The National Association of Home Builders (NAHB) and Wells Fargo Housing Opportunity Index (HOI) report that nearly 76% of new and existing homes sold in the last quarter of 2011 could have easily been purchased by buyers earning $64,200 (the national median income). The previous quarter showed nearly 73% of homes in that range, marking a 3% increase.

Interest rates have been at record lows and change weekly on 30-year loans with Freddie Mac reporting an average of 3.87% on February 16th. 15-year loans were averaging 3.16%.  Many housing markets were considered affordable in the recent index, however, if you are in market to purchase a home, the following areas represent the best choice in order of affordability according to the NAHB/HOI:

• Youngstown, Ohio
• Boardman, Ohio
• Warren, Ohio
• Lakeland, Florida
• Winter Haven, Florida
• Modesto, California
• Harrisburg, Pennsylvania
• Carlisle, Pennsylvania
• Toledo, Ohio
• Kokomo, Indiana
• Fairbanks, Alaska
• Cumberland, Maryland
• Lima, Ohio
• Rockford, Illinois

Click on The NAHB/Wells Fargo Housing Opportunity Index: History of Least and Most Affordable Areas spreadsheet located here to download the list of historical data on the most and least affordable areas in your community or browse their website to learn more.

The new agreement, authorized in 49 states (not Oklahoma), strengthens the review process on loan modifications and foreclosures by requiring application reviews prior to beginning the foreclosure process. Excessive fees, insurance costs, and appraisal rates also received limits, and the agreement also provided avenues for principal reduction for struggling homeowners. This agreement does not apply to any FHA, Freddie Mac or Fannie Mae loans or foreclosures.

Homeowners with a mortgage on their primary home that represent a 20 percent or more reduction on property value with a loan balance of less than $417,000 are targeted for these funds, although eligibility will be determined individually. Homeowners whose mortgage rates are above 5.25 percent may be able to refinance to lower interest rates, and homeowners experiencing unemployment or considering short sales may receive aid, as well.

Contact your lender directly to see if you are eligible or watch for a notification letter from your lender within the next six months. Incentives were provided to lenders who completed settlements within 12 months, and funds must be dispersed within three years. Click here to see actual details of the agreement.

This number is anticipated to continue to rise to five times that rate in the next five years with over 30% of “green” home building being forecasted for 2016. Beyond 2016, builders believe over 90% of their projects will be “green.” Home buyers are seeking earth-friendly features in homes for sale, so home sellers and remodelers should take note of these statistics. Renovation work has also increased in recent years, most likely due to the shifting economy, and builders report that home remodels make up over 60% of their business, according to the recent McGraw-Hill study done in conjunction with National Association of Home Builders and Waste Management.

So, home owners and those looking for new homes with eco-friendly perks, have the “green” light! Almost half of builders (46%) have begun marketing their “green” services and are becoming well-versed in determining the best needs and options for their clients. As builders become more familiar with the processes involved with earth-friendly materials, consumer cost has decreased as well, making it a great time to upgrade your home for sale. Benefits of making these eco-friendly measures can be reduced energy costs, reduced waste, better quality of life, and peace of conscience.

To get more information on the results of the Green Home Builders and Remodelers Study, click here.

Is your home sending the correct messaage?

If not, it may be time to consider hiring a gardener or getting help from family and friends to make some needed changes as soon as possible. The right gardener can transform the most jungle-like backyard into a beautifully manicured area of peace and tranquility, in as little as a day! With all the other tasks associated with selling your home, landscaping is a great project to outsource.

Before hiring a gardener, ask friends or neighbors for referrals. Once you have a few recommendations, ask questions and raise any concerns you may have with the gardeners/landscapers you decide to interview. Some key points to discuss are how often you would like service and what you need included at each visit. Services range from simple mowing to complete care, with reseeding, watering and fertilizing options. Don’t be afraid to ask your new gardener for help with ideas and improvements that could increase your property value and alert your gardener as to the property status, since there may be times when extra special service is needed (such as before an open house). You might even request that any extra cut blooms be left for you to use inside your home.
Keep in mind that a specialty garden is not the same as basic maintenance. If you have special circumstances, you may want to consider sharing written along with any verbal instructions with your chosen landscaper. Of course maintenance and seasonal costs, liability insurance and worker’s compensation coverage are all topics you will want to discuss before entering into any agreement.

Once you have begun your service, inspect the initial work and take time to notice the changes occurring in your landscaping. As you offer feedback to your gardener and become a part of the process, you will see your home evolve into a well-kept, beautifully groomed masterpiece. Your home will create the best impression possible and deliver the message you want to share with potential home buyers.

If you find yourself in a no-win situation regarding your mortgage, it can be helpful to speak with your lender and ask about modifications that can be made in the short term.  You can ask about the short sale process,  too, and see if that may be a viable option for you.  A short sale is when your lender agrees to accept a lower price than is owed on your property as payment in full.  There is a lot of paperwork that accompanies this type of sale and it is helpful to use a real estate agent that has short sale experience with this type of transaction.  In fact, some real estate agents and home buyers specialize in just this type of sale and can be a great help to you!

If you want to stay in your home, rather than sell, programs such as the Home Affordable Refinance Program (HARP), Home Affordable Modification Program (HAMP) , or the Home Affordable Foreclosure Alternative (HAFA)  offered by Freddie Mac may all be options.  Fannie Mae and your individual lender may have other programs that can assist you as well.  Please click here to view a variety of tools on how to avoid foreclosure.  Remember that you have options, if you are willing, able, and have the time necessary to explore them.  Don’t give up!

1. Types of homes. Choose the type of home that is the most appealing yet practical for you. In addition to single family homes, there are multifamily homes, condominiums and co-ops. Multi-family homes are often good for first time home buying because they can have rental income to help with their mortgage.

2. Budget and investment considerations. Find a balance between your needs, wants and budget. Decide whether you should buy a newly constructed home, a bit older home or a “fixer-upper”. If you may sell your home in the future, the following are best for re-sell value:

• Homes with 3 or more bedrooms; condos with 2 or more
• Homes with “curb appeal” always sell best
• Homes that are NOT unusual or unique and not the most expensive on the block

3. While house-hunting you will probably look at many homes for sale, so keep careful and complete notes and compare.

4. When you finally find your dream home, don’t hesitate! If you snooze, you may lose!

1. Decorate your home festively, but don’t go overboard and cover up important features. Also, put treats out for buyers and crank up the heat for a cozy winter escape.
2. Post top-quality photos and videos of your house on the web. Many buyers do their shopping from the warmth of their homes when the weather is bitter.
3. Make sure your curb appeal is striking! Keep fallen leaves raked and snow neatly groomed.
4. Get yourself a reliable real estate agent and seek out serious buyers such as work re-locators.
5. As always, price to sell!!

Don’t confuse appraisals with inspections! An appraisal is for a lender to estimate the value of the home, and to make sure it meets minimum FHA standards. The FHA does NOT guarantee the value or condition of your would-be new home. If you find problems with your home after closing, don’t expect the FHA to help. It’s your responsibility to inspect the home for problems before closing.

Finally, radon gas testing is recommended for all houses by the EPA and the Surgeon General of the United States. For more information on radon testing, call the National Radon Information Line at 1-800-SOS-RADON, or 1-800-767-7236.

Inspections may be done before or after signing as long as your contract states that the home saledepends on the inspection.

1. HO-2, the least expensive type, covers only named perils such as fires or lightning. If the peril is not named, it’s not covered.
2. HO-3, generally recommended as the minimum coverage, includes open perils protection. It covers all direct physical losses with certain exceptions such as earthquakes, floods and intentional loss.
3. HO-4, renters and tenants insurance, covers personal property rather than the structure itself. There are also exclusions for which types of perils are covered.
4. HO-5 covers open perils and adds a rider, which includes protection of personal property. Exceptions also apply.
5. HO-6 is for condos or co-ops. It is similar to HO-4, but also covers improvements you may have made to the dwelling.
6. HO-8 is for older homes. It insures the home for the repair cost or market value instead of the cost to replace it.

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