12 Tips For Furnace And Fireplace Safety

BEWARE OF THE ‘SILENT KILLER’…

By Bill and Kevin Burnett
Inman News™

Q: Our house was built around 1940; the fireplace is original; and we installed forced-air gas heating about 10 years ago. We haven’t had the fireplace or furnace inspected. What do you guys recommend to get the fireplace and the furnace ready for winter?

A: Regular inspection and servicing of fireplaces and furnaces adds to comfort, makes them more economical, and most important, keeps them safe. Regular inspections can prevent a deadly house fire or the introduction of a silent killer: carbon monoxide.

Here’s our checklist to keep you cozy and safe during the winter months:

Wood-burning fireplaces

1. Inspection by a certified chimney sweep is a must. For heavy use, the chimney should be inspected and cleaned annually. Go up to five years if the fireplace is used only occasionally. The sweep should inspect for proper operation of the damper and for cracks in the flue liner, as well as sweeping the flue to remove creosote and other combustion byproducts.

2. Close the damper when the fireplace isn’t in use.

3. Install a chimney cap if you don’t already have one. You don’t want creatures building their nest in your flue.

4. When starting a fire, “prime” the flue by holding lighted newspaper at the back wall of the firebox to start the warm air rising.

5. Burn aged, dry hardwood if possible. Fir or pine burns hot and deposits creosote in the chimney. Don’t burn construction debris. It may contain toxic chemicals that will vaporize in the fire and could enter the living space.

6. Do not clean out the fireplace when the ashes are still hot. And dispose of the ashes in a place where wayward embers won’t start a fire.

Fireplace with gas starter

1. If the flame goes out, wait at least five minutes before attempting to relight the fireplace. This allows time to clear the fireplace of gas.

2. Be alert for unusual odors or odd-colored flames, which are often a sign that the fireplace is not operating properly. In such cases, contact your dealer or licensed technician for servicing. Contact the gas company if you smell gas when the unit is off.

Gas furnace maintenance

1. An annual maintenance check of a gas furnace extends the life of the appliance and ferrets out any hidden problems. A qualified heating contractor should vacuum out the unit, inspect the blower motor, inspect the heat exchanger for cracks, check the electronics and perform a multipoint checklist to make sure the furnace is operating properly.

2. Clean or replace the furnace filter frequently during the heating season. This ensures that air returning from the inside of the house is unobstructed and clean when entering the combustion chamber.

3. Keep vents, space heaters and baseboards clear of furniture, rugs and drapes to allow free air movement.

4. Ensure there is free airflow around your furnace and make sure there are no storage items obstructing airflow.

5. Do not store or use combustible materials, such as chemicals, paint, rags, clothing, draperies, paper, cleaning products, gasoline, or flammable vapors and liquids in the vicinity of the furnace.

6. Carbon monoxide is a colorless, odorless and lethal gas that can occur any time there is incomplete combustion or poor venting. Any home that contains fuel-burning appliances, such as a fireplace or furnace, should have a carbon monoxide alarm installed according to the manufacturer’s instructions.

The Next Mortgage Crisis Could Hit Wexford, PA

Liz Davidson, Contributor

As a financial education company, we often see financial crises coming because employees contact us when they have financial problems or concerns they need help resolving.  With the recent mortgage crisis, we began to see a major spike in calls on debt that could affect Wexford, Gibsonia, Allison Park and other local Pittsburgh areas in the year leading up to the meltdown.  Debt calls in 2006 increased to an all time high—representing close to half of our total calls at the time.  Even worse, many callers were frantic.  They weren’t looking to simply reduce their debt load; they were struggling to make ends meet.  They weren’t asking about putting together a plan to pay off high interest rate debts; they were beginning to consider drastic options like foreclosure and bankruptcy.

It was rather like seeing a car crash in slow motion.  You know it’s coming and you can tell the driver to slam on the brakes or swerve out of the way, but it’s too late to do much 

Today, in Wexford, PA there’s another mortgage crisis in the works—that is, NOT having one—choosing to rent when you can afford to buy; choosing to forgo building equity in a home as a major source of retirement security—something that may be more necessary now than ever before with a soft stock market and low interest rates.  This emerging crisis is not yet at the car crash stage– more at the reckless driving without a seat belt stage.  There is time for Americans to resolve this one, but they must change their perspective on home ownership before it’s too late.

Why own a home when you can rent?  We are hearing this question much more these days as people choose to “sit out” of the real estate market or disregard homeownership altogether after seeing many of their friends and family end up in short sales or foreclosures.  Renting is the low-risk option for these callers.  It’s the only way to ensure that nightmare will never happen to them.

The problem is that it will; it’s just a different nightmare. Consider this:  A homeowner with a $1,500 monthly payment would still be writing the same check fifteen years later while prices everywhere increase around them.  In August 2011 the Consumer Price Index included a .4% increase in rents, the biggest increase since 2008, which represents an annualized increase of 4.8%.  If rents didn’t even increase that much but simply kept up with inflation at a 3.2% annual increase, a $1,500 rent payment would cost that renter nearly $900,000 over the next 30 years.  The same $1,500 payment made to their mortgage would be only $540,000 (because the payments don’t increase with inflation) and of course would end with a final payment. There might even be some real equity in the property, even with a dismal 1% growth rate over 30 years, a $300,000 property would appreciate well over $100,000 giving the homeowner an additional nest egg for retirement.

The renter, by contrast has no equity in their home, so in addition to almost $900,000 in rent in the above example, the renter would also be giving up $400,000 in retirement assets (and that’s at a growth rate of just 1%– far lower than even the lowest growth rate over a 30 year time period).   At a time when retirement is becoming much more challenging, an extra $400,000 (or likely more) can make a major difference, not to mention the impact of NOT having to pay a mortgage.  How much less would you have to save for retirement if you didn’t pay the mortgage?

And this doesn’t even include the tax benefits. The US government essentially subsidizes your house payment by allowing a mortgage interest and property tax deduction on Schedule A of the 1040.  Any points you pay when you get the loan can also be deducted.  Then an amazing thing happens: the IRS allows a tax exclusion on the sale of a primary residence.  Owners who live in their property two out of the past five years, who have equity and sell their primary residence, receive a maximum capital gain exclusion of $250,000 (if married $500,000.)  Where else can you get a tax break on an investment and then receive the proceeds tax free? I can’t think of another investment like it.

So, deciding that “renting” is safer and there’s no need to take the risk of buying a home or even waiting in an effort to time what is an unpredictable real estate market, buying only when prices have been up for a while, can be very costly.  It doesn’t bring with it the emotional trauma of a foreclosure or short sale.  But it is a slow drain on your finances, that over time, could compromise your ability to retire or at the very least, to retire the way you want, when you want.

All that said, I’m by no means advocating homeownership for everyone.  For many, renting is the right option, at least for now.  If you can’t afford to own a home, you shouldn’t even consider buying—one of the key lessons learned from the mortgage crisis.  Your mortgage should be under 25-30% of your income not including bonuses or promotions and you should have an emergency fund of 3-6 months expenses in savings before you purchase a home.  Also, if you don’t qualify for a reasonable interest rate on a mortgage due to credit problems, if your income is unstable, or if you crave mobility, renting is the better choice.  Renting is cheaper than buying in the short term and has other advantages.  Repairs: as a renter, when you turn on the shower and freezing cold water spurts out in your face, you simply make a phone call to the landlord and they have to install a new water heater instead of you footing the bill.  Mobility: If you have a job opportunity or promotion in another state, you simply give notice and move.  You don’t have to go through the arduous process of selling (or not being able to sell) your home.  You are free from the obligations of homeownership.  Property taxes:  As a homeowner, even when your mortgage is paid off you still have to pay property taxes and insurance, and those costs will continue to rise.

Just remember that freedom has its price and, in this case, it is a steep one. It costs much more in the long run to rent, which is why homeownership can be the ultimate retirement strategy.  When people are making decisions on whether to buy a house or not, many aren’t factoring in thirty years from now when the home is paid off.  They are wondering if the market is at the lowest point possible, if interest rates will drop even lower or if the property will appreciate. This vital element of homeownership has a long incubation period.  We always hear that an employee’s peak earning years come after age 50, when you combine high earnings with the elimination of an expense that takes up a third of most people’s take home pay, people have a real chance to meet their financial goals.  Homeownership is the ultimate retirement plan.

Home ownership isn’t for everyone, but for many, it is the best choice. The smartest choice, of course, is making the right decision for the right reasons based on your own circumstances.  Homeownership basics apply just the same as they always have:  buy only the home you can afford, lock in a fixed rate loan with the lowest interest rate possible, and refinance only to get a lower rate and only for the same loan amount and same term.  What got many people in trouble during the financial crisis was going to the extreme and buying a house they could barely afford with a variable rate loan payment.  When the payments reset with higher interest rates, many couldn’t make the payment.  They never should have been in the house in the first place.

If Americans don’t recover soon from their pessimism around homeownership, we predict another fallout from the financial crisis will surface many years from now when a nation of renters tries to retire.  They won’t have equity in their homes.  Their paychecks will be stretched to the limit, not leaving room for saving and investing for retirement and other financial goals such as college funding. Instead of their expenses reducing through retirement, they will look straight down the barrel of increased rent payments for the rest of their lives.  Homeownership makes a significant difference in the long run so it is concerning to see so many walking away from the American Dream.  We don’t want to see it become the American Nightmare.

 

Home-price index falls 4.4% in August

CoreLogic: Double-digit numbers in Nevada, Arizona , year-over-year drop
By Inman News, Thursday, October 6, 2011.
 
U.S. single-family home prices declined 4.4% year over year in August, with Nevada and Arizona experiencing double-digit percentage declines and West Virginia seeing the largest increase, up 8.6%, according to an index by property data firm CoreLogic.

Excluding distressed sales, including short sales and real estate owned (REO) sales, the national index fell 0.7% year over year in August. On a month-to-month basis, the index dropped 0.4% in August, which was the first such decline in four months, CoreLogic reported.

Thirty-eight states experienced a year-over-year drop in the index in August, while half the states and Washington, D.C., experienced a year-over-year index rise when distressed sales were excluded. West Virginia posted a 10.7% year-over-year rise in the index, excluding sales of distressed properties.

The index incorporates 30 years of data for repeat sales transactions, and “price, time between sales, property type, loan type and distressed sales.” 

The slight month-to-month national decline is not surprising, said Mark Fleming, CoreLogic’s chief economist, in a statement. He noted “renewed concerns over a double-dip recession, high negative equity, and the persistent levels of shadow inventory. The continued bright spot is the nondistressed segment of the market, which is only
marginally lower than a year ago and continues to exhibit relative strength.”

Year-over-year index changes in August for the 10 largest U.S. urban centers (defined as “Core Based Statistical Areas”) by population ranged from a drop of 10.2% in the Chicago area to a rise of 3.2% in the New York-White Plains-Wayne, N.Y.-N.J., area. Excluding distressed sales, the year-over-year index changes in August ranged from an 8.2% drop in the Phoenix area to a 4 % increase in the New York-White Plains-Wayne area.

CoreLogic August Home Price Index (year-over-year change)

All single-family Excludes distressed sales

National         -4.4% -0.7%
Nevada          -12.4% -8.8%
Arizona          -10.7% -8.3%
Illinois            -9.6% -1.9%
Minnesota      -7.8% -4.2%
Georgia           -7.2% -3.0%
New Mexico   -6.3% -4.1%
California        -6.2% -0.8%
Delaware        -6.0% -4.9%
Washington   -5.6% -1.7%
Ohio               -5.3% 1.2%
Idaho             -5.2% 0.2%
Missouri        -4.9% -1.3%
Utah              -4.9% -0.6%
Alabama       -4.9% 2.6%
Maine           -4.8% -1.9%
Florida         -4.7% -1.4%
Wisconsin    -4.2% -2.3%
Connecticut -4.0% -3.1%
Oregon        -4.0% -1.8%
Michigan     -3.3% -4.3%
Kentucky    -3.2% -2.5%
New Hampshire   -2.9% -1.7%
Arkansas     -2.6% -1.4%
Maryland    -2.1% -0.3%
Colorado     -1.8% 0.2%
Rhode Island   -1.8% 1.1%
Iowa           -1.6% -0.8%
Montana   -1.5% 1.3%
New Jersey   -1.1% -1.0%
Massachusetts   -1.1% 0.9%
Louisiana   -0.9% 2.5%
Oklahoma   -0.8% -0.4%
Pennsylvania   -0.8% -0.1%
Texas         -0.7% 2.4%
Mississippi   -0.7% 4.8%
Vermont   -0.4% 2.5%
North Carolina   -0.3% 0.9%
Virginia      -0.2% 0.9%
Tennessee   +0.1% 0.2%
South Carolina   +0.5% 3.2%
Hawaii         +0.6% 4.4%
Indiana       +0.8% 2.2%
Kansas        +1.0% 3.7%
Nebraska   +1.1% 1.1%
Washington, D.C.  +1.3% 1.0%
South Dakota   +1.5% 0.6%
Alaska        +2.2% 3.1%
New York   +3.2% 3.6%
North Dakota   +3.5% 4.2%
Wyoming    +3.6% 2.4%
West Virginia   +8.6% 10.7%

Source: CoreLogic.  For more information about our current Real Estate Market call us at 724-933-8508.

A Home Inspection is the key start to Home Ownership:

Today you found the perfect home and your agent just negotiated the best deal.  You know it’s a great deal because your friends can’t believe what you paid for the home, but now what?  

A Home Inspection is the key to successfully under covering items of concern before to closing or future maintenance items.

A Home Inspection is the opportunity for the Buyer to address concern with the Seller or discover results of inspections that may cause you to not want to move forward and close on this  home.

All “great deals” include an opportunity for Buyers to have professional inspector inspect the physical and environmental aspects of the property and to have an attorney review the contract language, title evidence and association rules and bylaws.  The inspection and reviews must occur within certain time frames, normally within the first 10-15 days after signing the contract.  If the tasks outlined in the contract are not completed within the time frames, the contract is usually voidable by either party by written notice to the other at which time the Earnest Money Deposit is usually fully refundable.

My Buyers have all the following checked out by professional inspectors and legal consul as an integral part of the buying process.

1. A Contractor’s, Pest, Radon, Mold, Lead Based Paint (Well and Septic, if not city water and sewer) inspections take place  and are performed by professional inspectors and written reports are prepared by the inspectors and once the purchasers have had a chance to review the inspection results and get any questions answered by the appropriate professionals and assuming  the purchasers are satisfied with the inspections results and no major issues are discovered and further negotiation isn’t required,  “Contingency Removal” forms, one for each contingency, is signed formally removing the inspection contingencies.
2. An Attorney review of Contract Language, Attorney Review of Title Evidence, Attorney Review of Association Rules and Bylaws occurs and assuming that all is well with these documents, the purchaser’s attorney gives the purchaser the go ahead to sign off on these contingencies.
3. Prior to the Finance Contingency being removed an appraisal will is made of the property by the lender. The lender requires a formal appraisal to confirm the value of the home, as the home itself is used as collateral to secure the loan. Assuming that the home appraises for at least the purchase price a buyer is well advised to sign off on the finance contingency thereby removing the finance contingency. Once this occurs, the closing is scheduled, in Pittsburgh PA, usually at a Title Company whose profession it is to organize and conduct the closing.
4. All parties, Buyer, Seller, Buyer’s Agent, Seller’s Agent, Title Company Representative, Lender, and in some cases, the Buyer and Seller get together at the title company on a date and time mutually agreed upon by all parties to sign all the loan and closing documentation. Once all these documents are signed and funds are exchanged, the Sellers hand over the keys to the Buyer and the Buyers usually begin their move in.

There are many opportunities for surprises or delays in the transaction. Part of my expertise is troubleshooting problems that may arise and making sure you get the best deal on the purchase of your next home!

Get the best service available, contact me today at 724-933-8508.

I know this is not Real Estate Related, but for some reason I needed to add this article that I just received from a friend about protecting your car from Thieves, it’s a true story:

What will the car thieves think of next? They peer through the windshield of your car or truck, write down the VIN # from the label on the dash, go to the local car dealership and request a duplicate key based on the VIN #.

I didn’t believe this e-mail, so I called Chrysler Dodge and pretended I had lost my keys. They told me to just bring in the VIN # and they would cut me one on the spot! I could even order the keyless device if I wanted!

The car dealer’s parts Department will make a duplicate key from the VIN # and collect payment from the thief who will return to your car. He doesn’t have to break in, do any damage to the vehicle, or draw attention to himself. All he has to do is walk up to your car, insert the key and off he goes to a local chop shop with your vehicle.

You don’t believe it? It IS that easy. To avoid this from happening to you, simply put some tape (electrical tape, duct tape or medical tape) across the VIN Metal Label located on the dash board.

By law, you cannot remove the VIN, but you CAN cover it so it can’t be viewed through the windshield by a car thief.

I urge you to forward this to your friends before some other car thief steals another car or truck.

Gayle

Gayle L. Kendrick
Director of Property Sales

IRS’s Top 10 Tax Tips For Home Sellers

Real Estate Tax Talk By Stephen Fishman,
Monday, August 15, 2011. Inman News™

From time to time the IRS releases tips designed to help people with their taxes. Some of these are quite useful.

Last week the agency released “Ten Tax Tips for Individuals Selling Their Home,” (IRS Summertime Tax Tip 2011-15).

As a real estate agent or broker, it is not your job to give home sellers tax advice. Indeed, it is advisable not to, since you could end up getting sued if you give wrong advice.

Instead, refer sellers to this list of IRS tips. It’s a good starting place for them to begin to understand this often complex area of tax law. You could even print it out and hand it to anyone who asks you about these issues.

Here are the IRS’s top 10 tax tips for home sellers:

1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.


2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).


3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.


4. If you can exclude all of the gain, you do not need to report the sale on your tax return.


5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.


6. You cannot deduct a loss from the sale of your main home.


7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.


8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.


9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.


10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.

These tips can be found on the IRS website at http://www.irs.gov/newsroom/content/0,,id=104608,00.html.

Since credit scores are so important in obtaining a mortgage and will affect the interest rate, I wanted to share this article with you by Jean Folger and provided by  Investopedia.

“Credit scores are statistical calculations used to determine a person’s creditworthiness. The most common credit score is the FICO score, named after software developer Fair Isaac and Corporation. FICO scores are typically provided to lenders by the three major credit reporting agencies — Experian, TransUnion and Equifax — to help lenders assess their risk in loaning money to individuals.

A person’s credit score, which may differ by reporting agency, affects both his and her ability to qualify for different types of credit and to receive favorable interest rates. Based on national averages in December 2010, a homeowner applying for a $200,000, 30-year fixed mortgage with a credit score between 760 and 850, for example, may receive a 4.353% APR, resulting in monthly payments of $996. The same loan for a person with a lower credit score between 620 and 639 would result in a 5.942% APR, or $1,192 per month. Over the life of the loan, the person with the higher credit score would save approximately $70,000 in interest. While many people strive to achieve the highest credit score possible, few will earn that elusive perfect score — the 850.

Keeping Score
Credit scores range from 300 to 850. According to MyFICO.com, approximately 13% of FICO credit scores exceed 800, and only 1% of consumers achieve a perfect score of 850. In general, the higher the score, the lower the risk to any potential lenders. Five factors are included and weighted in calculating a person’s credit score:

1. 35 percent — Payment history

2. 30 percent — Credit utilization

3. 15 percent — Length of credit history

4. 10 percent — New credit

5. 10 percent — Types of credit used

The One Percent
While many people have excellent credit scores, what are 1% of Americans doing differently than the other 99%? Since a perfect score is so difficult to earn, those who do achieve it are often actively and consciously trying to do so. Whether you are gunning for a spot in the top or simply trying to improve your credit rating score, these tips can help.

• Pay bills on time — Even one late payment can hugely impact a person’s credit score. Paying every bill on time — from credit cards, mortgages and medical bills — is important to maintaining or achieving a high score. A perfect credit score will typically show no late payments in the last seven years.

• Use only a fraction of your available credit — In general, the less credit you are using, the better. The ideal number to aim for is to use only 10-20% or less of your available credit each month. Thirty-percent of your credit score is based on credit use — the ratio of your debt to your credit limit. The higher the number, the lower the credit score. People with perfect scores usually have a low utilization rate of less than 10%.

• Review your credit report — Looking at your own credit report will not negatively impact your credit score. Consumers are entitled to at least one free credit report each year from one of the three major credit bureaus, and should review the report for any errors such as incorrect credit limits or delinquencies.

• Manage your credit card quiver — Too many credit cards can make you appear desperate for credit. As such, it is better to have only a few credit cards, with the bulk of spending placed on one card since you can be penalized for having multiple large balances. Many issuers now automatically close inactive credit cards, so be sure to make small charges every few months on the lesser-used card(s) to keep the account open; otherwise, request that the account be closed.

• Diversify your credit — Having multiple types of credit is a plus when it comes to your credit score. A consumer who has a variety of debt types may be considered financially responsible (assuming the payments are being made on time). Credit cards, mortgages, automobile loans and retail accounts can increase your credit score — to a point. Too many accounts may reduce your score. A good number to aim for is six: this is the number of accounts that perfect credit holders typically have.

• Wait for it — It takes time to build credit and to get a perfect credit score. Ten years of positive account history is generally needed to score above 800; people with a perfect score opened their first account 20 years earlier.

Is 850 Worth the Effort?
Is getting a perfect credit score worth the effort? In general, no. Consumers with perfect scores probably will not have access to better loan rates than those with scores in the upper 700s to low 800s. In fact, when it comes to mortgage rates, the best APR rates are awarded to those in the 760 to 850 range, so there may be little financial reward for reaching 850. That said, like going for an Olympic Gold medal, or earning a 2400 on the SATs — some people simply want that perfect score.

The Bottom Line
Can you score a perfect 850? For most people, the answer is probably not. Those who do earn an 850 are committed to the cause, actively evaluating and controlling all aspects of their finances. A credit score in the high 700s is likely to land consumers the same advantages as a perfect score, but 1% of Americans will succeed in reaching the perfect 850”

Air-Conditioned Clothing: The Hottest Trend in Energy-Restricted Japan Brought to You By: TimeNewsFeed.com They may not be the most fashion-forward pieces, but when the dog days of summer are upon us, who really cares? With Japan reeling from electricity restrictions in the wake of the shuttering of the Fukushima power plant post-earthquake and tsunami, many are finding it tough to stay cool as the mercury spikes. Rather than sweat out the summer, the Japanese are turning to clothing-maker Kuchofuku, whose clothes have built-in fans to keep the wearer cool.And it’s no secret what they’re signing up for with Kuchofuku’s clothes, as the company’s name literally means “air-conditioned clothing.” Their hottest seller right now is an air-cooled jacket, sporting two fans on the coat’s sides to draw air in. Yes, you might question it — wearing a jacket in summer? But read on.Each coat puffs up penguin-style when the fans are switched on, allowing the air to circulate through the insulated insides. And with a personal cooling system

built into a person’s clothes, there’s no need for air conditioners to be cranked up. “It came to me that we don’t need to cool the entire room, just as long as people in it feel cool,” Kuchofuku president Hiroshi Ichigaya told AFP.

Kuchofuku has noted a strong uptick in sales since the Japanese government asked companies in the northern reaches of the nation to curtail energy usage by 15% to avoid blackouts. The company expects to double their annual sales this year, selling at least 40,000 air-conditioned products. And the biggest coincidence: even those who ordered the energy cuts have caught on to the necessity of cooling clothes. Ichigaya said a government official wanted to buy a half million jackets from his company, but there was no way he could meet their demand.

Each coat sells for about 11,000 yen ($140) – no small price tag for a sartorially silly jacket. But really, who can worry about haute fashion when beads of sweat keep dripping?

By: Nick Carbone

On Thursday, August 18, 2011, Tim Grant of the Pittsburgh Post-Gazette wrote an article that states Home Prices in July, 2011 across the Pittsburgh metropolitan region have risen while sales activities are down compared to July, 2010.

I can’t say I agree with this, because what I’m seeing is the Prices of resale homes declining, but then again, it may be the increased prices of new construction that is giving the false sense that home prices are on the increase…

Right now I still can’t understand why Buyers are still sitting on the fence and not moving forward and buying a home?   Rates are at there lowest, just last week one of my Buyers got a 4.125% interest rate from a Preferred Lender after we put together a pretty sweet deal for the Buyer.

However, what I recently found out is that Buyers are hesitant because they don’t fully understand the Buying process, what they read on the Internet and what is explained to them in person is sometimes very different as to what the Buying process is.  Some Buyers have told me that once they meet with an agent, the Buying Process is explained differently than what they learned on the Internet.  There are agents who don’t even explain the process, they just want to begin looking at homes…the Home Buyers of today are very smart and the Internet has increased the awareness!

With this said, what I’m seeing is that the Buyers want is some guidance from an experiences Realtor to make sure they are doing everything correctly.  Most importantly making sure they are getting the best price and deal they can do.

The best way for a Buyer to begin the process is to understand the steps involved in purchasing a home, review the paperwork you will be signing up-front before you move forward and look at homes and then schedule a time to meet with the realtor and ask questions that will make you feel comfortable in moving forward with this agent or purchasing a home.

It’s all about timing and feeling comfortable, nothing else matters…

Credit scores are so important in borrowing money that whenever I come across a good article I want to share it with you.    As always, please call me if I can be of any assistance to you or your client with their financing needs…

New Free Credit Scores: What You Need to Know Now

by Linda Stern
Wednesday, July 13, 2011

There’s an irony about the new credit score disclosure rules issued by the Federal Reserve Board on July 6, and this is it: Would-be borrowers who are most likely to get their credit scores for free are still the people who may find it advantageous to buy their scores.

The borrowers who won’t get their scores may find they don’t need to buy them, either.

That’s because the rules require lenders to supply potential borrowers with their scores if they are denied credit or offered less favorable terms because of those scores. Starting on July 21, scorned applicants for credit cards, student loans and auto loans will see their scores.

But learning after you apply for a loan that there was a problem with your credit score isn’t that much help, is it? People who know that their credit reputation may be marginal will have to figure out a way to get their scores early enough that they have time to nudge them up before putting in those loan applications.

Here’s what you’ll need to consider as the new rules become effective:

If You Get a Score, It Isn’t Necessarily Bad News.

Some lenders may opt to send score reports to all of their applicants, because that is a less complex way to comply with the regulations, said Nessa Feddis of the American Bankers Association. So simply getting a score report won’t necessarily indicate that you received a worse deal than any other applicant.

Your Credit Report May Be More Important than Your Score.

You already are allowed to get your credit report for free, and that’s where all the important facts of your credit history are located. The data in your credit report provides the basis for those credit scores. Everyone should regularly check their credit reports regularly, to make sure they are error-free. To do that, go to the official website, AnnualCreditReport.com. There you’ll find links to your reports at the three big credit reporting agencies: Experian, Equifax and TransUnion. If you’re getting ready to borrow big — say buy a car or refinance your home — get all three at once. If not, you may find it more useful to get one every four months, rotating, because you’re allowed one free peek a year at each one.

You May Not Need to Buy a Score.

If you’ve always had a good credit history and there are no problems with your credit reports, you may not even need to get your credit score, suggests Tom Quinn, a scoring expert with Credit.com. But if you’ve got a big purchase coming up and you want to make sure your score is as high as it could be, buy a copy of your score about two or three months ahead of time. That will give you enough time to make some moves, like paying off credit card debt, to bump up your score.

It’s Important to Get the Right Score.

There are a lot of different credit scores. The new disclosure rules require that lenders share the identical scores that they use in their decisions. So, if a lender is using a proprietary score or a specialized auto or education loan score, that is the one they’ll have to send to a spurned applicant.

As part of the implementation of the Dodd-Frank financial reform legislation, federal regulators are studying how well credit scores relate to each other and reflect real risk. According to FICO, the company credited with inventing credit scoring and still the industry’s 500-pound gorilla, officials from the soon-to-launch Consumer Financial Protection Bureau are looking at the wide variance in scores from different companies. With 90 of the largest financial services companies, 25 of the largest card issuers and 25 of the largest auto lenders using FICO scores, it may behoove would-be borrowers to buy those particular scores at the MyFico website. (Another reputable — though less widely used — credit score called the VantageScore, was developed by the three credit-reporting agencies and can be purchased at the Experian website.)

There are other websites that sell scores and give them away for free. Most of those scores are not official or necessarily used by many lenders, but some of them are close enough to FICO scores to be useful as approximations for consumers who just want a rough idea of how they are doing. If that’s all you want, get scores from a site that is truly free, such as CreditKarma. After all, why pay for a score that nobody’s using, when — soon enough — you may get your actual scores in the mail?

Second Quarter Metro Area Prices Mixed with Little Change, State Sales Down

Wexford Home Owners Are Making More Money in This Buyer’s Market

The new year has come and gone and if selling your Wexford home is a priority within the first few months of the year, it can be accomplished, but it will take some work. Presently it is a buyer’s market, so the first thing you will need to do is realize the current market value of your Wexford home may not be what you thought. Many buyers look for a new home during the first few months of the year. This allows them to be in the home before fall when school starts and the holidays are just around the corner.

One of the best things a seller can do is to price their Wexford home right the first time to reduce the time that it spends on the market. The longer the home is on the market, the more price reductions you may have to make. This causes prospective buyers to wonder what is wrong with the home. Everyone wants to make a profit from selling their home, however in today’s market, overpricing a home can mean it will not sell.

Checking homes in the neighborhood and getting a good idea of the value of your Wexford home can help you to price it right the first time. Providing good information on the home will help. Buyers are interested in how energy efficient the home may be, when updates to the home were made and a floor plan can be beneficial.

Of course, preparing your Wexford home is crucial. It is essential to clear out the clutter and have the home as bare as possible. Buyers are interested in being able to envision their belongings in the home. Correcting problems and showing your Wexford home in the best possible light will help it to sell faster.

Access to the home is another important aspect. Make sure your Wexford home is accessible at all hours and easy for the real estate agent to show. Keep it clean and ready at a moment’s notice and increase your odds of selling. The first impression is always the one that people remember.

Flexibility can work in your favor. If a prospective buyer wants you to include the lawnmower, be prepared to do so. Maybe they would like you to leave some of the furnishings or the glider on the front porch. Today’s buyers are more in control of the deal on a home and they know it, so be prepared for unusual requests.

If you would like more information about Wexford homes, please feel free to contact us at (724) 933-8505 or visit our Contact Us page where you can send us a message.  We’ll get back to you right away!

Family Fun and Activites at Conley Resort – Gibsonia PA

Conley Resort is located western Pennsylvania and is one of the best places to find the relaxation you are seeking. Located in Gibsonia, PA, family fun is a key feature of this resort. The golfing, an indoor water park, the fantastic dining and many other fun activities will keep you coming back to this location.

If you are looking for the best place to play golf and enjoy the 18 hole championship course that features golfing for every skill level, you will want to visit Conley Resort. The rolling hills are the setting for an ultimate golfing experience that can include a weekend of unlimited golf.

This Gibsonia PA family fun location also features Pirate’s Cove, the water park for the entire family. With two waterslides and a pirate ship that has a water cannon, a hot tub, a sauna and a party room for pizza parties, this will be one vacation the kids will enjoy as well.

The 56+ room Conley Resort luxury hotel offers golf all year round, accommodations for business meetings and the best family fun vacation for a variety of options. The Pro Shop is where you want to go to find the souvenir of your golf game to take home. The wide assortment of hats and golf shirts featuring the Conley Resort logo will make the perfect memento of your visit. All types of golfing merchandise, apparel and accessories are available at the Pro Shop so you will find exactly what you need to enjoy your golf vacation.

Conley’s is where you will want to gather for the best food – a business luncheon, casual dinner or a special occasion such as a birthday or anniversary – this is the best choice and perfect spot to gather everyone together. From the delicious appetizers to the wonderful entrees you will find this is the best place for family, friends or a business dinner.

Located in the western part of the state of Pennsylvania, to the north of Pittsburgh, this is the place to be for Gibsonia, PA family fun or if you are coming to play golf. Either way you will be sure to enjoy the time spent here.

If you would like more information about Gibsonia, PA , please feel free to contact us at (724) 933-8505 or visit our Contact Us page where you can send us a message.  We’ll get back to you right away!