Friday, July 31, 2009

A Brief Summer Vacation



The b-town Report will be on summer vacation until August 1oth!

Now is a great time to check out the over 200 postings in the index to the left. You can follow the trends of interest rates this year, read up on green living and check out facts about the national housing market.

Enjoy!

Thursday, July 30, 2009

Take Advantage of the $8000 Tax Credit Before It's Gone


Time is winding down to take advantage of the $8K first-time home buyer tax credit. If you’re looking to buying your first home, you must be signed, sealed, delivered and closed by November 30th! It can take up to 45 days to close a transaction if your are using an FHA loan program, and if you are considering a short sale, the process will take even longer. So get to it!
Find everything you need to know on Trulia Voices – from the basic requirements to how it works.

Wednesday, July 29, 2009

Four Things to Know About Your Home Electrical System


While researching information on the National Association of Realtors web site, I came across a great article from Leslie Banker who is the co-author of The Pocket Renovator (2007). The article is about four basic points of information dealing with electrical systems of homes. Here are some of the highlights from the article:
These are some basics that you should know:
1. Does the home have 220 volt service? (220 volt service equates to 200 amps just as 110 volt service equates to 100 amps) If the home was recently built, the answer is almost always yes. Most houses today have two 110 volt wires and one neutral wire running into the house from the local distribution system. These wires can run underground or above ground. If there are two 110 volt wires running to the house, then the house has 220 volt service and appliances, such as dryers and air conditioners.

Older houses were usually built with 110 volt service; if the electrical system hasn’t been upgraded, it won’t be possible to use some models of appliances (though alternatives can be found).
2. What’s the difference between a fuse and a circuit breaker? Fuses and circuit breakers are both found in the electrical panel (or sub-panel) of a house. They both serve the purpose of cutting the flow of electricity when a circuit gets overloaded—a potentially dangerous situation. Circuit breakers will be found in most houses built after the 1960s or in older buildings that have had their electrical systems upgraded.

Fuses have a thin strip of metal that literally blows when there’s too much electricity flowing through it. When this happens, the fuse needs to be taken out and replaced.
3. Where’s the “main panel?” This is where all the circuits in the house originate from and it’s usually near where the electric power enters the building. It will be filled with circuit breakers (or fuses in an older building). The main panel has a rating that determines the total amount of current that can flow out to the circuits at one time before the main circuit breaker shuts the entire system down.
4. Are the outlets grounded? These days most electrical outlets that you see accept three prong plugs. This means, almost always, that the outlet is grounded. A grounding wire, which connects to the round third hole, protects against electric current escaping from the circuit and causing shocks.

Older houses might only have two prong outlets, meaning there’s no grounding protection in the circuits. Upgrading an electrical system to include grounding wires involves opening the walls and can be a significant amount of work. How much work it is depends on the size, construction and layout of the house.

Tuesday, July 28, 2009

Home Sales in June Rise for the Third Consecutive Month



From an article in the New York Times, the number of home sales for 'previously occupied homes' rose for the third month in a row. These numbers are for existing homes but do not include new construction.

The median sales price for homes in the US was $181,800 in June, up from $174,700 in May. However this is down 15.4% from the month of June 2008 when the median home sale price was $215,000.

Monday, July 27, 2009

Mortgage Rate Report


In a report sent by Mark Weddle of Regions:

Early in the week, a forecast from the Fed that inflation should remain low for the next couple of years moved mortgage rates lower. The economic news later in the week was less favorable for mortgage rates, however. Strong earnings reports produced a rally in the stock market, which pushed mortgage rates higher. In the end, mortgage rates finished the week essentially unchanged."
In testimony before Congress on Tuesday, Fed Chairman Bernanke provided an update on the Fed's outlook for economic conditions. Of note, Bernanke predicted that inflation will not be a concern any time soon, which was good news for mortgage rates. While he expects economic growth to turn positive later this year, he suggested that the labor market may be weak for several years. As a result, the fed funds rate will likely remain near zero for "an extended period".

Sunday, July 26, 2009

Weekend Video: Five biggest real estate myths


Weekend videos are a popular event here at the b-town Report and who can resist Barbara Corcoran on a Sunday Morning.

Let's see what this NYC real estate expert has to say about the five biggest real estate myths:

http://vodpod.com/watch/1315630-msnbc-com-video-five-biggest-real-estate-myths

Saturday, July 25, 2009

Anyone Looking for a French Chateau?



How about a $27 million dollar french chateau...in Texas. To the left is www.trulia.com 's house of the week. This home features a home theatre, wine cellar, a veranda that can seat 450 of our closest Friends (if only we were all so popular), and a 15 car garage. For more information follow this link:
http://www.trulia.com/property/1062749893-1851-Turbeville-Rd-Hickory-Creek-TX-75065