6 condo insurance questions
By Mark Terry • Bankrate.com
To state the obvious, a condominium is not the same thing as a house. Usually, there's no backyard or basement, and you don't have to worry about cutting the grass or shoveling a front walk.
Insurance is another area where homes and condos differ. Condo owners are typically responsible for insuring just a portion of their property on their own. However, rules differ from complex to complex, and it's important to ask the right questions to ensure you have proper insurance coverage.
Here are six things you need to know about insuring your condominium
6 questions about condo insurance
1.
What does your master policy say?
2.
How expensive is the association deductible?
3.
How much coverage is appropriate?
4.
Cash value or replacement cost coverage?
5.
Have you insured contents and structure?
6.
Are you covered for flood and wind damage?
Read the entire article at:
http://www.bankrate.com/brm/news/mortgages/20080121_condo_insurance_a1.asp?prodtype=mtg
Jim Lubinsky
Mary Williams
Re/Max Affiliates Realtors614-766-533
Thursday, January 31, 2008
Wednesday, January 23, 2008
Trends in Home Decor and Finishes
What's In, What's Out with Home Buyers in 2008
by Mark Nash
What's in and out this year?
Mark Nash is a Chicago-based residential real estate author, broker and columnist. Mark's analysis, tips and trends are featured in national magazines, newspapers, on network and cable television. His annual year-end forecast; "What's In, What's Out with Homebuyers" is utilized by more than 500 news organizations in North America.
Want some fun and interesting reading about housing trends, visit:
http://realtytimes.com/rtpages/20080103_whatsinout.htm
Likely the most used material in Central Ohio homes today is granite. Most homebuyers have opted for granite counters in their kitchens. Ceramic tile has dropped to the wayside and been replaced with hardwood floors in kitchens and lighter wood finishes seem to dominate over the darker oaks of earlier days.
Considering doing some remodeling in 2008? You might want to consider checking on local trends. Certainly you want what appeals to your tastes and desires, but if you might sell in the next few years, your investment will return much higher if you stay with current trends.
Questions on home finishes and decorating trends? Give us a call.
Jim Lubinsky
Mary Williams
Re/Max Affiliates614-766-5330 ext 11
by Mark Nash
What's in and out this year?
Mark Nash is a Chicago-based residential real estate author, broker and columnist. Mark's analysis, tips and trends are featured in national magazines, newspapers, on network and cable television. His annual year-end forecast; "What's In, What's Out with Homebuyers" is utilized by more than 500 news organizations in North America.
Want some fun and interesting reading about housing trends, visit:
http://realtytimes.com/rtpages/20080103_whatsinout.htm
Likely the most used material in Central Ohio homes today is granite. Most homebuyers have opted for granite counters in their kitchens. Ceramic tile has dropped to the wayside and been replaced with hardwood floors in kitchens and lighter wood finishes seem to dominate over the darker oaks of earlier days.
Considering doing some remodeling in 2008? You might want to consider checking on local trends. Certainly you want what appeals to your tastes and desires, but if you might sell in the next few years, your investment will return much higher if you stay with current trends.
Questions on home finishes and decorating trends? Give us a call.
Jim Lubinsky
Mary Williams
Re/Max Affiliates614-766-5330 ext 11
Mortgage Rates Down to LOW LEVELS
Real Estate Outlook: Mortgage Rates Down to the Low Levels
by Kenneth R. Harney
Continuing declines in mortgage rates -- down to the lowest levels we've seen in nearly two years -- should be brightening the outlook for anyone interested in buying or selling real estate.
…… here's a smart strategy: Make the most of what we've got -- the lowest interest rates and home prices we've seen in years in most markets.
Recession or no recession, that should be a winning combination if you are serious about real estate.
Excerpt from Realty Times article
Published: January 17, 2008
Read the entire article at:
http://realtytimes.com/rtpages/20080117_realestateoutlook.htm
Columbus Ohio news release:
Third Federal today is offering 5.49% 30 year fixed rate January 17, 2008
The next few months is the perfect time to be buy. As activity accelerates in the late spring and early summer months, interest rates always move up and so do asking prices.
Investors and home buyers need to act now to take advantage of the perfect opportunity!!
Jim Lubinsky
Mary Williams
Re/Max Affiliates
614-766-5330 ext 119
by Kenneth R. Harney
Continuing declines in mortgage rates -- down to the lowest levels we've seen in nearly two years -- should be brightening the outlook for anyone interested in buying or selling real estate.
…… here's a smart strategy: Make the most of what we've got -- the lowest interest rates and home prices we've seen in years in most markets.
Recession or no recession, that should be a winning combination if you are serious about real estate.
Excerpt from Realty Times article
Published: January 17, 2008
Read the entire article at:
http://realtytimes.com/rtpages/20080117_realestateoutlook.htm
Columbus Ohio news release:
Third Federal today is offering 5.49% 30 year fixed rate January 17, 2008
The next few months is the perfect time to be buy. As activity accelerates in the late spring and early summer months, interest rates always move up and so do asking prices.
Investors and home buyers need to act now to take advantage of the perfect opportunity!!
Jim Lubinsky
Mary Williams
Re/Max Affiliates
614-766-5330 ext 119
Rates always HIGHER after the last FED CUT
Rates Always Higher After the Last Fed Cut
by David Reed
The trick is guessing which cut will be "the last one"!
Mortgage rates are tied to their respective mortgage bond, which are traded throughout the day.
Mortgage bonds ANTICIPATE Fed moves ... they don't REACT to them.
If the mortgage markets (and other securities) figure the Fed is through with cutting rates that means the economy is most likely on the mend.
A healing economy drives up demand for products and services. A healing economy can stir up inflation.
Future rate moves now mean rate increases. And mortgage rates will hinge not on the likelihood of a Fed move but whether inflation is on the horizon.
Read the entire article at Realty Times:
http://realtytimes.com/rtpages/20071214_ratehighercut.htm
Example:
On December 6, 2007 we saw 5.70% on 30 year fixed no points with Third Federal. Next day it moved to 5.75% then to 5.95% 3 days following. Third Federal was at 6.10% on December 14, 2007, one week later and after the Fed reduced rates Third Federal is my bellwether for interest rates.
Considering a purchase or refinance? Timing is everything in the interest rate game. Generally, no other influences involved, interest rates go lower during the winter months as demand for loans cools. If you are looking for that really favorable interest rate, the next few months might be the best period to purchase or refinance.
Jim Lubinsky
Mary Williams
Re/Max Affiliates
614-766-5330 ext 119
by David Reed
The trick is guessing which cut will be "the last one"!
Mortgage rates are tied to their respective mortgage bond, which are traded throughout the day.
Mortgage bonds ANTICIPATE Fed moves ... they don't REACT to them.
If the mortgage markets (and other securities) figure the Fed is through with cutting rates that means the economy is most likely on the mend.
A healing economy drives up demand for products and services. A healing economy can stir up inflation.
Future rate moves now mean rate increases. And mortgage rates will hinge not on the likelihood of a Fed move but whether inflation is on the horizon.
Read the entire article at Realty Times:
http://realtytimes.com/rtpages/20071214_ratehighercut.htm
Example:
On December 6, 2007 we saw 5.70% on 30 year fixed no points with Third Federal. Next day it moved to 5.75% then to 5.95% 3 days following. Third Federal was at 6.10% on December 14, 2007, one week later and after the Fed reduced rates Third Federal is my bellwether for interest rates.
Considering a purchase or refinance? Timing is everything in the interest rate game. Generally, no other influences involved, interest rates go lower during the winter months as demand for loans cools. If you are looking for that really favorable interest rate, the next few months might be the best period to purchase or refinance.
Jim Lubinsky
Mary Williams
Re/Max Affiliates
614-766-5330 ext 119
Investor OUTLOOK
Investor Outlook
by Kenneth R. Harney
If you're what's known as an "opportunity investor" in real estate, looks like your prime time may be now ... or very soon!
Economists say the next 12 to 18 months could be your best period since the early 1990s to pick up property at depressed prices -- discount diamonds in the rough and turnaround situations.
That's because the real estate downcycle is close to running its course in many local markets……………
Read the entire article at:
http://realtytimes.com/rtpages/20071129_investoroutlook.htm
Considering a real estate purchase in the next 6 months and want to get a great deal on distressed property?
Here is a key strategy to ponder:
Some buyers consider sheriff auctions. Unless you are a seasoned investor buying multiple properties and can afford to sometimes loose, avoid this avenue.
Instead, consider this approach: banks are buying back their collateral at the sheriff auctions in hopes in increasing the price and reselling. Find those properties. You can negotiate, you can include inspection contingencies (no contingencies on Sheriff’s auction properties) and a patient buyer can buy below the auction price.
Real life examples: US Bank bought back at Sheriff auction at $130,000 in August and is currently asking $124,900 in Westerville; Countrywide bought back at Sheriff’s auction $249,965 in August currently in contract for $225,000 in Powell.
The big difference between the current real estate market and past depressed markets is that – interest rates are very low and money very available – not true during past downturn markets. This is great news for investors and those looking for a place to live.
Want to know more?? Email or call us.
Jim Lubinsky
Mary Williams
Re/Max Affiliates
614-766-5330 ext 119
by Kenneth R. Harney
If you're what's known as an "opportunity investor" in real estate, looks like your prime time may be now ... or very soon!
Economists say the next 12 to 18 months could be your best period since the early 1990s to pick up property at depressed prices -- discount diamonds in the rough and turnaround situations.
That's because the real estate downcycle is close to running its course in many local markets……………
Read the entire article at:
http://realtytimes.com/rtpages/20071129_investoroutlook.htm
Considering a real estate purchase in the next 6 months and want to get a great deal on distressed property?
Here is a key strategy to ponder:
Some buyers consider sheriff auctions. Unless you are a seasoned investor buying multiple properties and can afford to sometimes loose, avoid this avenue.
Instead, consider this approach: banks are buying back their collateral at the sheriff auctions in hopes in increasing the price and reselling. Find those properties. You can negotiate, you can include inspection contingencies (no contingencies on Sheriff’s auction properties) and a patient buyer can buy below the auction price.
Real life examples: US Bank bought back at Sheriff auction at $130,000 in August and is currently asking $124,900 in Westerville; Countrywide bought back at Sheriff’s auction $249,965 in August currently in contract for $225,000 in Powell.
The big difference between the current real estate market and past depressed markets is that – interest rates are very low and money very available – not true during past downturn markets. This is great news for investors and those looking for a place to live.
Want to know more?? Email or call us.
Jim Lubinsky
Mary Williams
Re/Max Affiliates
614-766-5330 ext 119
Water Leak Causes $50,000 Damage
WATER LEAK CAUSES $50,000 DAMAGE
A homeowner traveling in Europe came home to $50,000 water damage from a broken pipe. Luckily the neighbor discovered the problem when noticing ice forming on the driveway in front of the garage door and stopped it before more damage occurred.
If you are away from home for more than 1 full day, turn off the main water supply and turn down the water heater thermostat to “vacation” or “off”.
Another client lost $25,000 due to water leak damages not covered by insurance. The insurance policy contained an exclusion “water damage to a vacant property”. Mom passed away and the house was not occupied. The claim was denied.
If you know anyone with a vacant home, have them check with their insurance company for exclusions in coverage and most of all, insist they TURN OFF THE WATER.
STATE OF REAL ESTATE TODAY IN COLUMBUS OHIO
As of November 15, 2007 source: Columbus Board of Realtors MLS data
Number of homes sold year to date is down 9.8% compared to 2006 single family homes sold.
Number of homes sold in October (represents contracts written in August/September) is down 13.8% on single family homes
Good news is that HOMES ARE SELLING and a rate that is still well above 1990’s levels. People are moving, changing jobs, getting married, etc and need homes.
Call us to discuss strategies to sell your home and to buy your next home. There are several new strategies to employ in today’s changing marketplace. You need to have the most up-to-date approaches in your arsenal.
Jim Lubinsky
Mary Williams
Re/Max Affiliates
614-766-5330 ext 119
A homeowner traveling in Europe came home to $50,000 water damage from a broken pipe. Luckily the neighbor discovered the problem when noticing ice forming on the driveway in front of the garage door and stopped it before more damage occurred.
If you are away from home for more than 1 full day, turn off the main water supply and turn down the water heater thermostat to “vacation” or “off”.
Another client lost $25,000 due to water leak damages not covered by insurance. The insurance policy contained an exclusion “water damage to a vacant property”. Mom passed away and the house was not occupied. The claim was denied.
If you know anyone with a vacant home, have them check with their insurance company for exclusions in coverage and most of all, insist they TURN OFF THE WATER.
STATE OF REAL ESTATE TODAY IN COLUMBUS OHIO
As of November 15, 2007 source: Columbus Board of Realtors MLS data
Number of homes sold year to date is down 9.8% compared to 2006 single family homes sold.
Number of homes sold in October (represents contracts written in August/September) is down 13.8% on single family homes
Good news is that HOMES ARE SELLING and a rate that is still well above 1990’s levels. People are moving, changing jobs, getting married, etc and need homes.
Call us to discuss strategies to sell your home and to buy your next home. There are several new strategies to employ in today’s changing marketplace. You need to have the most up-to-date approaches in your arsenal.
Jim Lubinsky
Mary Williams
Re/Max Affiliates
614-766-5330 ext 119
Buying a Home Isn't Stupid!
Buying A Home Isn't Stupid, Says NARby Blanche Evans
The National Association of Realtors has had its share of battles this year, but none is more frustrating than the national media telling homebuyers that investing in a home is a stupid idea.
First, they keep trying to make real estate into a national market, and then they treat the approximately 2 percent loss in housing prices for 2007 like the Crash of 1929.
From the Housing Bubble to the Mortgage Meltdown, the press has been relentless, even though most people have lost more money on their SUV's and their stock portfolio than their homes this year.
Stocks and houses aren't the same. Over 10 years, a $10,000 investment in the stock market at a normal 10 percent market rate of return would yield nearly $24,000. The same investment as a down payment on a $200,000 home at a normal appreciation rate of 5 percent would return nearly 5 times the stock market return, or over $110,000.
Read the entire article at:
http://realtytimes.com/rtapages/20071120_buyinghome.htm
As of November 20, 2007 the 30 year fixed interest rate for owner occupied homes is 6-6.25%. It is a GREAT time to buy a home.
Jim Lubinsky
Mary Williams
Re/Max Affiliates
614-766-5330 ext 119
The National Association of Realtors has had its share of battles this year, but none is more frustrating than the national media telling homebuyers that investing in a home is a stupid idea.
First, they keep trying to make real estate into a national market, and then they treat the approximately 2 percent loss in housing prices for 2007 like the Crash of 1929.
From the Housing Bubble to the Mortgage Meltdown, the press has been relentless, even though most people have lost more money on their SUV's and their stock portfolio than their homes this year.
Stocks and houses aren't the same. Over 10 years, a $10,000 investment in the stock market at a normal 10 percent market rate of return would yield nearly $24,000. The same investment as a down payment on a $200,000 home at a normal appreciation rate of 5 percent would return nearly 5 times the stock market return, or over $110,000.
Read the entire article at:
http://realtytimes.com/rtapages/20071120_buyinghome.htm
As of November 20, 2007 the 30 year fixed interest rate for owner occupied homes is 6-6.25%. It is a GREAT time to buy a home.
Jim Lubinsky
Mary Williams
Re/Max Affiliates
614-766-5330 ext 119
Bankrupt Broker Listings SOLD
Who's In Your Pocket Now? The Foxtons' Bankruptcyby Blanche Evans
After blowing through approximately $62 million in private investors' money, plus another $40 million from Foxtons' CEO Jon Hunt, New Jersey-based "full-service discount" broker Foxtons North America declared bankruptcy on October 5, 2007. Foxtons' sellers who were still under contract were threatened with lawsuits by the company if they canceled their listings. Then, they were stuck with no service until a hearing on October 27, when a federal bankruptcy judge sold them like slaves to other brokers.
Read the entire article at:
http://realtytimes.com/html/ad-msoffice.htm
There have been many discount brokerages over the years that opened in Central Ohio only to fold and cease to exist shortly thereafter. A court has now ruled that the listings belonging to a bankrupt brokerage are assets to be sold on the open market, regardless of the lack of service to or the complaints from the home sellers.
If you or someone you know are planning to sell your property, choose the brokerage and agent based on time in the business and experience not based on the real estate service fee.
Re/Max Affiliates has been operating since 1985 and I have 18 years in real estate sales, including the difficult to achieve certifications of “certified residential specialist” and “certified relocation professional”. You and your friends will greatly benefit by having a trained professional on your side.
Jim Lubinsky
Mary Williams
Re/Max Affiliates
614-766-5330 ext 119
After blowing through approximately $62 million in private investors' money, plus another $40 million from Foxtons' CEO Jon Hunt, New Jersey-based "full-service discount" broker Foxtons North America declared bankruptcy on October 5, 2007. Foxtons' sellers who were still under contract were threatened with lawsuits by the company if they canceled their listings. Then, they were stuck with no service until a hearing on October 27, when a federal bankruptcy judge sold them like slaves to other brokers.
Read the entire article at:
http://realtytimes.com/html/ad-msoffice.htm
There have been many discount brokerages over the years that opened in Central Ohio only to fold and cease to exist shortly thereafter. A court has now ruled that the listings belonging to a bankrupt brokerage are assets to be sold on the open market, regardless of the lack of service to or the complaints from the home sellers.
If you or someone you know are planning to sell your property, choose the brokerage and agent based on time in the business and experience not based on the real estate service fee.
Re/Max Affiliates has been operating since 1985 and I have 18 years in real estate sales, including the difficult to achieve certifications of “certified residential specialist” and “certified relocation professional”. You and your friends will greatly benefit by having a trained professional on your side.
Jim Lubinsky
Mary Williams
Re/Max Affiliates
614-766-5330 ext 119
ARM Mortgages
ARM Mortgages Adjusting 2007 / 2008
Buyers in 2002 and 2003 Take Note
A large portion of the 5/1 ARM loans were made during 2002 and 2003 when the interest rate spread between 30 year fixed and ARM loans was significant. ARM stands for “adjustable rate mortgage”.
The 5/1 ARM is a fixed interest rate for 5 years then becomes an annually adjusting loan based on some index and margin. Many buyers signed up for this loan in the past several years.
If you or someone you know has an ARM loan, this might be a good time to examine the options. Pass this email along to anyone you know who may have an ARM.
There are several options to taking the best advantage of an ARM loan: sell the property and payoff the loan, move to another home; do nothing and allow the ARM to renew at a new interest rate; refinance to a new loan either another ARM or a fixed rate loan; convert the ARM to a fixed rate loan (an option some lenders have built into their loan).
Now may be the ideal time to review your ARM and make some decisions. If your ARM is up for renewal and a possible rate change within the next 12 months, you should evaluate your options now for a possible refinance or conversion, assuming you are not considering a move in the next 12 months.
Let us help you sort through the options and make the best choice for yourself in this maze of options available.
Jim Lubinsky, Mary Williams
Re/Max Affiliates614-766-5330 e
Buyers in 2002 and 2003 Take Note
A large portion of the 5/1 ARM loans were made during 2002 and 2003 when the interest rate spread between 30 year fixed and ARM loans was significant. ARM stands for “adjustable rate mortgage”.
The 5/1 ARM is a fixed interest rate for 5 years then becomes an annually adjusting loan based on some index and margin. Many buyers signed up for this loan in the past several years.
If you or someone you know has an ARM loan, this might be a good time to examine the options. Pass this email along to anyone you know who may have an ARM.
There are several options to taking the best advantage of an ARM loan: sell the property and payoff the loan, move to another home; do nothing and allow the ARM to renew at a new interest rate; refinance to a new loan either another ARM or a fixed rate loan; convert the ARM to a fixed rate loan (an option some lenders have built into their loan).
Now may be the ideal time to review your ARM and make some decisions. If your ARM is up for renewal and a possible rate change within the next 12 months, you should evaluate your options now for a possible refinance or conversion, assuming you are not considering a move in the next 12 months.
Let us help you sort through the options and make the best choice for yourself in this maze of options available.
Jim Lubinsky, Mary Williams
Re/Max Affiliates614-766-5330 e
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