1. Asphalt or composite shingles. This is the most widely used choice with almost any style of house and can be installed by most contractors. The lower-end 3-tab shingles can last 15-20 years while heavier and costlier “architectural” shingles with a 3 dimensional look can last up to 40 years.
2. Clay tiles and concrete. Tiles look more stlish on certain homes, such as Spanish or Mediterranean and are mostly found in warm weather regions. Tiles are lighter than concrete, but tend to be more fragile. These materials can last from 50-100 years.
3. Metal. A unique choice than can look modern and come in many colors. They are often manufactured in shapes, from shingles to panels and come in various thickness and textures-some even resemble dragon scales. Metal can be quite noisy when it rains and it’s quite expensive,with copper at the upper reaches.
4. Slate. Slate demands a time-consuming installation process and is one of the most expensive types. Slate has a life span of over 50 years and has natural gradiations in color and texture which make it tough to beat aesthetically.
5. Wood shakes and shingles. These natural materials look great on most homes, whether traditional or contemporary. They can also last up to 50 years, but they must be treated to withstand fire and some state building codes don’t permit them.
6. Solar shingles. Dow Chemical Co. will soon release the PowerHouse Solar Shingle, which can be incorporated into home roofing systems along with standard asphalt shingles. The product will cost less than solar panels and will be easier to install.

Potential home buyers who delay have a lot to lose.

First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.

Other factors that should spur buyers:

Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.

Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).

Source: Money Magazine, Beth Braverman (03/02/2010)

I subscribe to this great website that helps remind me of great tips to get and stay organized. Here’s a sample of some of their tips:

Personal goals can help you accomplish an assortment of objectives and serve a variety of purposes. Goals may be short term and relatively easy to accomplish like cleaning the house or making a casserole for dinner before picking the kids up from school. Alternatively, your goals may be more long term or complex and involve multiple steps and processes such as shedding weight before a vacation or saving enough to retire by the age of 65. Whatever they may be, the goals you set for yourself will guide your daily actions and steer your life in a direction you deem satisfying.Setting goals, especially long term goals, can be an intimidating process. After all, these objectives will determine what path you will take and directly affect your level of satisfaction with career, family, and life. An organized approach to goal setting will ensure your goals are appropriate, purposeful, and when achieved, will result in a satisfactory outcome. By taking an organized approach to setting goals, you can target your objective and achieve success with minimal stress and maximum fulfillment.

Reward yourself! When you have completed your goals, give yourself a small reward for all of your hard work. Knowing there will be a worthwhile incentive in exchange for your efforts will motivate you to finish and inspire you to set more goals for yourself in the future. If you worked hard and saved up enough money for a family vacation, buy yourself a book to read on the airplane or schedule a spa service at your destination hotel.

Source: www.getorganizednow.com

Many home sellers are losing money — precisely because they’re determined not to lose money. So why won’t your home sell?

One reason homes are languishing on the market is that owners are suffering from “sunk cost fallacy,” says Ohio State University economist John Kagel.

This fallacy describes the reluctance people have to sell for less than they paid or put into a home, even when hanging on and waiting for the right price will ultimately prove costly.

It can be hard to shake this faulty logic, even when homeowners’ income has dropped precipitously or they’re living off a limited amount of money, like a severance package, says financial planner William Suplee of Structured Asset Management in Paoli, Pa.

Here are three questions to determine whether you could benefit by losing money on a home sale:

1. Will you slash your housing costs with a move?
Owners under financial pressure who could find relief on their monthly cash flow by moving to a lower-cost home that they either buy or rent are the ones grappling with the sunk cost fallacy.

Don’t forget all the ancillary expenses, like commuting costs, that go along with a particular housing choice, adds D. Scott Neal, a financial planner in Lexington, Ky.

Laying out the annual costs of staying in a home that cost his client $800,000 several years ago was the only way to convince her that she would soon deplete her savings if she stayed put, says Rick Kahler, a financial planner in Rapid City, S.D.

Even though she’d probably sell for about $300,000 less than she paid, the monthly outlay was unsustainable, Kahler says. The pain of loss is softened somewhat, he adds, because she can buy a home that is also valued at less than it was several years ago. And the recently passed tax credit of up to $6,500 for repeat buyers under certain income levels also applies to many people in this position.

2. Do you know what a realistic price is?
Recognizing that conditions dictate selling at a loss doesn’t mean that you’re ready to accept any offer, however.

Indeed, experts stress that the only way to proceed confidently with selling at a loss is to thoroughly research the housing market in your area.

Ask your agent to provide lots of recent prices on sales of comparable homes. In some states, agents can also provide very recent sales data by getting the prices of homes under contract, says John Huggins, president of Coldwell Banker Legacy Real Estate Group in Bowling Green, Ky. Home sellers can also ask to tour other homes for sale to get an idea of how their home compares with properties being offered at various price levels, he says.

Homeowners who owe more in mortgage than they can likely net in a sale must investigate whether they’ll have to add in their own cash to pay off the loan, or whether the mortgage lender will agree to accept a lower amount. In cases where owners have to pay out-of-pocket to sell, that outlay could alter the advantage of moving, Neal says.

The National Association of Realtors forecasts that home prices nationwide will end 2010 with an increase of just under 4% from the end of 2009.

Moody’s Economy.com predicts that prices will stabilize in mid-2010, but that there will be no appreciation. Economy.com’s housing economist Celia Chen says that she expects some middle and higher-end housing to be at risk for further decline this year, and that some homeowners will not see prices return to what they paid for at least several years.

Real-estate trends are local, Huggins adds. He advises looking at prices of similar homes in your area and gauging demand against inventory.

When he prepares spreadsheets for homeowners to examine the costs of holding versus moving, Suplee asks, “What rate of appreciation does the house need for a holding strategy to make sense?” Then, he asks for an honest determination of how plausible it would be to see that appreciation.

Source: www.msn.com

Why are the number of short sales rising? Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.

A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.

The rapid increase in the number of short sales, and the short sales process itself present a number of challenges for REALTORS®. Major challenges include:

1. Limited experience
   Many REALTORS® are new to the short sales process; a difficulty which is compounded by many lenders’ lack of sufficient and experienced staff to process short sales. Even if the REALTORS® are experienced, most servicers are under-staffed and still not adequately trained, making negotiating a short sale particularly difficult.
2. Absence of a uniform process and application
   Currently, both short-sales documents and processes are lender-specific, making it very difficult and time-consuming for REALTORS® to become knowledgeable and efficient in facilitating these transactions. 
3. Multiple lenders
   When more than one lender is involved, the negotiations are much more difficult. Second lien holders often hold up the transaction to exert the largest possible payment, in exchange for releasing their lien, even though in foreclosure they will get nothing.

As a result of these challenges our members have reported difficulties with: unresponsive lenders; lost documents that require multiple submissions, inaccurate or unrealistic home value assessments, and long processing delays, which cause buyers to walk away.

In an effort to eliminate the challenges faced in dealing with short sales on May 14, 2009 the Obama Administration announced its upcoming Foreclosure Alternatives Program. Among other things, the new program:

• Establishes financial incentives for servicers, sellers, and second lien holders to encourage the completion of short-sale transactions.
• Requires that a timeline, of no fewer than 90 days, be set to allow a homeowner to sell a home, without threat of foreclosure action.
• Requires the short sale agreement to specify reasonable and customary real estate commissions and costs to be deducted from the sales prices. (The servicer must agree not to negotiate a lower commission after receiving an offer.)
• Will provide standardized documents, including short-sale agreements and offer acceptance letters.

Source: www.NAR.com

I saw this article in Realtor Magazine and thought it presented something sellers don’t usually focus on. Sellers seem to focus on the interior-paint, removal of clutter, staging of furniture instead of making improvements to their home’s exterior. The exterior of a home is the FIRST thing a seller sees and is VERY important.

Washington, December 17, 2009

Despite a slow market and a slight decrease in the resale value of most remodeling projects, Realtors® report that the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates by Realtors® who completed a recent survey.

On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80 percent of project costs upon resale. A steel entry door replacement – a new addition to this year’s list – recouped 128.9 percent of costs, followed by upscale fiber-cement sliding replacements at 83.6 percent. Wood deck additions recouped 80.6 percent of costs.

“Once again, this year’s Remodeling Cost vs. Value Report highlights the importance of a home’s first impression,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “With exterior projects returning a high percent of project costs upon resale, Realtors® can help give your home curb appeal while adding value to the real estate transaction.

The 2009 Remodeling Cost vs. Value Report compares construction costs with resale values for 33 midrange and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 12th consecutive year that the report, which is produced by Hanley Wood, LLC, was completed in cooperation with REALTOR® Magazine, as Realtors® provided their insight into local markets and buyer home preferences within those markets.

On a national level, the project with the biggest improvement from 2008 was the attic bedroom addition, recouping 83.1 percent of remodeling costs compared to 73.8 percent in 2008. The only other interior project that landed in the top 10 was a minor kitchen remodel with 78.3 percent costs recouped.

Other exterior projects in the top 10 include midrange vinyl and upscale foam-backed vinyl sliding replacements, which returned more than 79 percent of costs. In addition, several types of window replacements – midrange wood, midrange vinyl, and upscale vinyl – all returned more than 76 percent of costs upon sale.

Similar to last year’s report, the least profitable remodeling projects in terms of resale value were home office remodels and sunroom additions, returning only 48.1 percent and 50.7 percent of project costs.

Regionally, cities in the Pacific states of Alaska, California, Hawaii, Oregon and Washington once again outperformed the rest of the nation in terms of remodeling costs recouped upon resale. The West South Central region of Arkansas, Louisiana, Oklahoma, and Texas; the East South Central region of Alabama, Kentucky, Mississippi and Tennessee; and the South Atlantic region of the District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia also performed relatively well.

The regions that generally returned the lowest percentage of costs were New England (Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island and Vermont), East North Central (Illinois, Indiana, Michigan, Ohio and Wisconsin), West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota), and the Middle Atlantic (New York and Pennsylvania).

Golder commented that remodeling projects are just one of many factors that contribute to a home’s overall resale value. “As the first, best source for real estate information, Realtors® are experts in providing insight into what projects and investments will make a difference in your house. It’s important to consult with a Realtor® who can explain the variety of factors that affect a home’s value, such as location, condition of surrounding properties and the regional economic climate,” she said.

Results of the report are summarized in the January issue of REALTOR® Magazine. To read the full project descriptions, access national and regional project data, and download a free PDF containing data for any of the 80 cities covered by the report, visit www.costvsvalue.com. “Cost vs. Value” is a registered trademark of Hanley Wood, LLC.

Hanley Wood, LLC, is the premier media company serving housing and construction. Through four operating divisions, the company produces award-winning magazines and Web sites, marquee trade shows and events, rich data, and custom marketing solutions. The company also is North America’s leading provider of home plans. Founded in 1976, Hanley Wood is a $240 million company owned by JPMorgan Partners, LLC, a private equity affiliate of JPMorgan Chase & Co.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Murder. Suicide. Homes with dark histories can be difficult to sell and often suffer severe drops in value. Here’s how to learn whether a home has a sketchy past and how to mitigate the stigma if you own one.

By Marilyn Lewis of MSN Real Estate

I saw this article on Realtor.com and thought it was quite interesting. It’s a good thing that foreclosures are shrinking-hopefully this means that the housing market is improving and will only get better and better with time.

Foreclosure Bargains Getting Harder to Find
Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking.

The number of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital.

Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures.

Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars.

Source: The Wall Street Journal, James R. Hagerty (02/23/2010)

Nurture Nature will bring together a diverse group of people from across South Carolina. Present at the event will be master gardeners, horticulturists, landscape architects, nursery and landscape professionals, professors and students. This year’s keynote speaker- Dr. Douglas Tallamy is a professor and chair of the Department of Entomology and Wildlife Ecology at the University of Delaware.

The symposium will feature workshops by local experts, including “Gardening as if All Life Mattered’ by Judith Kramer, “Plant Diseases” by plant pathologist Kari Whitley, “Creating a Personal Herbarium” with botanist Joel Gramling, and a butterfly walk by naturalist and ecologist Billy McCord.

To register and attend this event, go to The South Carolina Native Plant Society Web Site at www.scnps.org.