil, it is theirs up to heaven and down to hell.”

There can be exceptions, though. On occasion, a buyer will uncover an easement for a driveway or walkway that goes through their property. This is why it’s important to carefully review contracts and disclosures.

Contract and Disclosures

A seller, be it a home builder or a homeowner, can’t claim any sort of rights to the property without first disclosing those rights in the real estate contract or in some sort of disclosure statement.

Each state is different with regard to how things are disclosed. Many disclosure statements require the seller to tell the buyer whether or not someone else has laid claim to the property or if the buyer is limited to claims in the future. If the seller is unaware, or the home you’re purchasing is in a state that doesn’t require the seller to disclose, then you should carefully review the property’s title report before signing off.

Preliminary Title Report

There can be a situation in which a seller doesn’t know that someone else has laid claim to the property. For example, this could happen in the case of a resale in a newer subdivision where the current owner bought from a homebuilder directly.

Throughout the years, there have been instances when an easement, encroachment or even a small mechanic’s lien sits on a title unbeknownst to the current seller. When this happens, all parties must work together to determine the best course of action. Access to the land below your home would have to be granted via a deed and, as such, it would show up on the preliminary title report.

The title report provides ownership information and acknowledges loans, deeds or trusts, easements, encroachments, unpaid property taxes or anything else that has been recorded against the property. If a homebuilder deeded mineral rights to themselves, for instance, they would have had to record that deed. If so, it stays on the title report until they and the current owner agree to take it off.

How to Avoid Last-Minute Disclosures

In Tampa Bay, unsuspecting homeowners signed over to the builder’s holding company the “eternal rights to practically anything of value (found) buried underground, including gold, groundwater and gemstones,” according to the Tampa Bay Times. If that weren’t enough, homeowners who didn’t realize they had signed over the mineral rights, or who did so at the last minute under duress, could have trouble selling their home later to wary buyers.

With any home purchase, you should give yourself enough time so that you can do your due diligence, either as a contingency to the contract or in the period leading up to the contract before you sign it.

When buyers think about due diligence, they immediately think “property inspection.” And in the case of new construction, it’s uncommon to do an inspection. But there is so much more to due diligence than a simple property inspection.

Never wait until the closing to discover such a big disclosure, as the unfortunate buyers in Tampa Bay experienced. It’s common practice for a good listing agent or seller, in states where disclosure is required, to raise something like mineral rights as a red flag to all buyers from the get-go.

Deeding access to the land below your home isn’t simply some “fine print” buried in the closing papers that could be easily overlooked. Such a disclosure would require paragraphs, if not pages, of documentation.

Best course of action: Review all documentation, disclosures and title paperwork prior to signing a real estate contract or during a due diligence period. If you’re uncertain, ask your agent for help reviewing the documents or hire a real estate attorney to pore through the paperwork on your behalf.

Related:

Brendon DeSimone is a Realtor, a nationally recognized real estate expert and author of the book “Next Generation Real Estate.” His practical advice is regularly sought out by print, online and television media outlets including FOX News, CNBC, USA Today, Bloomberg, FOX Business and Forbes. An active investor himself, Brendon owns real estate around the U.S. and abroad and is licensed to sell in California and New York. Consumers often call on Brendon for advice and to help them find a real estate agent. You can follow him on Twitter or Google Plus.

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

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Q4 Ends 2013 on High Note, ‘Mixed Bag’ Expected for 2014

After a robust bounce off the bottom throughout 2013 that buoyed national home values 6.4 percent year-over-year by the end of the fourth quarter, the housing recovery has entered its middle stages, setting the stage for a mixed 2014, according to the fourth quarter Zillow Real Estate Market Reports.

The U.S. Zillow Home Value Index stood at $169,100 as of the end of the fourth quarter, up 1.4 percent from the end of the third quarter, and 0.6 percent from November. After peaking at 7.1 percent in August, the pace of annual home value appreciation fell below 7 percent throughout the fourth quarter as unsustainably high appreciation rates began to tail off.

Metro markets, including Southern California and the Bay Area, that were earliest to begin their recoveries and had been showing the most robust home value appreciation throughout much of the year, largely cooled off in the fourth quarter. Annual appreciation rates in Los Angeles, San Diego, San Francisco and San Jose slowed or were flat in each month of the fourth quarter compared to the month prior. This is a welcome sign in markets that risk crossing over into bubble territory as rising mortgage interest rates create affordability issues for home buyers.

National appreciation rates are expected to slow considerably in 2014. Nationwide, home values are expected to rise another 4.8 percent through December 2014, according to the Zillow Home Value Forecast. But local market conditions will not necessarily follow national conditions, a trend that may cause confusion and uncertainty among home buyers and sellers. Zillow expects all but one of the nation’s 35 largest metro areas (St. Louis, -3.1 percent) to show appreciation this year, but the expected annual appreciation rates vary from 16.1 percent in Riverside, Calif., to just 0.4 percent in Kansas City. None will approach the often breakneck pace set in 2013.

“The housing recovery is entering the middle innings after an incredible run in 2013. Below the surface of last year’s market, a number of unsettling trends started to emerge as a result of rapid and ultimately unsustainable appreciation, setting up a bit of a mixed bag for 2014,” said Zillow Chief Economist Dr. Stan Humphries. “Affordability issues will help put the brakes on many markets that saw huge appreciation rates, like California and the Southwest, creating volatility that could potentially cause whiplash for home buyers and sellers. At the same time, we expect more homes to be available this year as more sellers enter the market and more homes get built, and a decline in investor competition should make for a more hospitable market for many buyers.”

Historically, U.S. home values tend to appreciate between 3 and 5 percent annually, so a return to appreciation rates closer to those norms is welcome. But a number of distortions still remain in the market, Humphries said, including mortgage rates that are historically low and high levels of negative equity that will cloud the market likely until the end of the decade in some form.

“While a truly ‘normal’ market remains a ways off, we expect to take more steps in that direction as appreciation moderates, negative equity recedes, federal stimulus is withdrawn and foreclosures wane,” Humphries said.

Among the largest 35 metro markets covered by Zillow, all but three (St. Louis, -3.8 percent; Indianapolis, -2.1 percent; and San Antonio, -0.8 percent) showed annual appreciation in 2013. Home values in two of the top 35 metros, Denver and Pittsburgh, ended 2013 above their pre-recession peaks.

National rents rose by 0.7 percent in the fourth quarter compared with the third quarter, to a Zillow Rent Index of $1,302. Year-over-year, rents nationwide rose 2.4 percent. A total of 4.84 out of every 10,000 homes nationwide were foreclosed upon as of the end of the fourth quarter, down 0.4 homes per 10,000 from the third quarter and down 1.2 homes per 10,000 year-over-year.

Metropolitan Areas	Zillow Home Value Index			Zillow Home Value Forecast
	Q4 2014	Month-Over-Month Change	Year-Over-Year Change	Bottom in Home Values	Change in ZHVI, Q4-2013-Q4 2014
United States	$169,100	0.6%	6.4%	2012-01	4.8%
New York, NY	$367,500	0.4%	6.1%	2012-06	3.0%
Los Angeles, CA	$500,400	1.0%	18.9%	2012-02	8.7%
Chicago, IL	$178,000	1.1%	9.5%	2012-05	3.6%
Dallas-Fort Worth, TX	$143,600	-0.2%	4.4%	2011-11	2.6%
Philadelphia, PA	$193,200	0.1%	2.9%	2012-08	1.5%
Houston, TX	$142,500	-0.7%	3.2%	2013-12	1.3%
Washington, DC	$344,900	0.7%	9.5%	2011-10	3.7%
Miami-Fort Lauderdale, FL	$183,400	0.9%	17.5%	2011-09	6.3%
Atlanta, GA	$136,300	1.5%	15.6%	2012-07	7.7%
Boston, MA	$350,800	0.6%	8.4%	2011-12	2.8%
San Francisco, CA	$642,900	0.8%	20.4%	2012-02	7.5%
Detroit, MI	$105,300	1.5%	21.0%	2011-10	6.2%
Riverside, CA	$256,400	1.1%	27.9%	2012-02	16.1%
Phoenix, AZ	$188,200	0.3%	11.8%	2011-01	3.6%
Seattle, WA	$309,100	0.3%	10.3%	2012-01	5.9%
Minneapolis-St Paul, MN	$199,000	0.6%	10.0%	2012-01	2.9%
San Diego, CA	$439,800	0.6%	17.4%	2012-01	6.8%
St. Louis, MO	$130,300	-1.4%	-3.8%	2012-04	-3.1%
Tampa, FL	$134,400	1.1%	16.3%	2011-12	7.4%
Baltimore, MD	$237,000	0.5%	5.9%	2012-04	3.3%
Denver, CO	$244,200	0.5%	9.0%	2011-10	2.8%
Pittsburgh, PA	$119,300	0.1%	6.0%	2008-03	2.3%
Portland, OR	$259,800	0.5%	11.5%	2012-01	4.8%
Sacramento, CA	$305,500	0.9%	23.7%	2012-02	11.6%
San Antonio, TX	$143,000	-1.6%	-0.8%	2011-03	1.2%
Orlando, FL	$153,000	1.4%	19.3%	2012-02	10.1%
Cincinnati, OH	$131,300	0.2%	4.3%	2012-11	1.0%
Cleveland, OH	$116,300	0.0%	2.2%	2012-03	0.8%
Kansas City, MO	$137,700	-0.8%	1.5%	2011-10	0.4%
Las Vegas, NV	$167,400	0.7%	28.1%	2012-02	7.9%
San Jose, CA	$741,500	0.2%	15.6%	2011-08	5.3%
Columbus, OH	$137,500	1.3%	8.2%	2012-02	4.0%
Charlotte, NC	$147,200	0.5%	6.0%	2012-03	2.4%
Indianapolis, IN	$117,600	-2.2%	-2.1%	2011-10	1.2%
Austin, TX	$197,600	-0.5%	4.7%	2013-12	1.1%

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