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Real Estate Blog
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Wednesday, February 08 2012
While most sales people don’t hold a degree in psychology, that science winds up playing a major role in the sales process. Most highly experienced listing agents not only understand this -- they use it toEvansville sellers’ advantage.
According to a 2010 study by Avid Ratings published in the Los Angeles Times, typical home buyers have a simple hierarchy of preferences: they want it all. Even when pressed to name what they are willing to do without, the typical homebuyer’s long list of “must haves” remains pretty much untouched.
What they are not willing to compromise on are home offices, walking paths, children’s playgrounds and large kitchens.
Large rooms, in fact, sell homes.
Even if your house is full of small rooms, your listing agent can help them appear larger by hiring a home “stager”. Stagers are professional dream makers. Savvy about what today’s homebuyer is looking for, stagers use their designer skills to transform homes from “Can you show us the next house on the list?” to “Stop! I want this house!”
Homebuyers also want a home that’s in turnkey condition. In fact, a study performed by the Maritz marketing research firm found that 63% of the homebuyers polled said they are willing to pay more for a home they perceive to be “move-in ready”. And it’s a properly staged home that is more likely to help buyers get that “move right in” feeling.
Listing agents who provide home staging for their clients understand that a staged home sells faster and for a higher sales price. Some studies show that spending just $550 on home staging nets the seller almost $2,000 more at the close of escrow.
Call me if you are interested to find out more about the home staging service we provide. You can reach me by phone at 812-499-9234 or email: Rolando@RolandoTrentini.com
Tuesday, February 07 2012
Who can’t use a little time off now and then? Vacation time is not just a welcome reward following long stretches of an otherwise unending repetition of day-to-day obligations, it’s also widely recognized as a necessary relief valve -- a break from the stress of today’s hectic schedules. Vacations, long or short, take us away from our hectic routines. They serve the purpose of breaking up the monotony of the daily grind – often resulting in valuable perspectives that bring renewed vigor and creativity to careers and even relationships.
A week at the beach; a couple of days fishing over a weekend; simply spending quality time with family and friends in vacation homes set in picturesque locales – all can serve a valuable purpose. Not to mention just having fun!
Whenever we plan a break away from home we can find a broad choice of hotels, inns, villas,and vacation homesfor rent. It is that last choice that’s often overlooked, but for those who have managed to buy themselves a second home near an attractive vacation destination, it’s the hotel cost that is no longer an issue. And with today’s historically low interest rates and rock-bottom sales prices, there is good reason to argue that right now there has never been a better time to consider purchasing one of those vacation homes yourself.
One reason that many thoughtful families are beginning to pay attention is the considerable impact owning second homes or vacation homes canmake onreducing retirement expenses. Writing in Interest.com, author Stef Donev points out, “By starting early, you're building equity and reducing your mortgage debt on your…retirement residence. When you retire, the profit from your current home might even be enough to pay off the mortgages on both.”
While having a second home can have tax and other financial advantages, what can be even more appealing is the attraction of owning vacation homes near resort or tourist spots – especially for those who vacation at least once a year. In addition to the savings realized from eliminating many sizable hotel and resort charges, it can even become possible to reverse the vacation cash outflow by opening their own vacation home for rental accommodations. By hiring a property management team to take care of the bookings, they generate their own passive income as an offset to dual mortgage and upkeep expenses.
If you are newly considering the pros and the cons of purchasing a second home in Southwest Indiana or in another location, do give me a call. You can reach me by phone at 812-499-9234 or email Rolando@RolandoTrentini.com
Monday, February 06 2012
Six stand-out athletes native to Evansville release a video for a good cause. Don Mattingly and his son Preston, Chris Owen, Kipp Schutz, Max Dedmond, and Sean Mooney teamed up to create a video of trick shots to benefit a local non-profit.
Basket after basket, the seven minute video shows more than 25 trick shots performed by six of Evansville's legendary athletes. It kicks off with L.A. Dodgers manager Don Mattingly.
"In the opening shot the mascot's wearing a San Francisco Giants hat and that's obviously one of the Dodgers' arch rivals so he does his own special trick shot. He takes care of that particular hat and makes sure Bearwinkle is wearing an L.A. Dodgers hat," says Jamie Morris, Resource Development Director at Boys and Girls Club of Evansville.
The group calls itself team Trickwinkle. Several months ago they came to Boys and Girls Club of Evansville with the idea to make the video as a fundraiser for the non-profit. The team found sponsors for their project, and sold T-shirts bearing the names of the sponsors, and the face of their mascot, Bearwinkle. Their goal was to raise one-thousand dollars. But the now-viral video has already surpassed that.
"The distance and the skill that it takes to get those on all of them it's just really unbelievable and impressive," says Morris.
Team Trickwinkle makes shots from behind, off a fire truck ladder and boat, and even blind over Central Stadium.
"It is 100-percent real. There is no faking. There is no video trickery. Those are all 100-percent real trick shots," says Morris.
The video makes the trick shots look easy. But Morris says, while some shots only took a few tries, others took up to four hours to achieve. He says when the members of Trickwinkle finally make the shot -- their reaction is real.
In one clip -- Chris Owen shoots a football through a McDonalds sign into a basket on the other side. As the team celebrates Owen is heard saying "Ba-da-bab-bah-bah, I'm lovin' it!"
Don Mattingly closes the video with its only blooper. He tries to hit a Giants hat off mascot Bearwinkle, but instead hits the mascot in the head.
Proceeds from the sponsorships and t-shirts will all go to Boys and Girls Club of Evansville. Watch the video on YouTube.
Source: http://tristatehomepage.com/fulltext-news?nxd_id=486272
Friday, February 03 2012
When tackling home remodeling projects, you’ll find some projects pay off more than others at times of resale. Remodeling Magazine, in conjunction with REALTOR® Magazine, recently released findings of its annual Cost vs. Value report for 2011-2012, revealing which remodeling projects offer the biggest bang for your buck.
Overall, the trend right now is replacement over remodeling–swapping out the old for the new rather than doing a total gut job, which can be much more costly.
This year’s Cost vs. Value report found that exterior replacement projects–such as new garage doors and a new entry door–offer some of the best returns at resale, allowing home owners to recoup close to 70 percent or more of the costs of the project at times of resale.
The following are the top, mid-range projects from this year’s report, based on what home owners stand to recoup at time of resale:
1. Replacing the entry door to steel
Estimated cost: $1,238
Cost recouped at resale: 73%
2. Attic bedroom (converting unfinished attic space into a bedroom with bathroom and shower)
Estimated cost: $50,148
Cost recouped at resale: 72.5%
3. Minor kitchen remodel (including new cabinets and drawers, countertops, hardware, and appliances)
Estimated cost: $19,588
Cost recouped at resale: 72.1%
4. Garage door replacement
Estimated cost: $1,512
Cost recouped at resale: 71.9%
5. Deck addition (wood)
Estimated cost: $10,350
Cost recouped at resale: 70.1%
6. Siding replacement (vinyl)
Estimated cost: $11,729
Cost recouped at resale: 69.5%
Source: http://styledstagedsold.blogs.realtor.org/2012/01/25/2011-2012-cost-vs-value-which-remodeling-projects-pay-off-the-most/
Wednesday, February 01 2012
The bedrock of the residential real estate industry is the American Dream of owning your own home. But the current market has seen a rise in another facet of the industry: the ‘strictly business’ opportunity created by the rise in Evansville and Newburgh foreclosure listings. Everyone from first time buyers to seasoned investors are newly aware that housing market conditions warrant a serious look at the unusual bargains that are opening up.
The appeal is understandable due to some commonsense consequences caused by the mortgage meltdown (and the headlines that followed). When banks come into possession offoreclosed properties they find themselves in an unenviable position. Incented to sell them as soon as they can, they aren’t free to wait until the market rises to meet historic price levels. As a result, mounting numbers of those foreclosure listings are carrying price tags that are a fraction of their original market price.
For homeowners who see a second home as a path to create a passive rental income stream, foreclosure listings comprise tempting investment vehicles. And for first time homebuyers, the information in the same foreclosure listings can mean nothing less than a foot in the door of homeownership.
In both cases, the first step to buying a bank-owned property comes with finding reliable foreclosure listings. Looking for a trustworthy source means finding one that features up-to-date and accurate information. Too many dedicated “foreclosure” websites offer endlessly duplicated, incorrect, or woefully outdated information. Relying on them can send would-be buyers on a frustrating series of time-eating wild goose chases that end up locating houses that have already been sold.
One way to test a source of foreclosure listings is to take advantage of free trial subscriptions where they are offered. It’s a money-saving way to determine whether a foreclosure source can be trusted to include attractive properties listed soon after they come on the market. The good news is that the online field is developing rapidly -- so much so that it may even be possible for you or your agent to inquire (or even begin negotiations with the bank) through the Internet.
In any case, the opportunities that foreclosure listings represent also carry special characteristics that canny buyers need to take into account. Home inspection rules are one example. Banks are under no obligation to disclose information about a property’s flaws in the same way that regular homeowners must, so it’s imperative to make a physical investigation of a foreclosure listing before proceeding further.
If you are curious about your chances of finding a great deal in the foreclosure market, I will be happy to send you theforeclosure listings as well to help you identify any and all that may fit your goals. You can reach me at 812-499-9234 or by email Rolando@RolandoTrentini.com
Tuesday, January 31 2012
January’s typical Evansville homebuyer assumes that buying a pre-owned residence saves money. Period. And in fact, most often that is true. Buyers rightly expect that pre-owned houses are more affordable than comparable new homes for sale. But what about the buyer who can qualify for a slightly higher mortgage? Would it be a better idea for them to also consider new homes for sale rather than to simply fixate on the immediate cash savings that go along with buying an older property?
The fact is, there are both benefits and drawbacks that deserve looking at no matter which choice you wind up making.
One practical advantage to buying new homes for saleis that you know that you and your family will be living in a house built to conform to the latest standards in materials and construction. Evansville building codes are continually adopting advances in energy efficiency and materials sustainability. They automatically reflect the community’s experience with construction techniques: what works and what doesn’t; what lasts longest; what’s safe. With contractors and inspectors both working the insure that new homes for sale are built to code; the result is an extra dose of peace of mind when it comes to the durability you can expect in a new home.
Another advantage to buying a newly built house is the pleasure and convenience of living in a home with brand new features. No time-consuming and costly remodeling will be needed to obtain the extra pride of ownership that go with a sparkling new kitchen and bathrooms boasting the latest fixtures. And it’s often the case that newly-built homes for sale better reflect today’s lifestyle patterns. Twenty-first century floor plans apportion space in ways that agree with most people’s living preferences, so new homes for sale in today’s market are more likely to accommodate modern entertainment systems (just as they frequently leave less space for gigantic dining room tables).
In contrast, one disadvantage to purchasing some of the new homes for sale can be a tradeoff in lot size. Though not always the case, older developments sometimes reflect an earlier era which accommodated smaller populations featuring less crowded landscapes.
Of course it’s your budget that will largely determine which combination of neighborhood and new or pre-owned home that will make the best fit for you and your family. The wisdom of planning carefully before investing hard-earned money in any property goes without saying. Since you are looking forward to many years of occupancy in either a pre-existing or new home for sale, I hope you will contact me for a consultation. I know the area and can help you sort out the choices that are available right now. You can call me at 812-499-9234 or you can email me at Rolando@RolandoTrentini.com
Monday, January 30 2012
The Growth Alliance for Greater Evansville is reporting what it describes as a record 2011. The organization says it helped 10 companies with their decisions to locate or expand in the Evansville area. GAGE also says it has helped secure commitments for nearly 1,000 jobs over the next five years.
he Growth Alliance for Greater Evansville (GAGE) released today, its 2011 Annual Report to the Community.
The Growth Alliance began 2011 with new areas of strategic focus, a reallocation of resources, and specific performance objectives. GAGE focused on their mission of bringing jobs and revenue growth to Evansville and Vanderburgh County and met or exceeded those objectives by focusing on attraction, retention, and expansion of businesses that can drive long-term sustainable economic growth; as well as on new business incubation and technology commercialization.
In addition to the economic and community development accomplishments outlined in the Annual Report, GAGE developed a Business Licensing and Permitting Guide and a variety of promotional materials used to attract and retain businesses and workers in Evansville and Vanderburgh County. New this year, the Growth Alliance implemented economic impact modeling to accurately evaluate projects. GAGE also conducted multiple entrepreneur workshops and obtained Shovel Ready Certification for another local property.
GAGE President Debbie Dewey says, “We look forward to more success in 2012. We will continue to drive a City Branding effort, operate as the One Stop Resource for Business in Greater Evansville, and participate in establishing a technology corridor vision for the region.”
The Growth Alliance would like to send a special thanks to their volunteer Board Members, investors and sponsors, and partnering organizations for making their efforts possible.
A downloadable version of the 2011 GAGE Annual Report is available on the GAGE website, www.evansvillegage.com.
The Growth Alliance for Greater Evansville is a non-for-profit 501c(3) that was created in early 2007 because government and business representatives were searching for a comprehensive focused approach for economic development. The Growth Alliance provides support for strategic programs that enhance the overall economic vitality of the area.
Mission: to drive and support economic development activities for the City of Evansville and Vanderburgh County, Indiana aimed at: attracting and creating new jobs and new revenue dollars, retaining existing jobs and revenue dollars, effectively allocating available resources and recognizing the priorities of basic industries in driving sustainable growth.
• GAGE assisted 10 companies with their decision to locate or expand in the City of Evansville or Vanderburgh County in 2011: Sugar Steel, Mead Johnson & Company, SS&C Technologies, Rotary Corporation, Windstream Technologies, Berry Plastics Corporation, Global Blade Technology, Vantage Oncology, Heartland Pump, Uniseal, Inc.
• Number of jobs GAGE will have added to Evansville/Vanderburgh County over the next five years: 973
• The 5 year Economic Impact of the new jobs added in Evansville/Vanderburgh County: $967.4 Million (source: Economic Impact Model)
• Innovation Pointe, the high-tech business incubator managed by the Growth Alliance for Greater Evansville is 83% occupied.
• The Growth Alliance engaged six (6) regional businesses in activities to explore federal lab resources that may be a benefit to their products or processes. As a result, to date, one new product idea and a joint technology development effort is being evaluated.
• GAGE assisted twenty-eight (28) businesses through the Downtown Design process.
• A walking map of Downtown Evansville is complete and available on the GAGE website, www.evansvillegage.com
• The Business Licensing and Brochure Guide created by GAGE is available on the GAGE website, http://www.evansvillegage.com/gage-reports/
• The Growth Alliance obtained Shovel Ready Certification for another local property.
Source: Growth Alliance for Greater Evansville http://://www.insideindianabusiness.com/newsitem.asp?ID=51881
Friday, January 27 2012
Existing-home sales continued on an uptrend in December, rising for three consecutive months and remaining above where they were a year ago, according to the National Association of REALTORS®.
The latest monthly data shows total existing-home sales rose 5.0 percent to a seasonally adjusted annual rate of 4.61 million in December from a downwardly revised 4.39 million in November, and are 3.6 percent higher than the 4.45 million-unit level in December 2010. The estimates are based on completed transactions from multiple listing services that include single-family homes, townhomes, condominiums and co-ops.
Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”
For all of 2011, existing-home sales rose 1.7 percent to 4.26 million from 4.19 million in 2010.
Affordability Conditions
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to another record low of 3.96 percent in December from 3.99 percent in November; the rate was 4.71 percent in December 2010; recordkeeping began in 1971.
NAR President Moe Veissisaid more buyers are expected to take advantage of market conditions this year. “The American dream of homeownership is alive and well. We have a large pent-up demand, and household formation is likely to return to normal as the job market steadily improves,” he said. “More buyers coming into the market mean additional benefits for the overall economy. When people buy homes, they stimulate a lot of related goods and services.”
Total housing inventory at the end of December dropped 9.2 percent to 2.38 million existing homes available for sale, which represents a 6.2-month supply at the current sales pace, down from a 7.2-month supply in November.
Available inventory has trended down since setting a record of 4.04 million in July 2007, and is at the lowest level since March 2005 when there were 2.30 million homes on the market.
“The inventory supply suggests many markets will see prices stabilize or grow moderately in the near future,” Yun said.
Who’s Buying What
Foreclosures sold for an average discount of 22 percent in December, up from 20 percent a year ago, while short sales closed 13 percent below market value compared with a 16 percent discount in December 2010.
The national median existing-home price for all housing types was $164,500 in December, which is 2.5 percent below December 2010. Distressed homes — foreclosures and short sales — accounted for 32 percent of sales in December (19 percent were foreclosures and 13 percent were short sales), up from 29 percent in November; they were 36 percent in December 2010.
All-cash sales accounted for 31 percent of purchases in December, up from 28 percent in November and 29 percent in December 2010. Investors account for the bulk of cash transactions.
Investors purchased 21 percent of homes in December, up from 19 percent in November and 20 percent in December 2010. First-time buyers fell to 31 percent of transactions in December from 35 percent in November; they were 33 percent in December 2010.
Contract failures were reported by 33 percent of NAR members in December, unchanged from November; they were 9 percent in December 2010. Although closed sales are holding up better than this finding would suggest, contract cancellations are caused largely by declined mortgage applications and failures in loan underwriting from appraised values coming in below the negotiated price.
Single-family home sales increased 4.6 percent to a seasonally adjusted annual rate of 4.11 million in December from 3.93 million in November, and are 4.3 percent higher than the 3.94 million-unit pace a year ago. The median existing single-family home price was $165,100 in December, which is 2.5 percent below December 2010.
Existing condominium and co-op sales rose 8.7 percent to a seasonally adjusted annual rate of 500,000 in December from 460,000 in November but are 2.0 percent below the 510,000-unit level in December 2010. The median existing condo price was $160,000 inDecember, down 3.0 percent from a year ago.
Around the Country
Regionally, existing-home sales in the Northeast jumped 10.7 percent to an annual pace of 620,000 in December and are 3.3 percent above a year ago. The median price in the Northeast was $231,300, which is 2.7 percent below December 2010.
Existing-home sales in the Midwest rose 8.3 percent in December to a level of 1.04 million and are 9.5 percent above December 2010. The median price in the Midwest was $129,100, down 7.9 percent from a year ago.
In the South, existing-home sales increased 2.9 percent to an annual level of 1.76 million in Decemberand are 3.5 percent above a year ago. The median price in the South was $146,900, down 1.1 percent from December 2010.
Existing-home sales in the West rose 2.6 percent to an annual pace of 1.19 million in December but are 0.8 percent below December 2010. The median price in the West was $205,200, up 0.3 percent from a year ago.
Source: NAR http://realtormag.realtor.org/daily-news/2012/01/20/december-existing-home-sales-show-uptrend
Wednesday, January 25 2012
To calculate how much remodel you can afford, follow these four steps: Ballpark the cost, establish a spending limit, make a wish list, and set your priorities.
What’s on your remodeling wish list? Maybe you’re longing for a spa-like master bathroom, a new eat-in kitchen, or a garage with space enough to fit your cars and your outdoor gear. Well, when it comes to home improvements, knowing what you want is the easy part. The tougher question is figuring out how much you can afford. Follow this four-step plan to arrive at the answer.
Ballpark the costs
The first step is to get a handle on how much your remodeling dreams will cost. Remodeling Magazine’s 2010-11 Cost vs. Value Report gives national averages for 35 common projects. Or you can use a per-square-foot estimate: In general, major upgrades, such as a bathroom remodel or a family-room addition, run $100 to $200 per square foot. Your local National Association of Home Builders (NAHB) affiliate can help with estimates. At this point, you’re not trying to nail down exact prices, but to get a rough sense of what your project might cost.
Figure out how much you have to spend
Once you have a ballpark cost estimate, the next question is whether you have the money. If you’re paying cash, that’s pretty easy to answer. But if you’re borrowing, you need to assess how much a bank will lend you and what that loan will add to your monthly expenses.
For the vast majority of homeowners, the best way to borrow for a home improvement is a home equity line of credit. A HELOC (pronounced HEE-lock) is a loan that’s secured by your home equity, which means that it qualifies for a lower rate than other loan types, and you can deduct the interest on your taxes. Because a HELOC is a line of credit rather than a lump-sum loan, it comes with a checkbook that you use to withdraw money as needed, up to the maximum amount of the loan. For help shopping for a HELOC, download our free worksheet.
The catch is that the minimum payment on a HELOC is just that month’s interest; you’re not required to pay back any principal. Like only paying the minimum due on a credit card, that’s a recipe for getting stuck in debt. Instead, establish your own repayment schedule. You can do this simply by paying 1/60th of the principal (for a five-year paydown) or 1/120th (for 10 years) in addition to the monthly interest. If you can’t afford that much, then you should reconsider your project.
Get quotes from contractors
Once you have ballpark estimates of what your job might cost and how much you can spend, you know whether it’s feasible to move forward. Assuming the numbers are within shooting range of each other, it’s time to get a nuts-and-bolts assessment of project costs.
Don’t ask contractors for bids yet, though. First, you need to determine exactly what you want, right down to the kitchen countertop material and the type of faucet. By specifying these details up front, you ensure that contractors are all pricing the same things, rather than the countertop and faucet they assume you want. If you’re using an architect or designer, bring them in now to help with these choices. If not, consult magazines, go to showrooms, and visit friends’ houses for ideas.
Next, get recommendations for at least three contractors from friends, neighbors, and other tradesmen that you trust. Give each one your project description and specific product lists and request an itemized bid. To make a final decision, assess some of their previous work, their attitudes, and their references, and then choose the contractor who impresses you most.
Prioritize and phase
Take the winning contractor’s bid and add a 15% to 20% contingency for the unforeseen problems and changes that occur on every project. Is the total still within your ability to pay? If so, you’re ready to get started. If not, it’s time to scale back your plans.
Because you have an itemized bid, you can get a good sense of what you’ll save by eliminating various aspects of the project. Enlist the contractor’s help: Explain that you’ve decided to hire him (and you’re not trying to nickel-and-dime him) but that the bid is over your budget, and ask him to recommend ways to cut costs. He may suggest phasing parts of the job—keeping your old appliances in your new kitchen, for example, because they’re easy to upgrade later—or stealing some underutilized square footage for part of your family room to reduce the size of the addition. He may even suggest waiting until the slow winter season, or letting you do some of the work yourself. Once the bottom line on the bid matches the bottom line on your budget, you’re ready to transform your home.
Read more: http://www.houselogic.com/home-advice/planning-your-remodel/how-to-budget-for-home-remodel/#ixzz1kU1Kha1p
Tuesday, January 24 2012
If you're a fan or bourbon or jazz, then you're really going enjoy a new festival coming to Owensboro.
Karren Miller with Owensboro Daviess County Visitors Bureau announced the new Bourbon n' Jazz Festival that's coming to town in June.
The festival will be downtown and organized by the Owensboro Bourbon Society and the Miller House, which has a bourbon bar with more than 100 different bourbons. The Owensboro Symphony Orchestra will provide the jazz music.
Miller says with opportunities like this festival and the work being done at the miller house with their bourbon bar, they're hoping Owensboro can become an official member of the Kentucky Bourbon Trail.
The festival will be held on June 15th and 16th.
Source: http://tristatehomepage.com/fulltext-news?nxd_id=483992
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