June 3, 2011 2:57 pm
RISMEDIA, June 6, 2011—The summertime heat poses health risks to many people, including older individuals and all of us in areas of poor air quality and high average summer temperatures. Here are some things overheated homeowners can do to cool off, protect their health and/or save on energy costs.
1. Wear light weight, loose fitting clothing. Cotton is much cooler than most man-made materials. Wear light colored clothing and a hat if you’re going out in the sun.
2. Spend as much of your indoor time as possible on the north side and lower levels of your home. Those areas will be the coolest.
3. Do as many of your outside activities as possible in the early morning, which is usually the coolest part of the day.
4. Use blinds and drapes on the southeast, and west side of your home to cut down on energy costs.
5. Drink plenty of water and other liquids.
6. Look for non-heat intensive exercise options. Jogging or biking during the hottest part of the day is not a lot of fun, and it’s not healthy in areas with poor air quality. Swimming is great exercise and summer and/or August swimming pool or health club memberships are great alternatives.
7. Eat lighter meals. If you can avoid cooking indoors you won’t have to cool the hot air you create and will save on air conditioning costs. If you have the ability to grill outside of your home you’ll also save on cooling costs.
8. Make sure you adjust your programmable thermostat so it isn’t using the air conditioning while you’re at work or away on vacation. If you don’t have a programmable thermostat, get one—it will repay the investment faster than just about any other energy efficiency investment.
9. Let someone else pay for the air conditioning. The hottest part of the day is a good time to visit air conditioned places, such as shopping malls, grocery stores, libraries or movie theatres.
June 3, 2011 2:57 pm
RISMEDIA, June 6, 2011-- The Federal Housing Administration (FHA) plays a critical role in the nation’s housing financing system, providing safe, affordable mortgage financing to consumers in all markets during all economic conditions, according to the National Association of REALTORS®.
NAR President Ron Phipps spoke before the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity regarding a discussion draft of legislation to reform FHA.
“As the leading advocate for homeownership, NAR strongly supports FHA’s single- and multifamily mortgage insurance programs. Since 1934 millions of qualified home buyers have relied on FHA-insured loans to purchase a home, and particularly in recent years when private financing dried up,” says Phipps. “NAR supports efforts to strengthen FHA and reduce its current marketshare; however, changes should not be made at consumers’ expense by drastically impacting the availability and cost of mortgage capital for millions of Americans, especially while the housing market recovery remains fragile.”
NAR supports sections of the discussion draft that would help FHA remain fiscally strong and better monitor risk, increase enforcement tools and protect taxpayers but opposes any increases to the downpayment requirements.
Phipps testified that FHA remains a leader in insuring safe, low-downpayment mortgages to responsible, qualified borrowers, with as little as 3.5% down for borrowers with good credit.
“Proposals to further increase FHA downpayment requirements are unwarranted,” Phipps says. “The current 3.5% downpayment and closing costs represent a significant financial commitment. Requiring a larger downpayment does little to reduce risk of default compared to strong underwriting requirements, and only puts homeownership out of reach for many families who have the income necessary to carry the cost of the home purchase.”
NAR has long maintained that the principal barrier to homeownership is accumulating the money needed for downpayment and closing costs, and estimates that it would take the average American family, living frugally and saving at the current national rate, nearly seven years to save for a 5% downpayment on a $200,000 home and more than 10 years to save for 10% down.
Phipps also testified about the importance of making permanent the FHA mortgage loan limits currently in effect. He stated that decreasing the current loan limits would reduce the availability of mortgage loans across the country, not just in higher cost areas, and increase the cost of capital to consumers. NAR estimates that reverting to the lower statutory limits on October 1 will impact 612 counties in 40 states and the District of Columbia, with an average loan limit reduction of more than $50,000. Further reductions to the loan limits could have an even greater dramatic impact on liquidity and halt the housing market recovery.
“Allowing the current loan limits to decrease will have an immediate negative impact on mortgage availability. FHA has played a critical role in holding down mortgage rates. Without FHA, the higher mortgage rates paid by consumers would flow into noncompetitive banks that are too big to fail,” Phipps says.
Phipps praised FHA for continuing to serve the needs of millions of hardworking American families and for the steps the agency has taken to ensure its long-term financial soundness. “FHA is the only government agency that operates entirely from self-generated income, costing taxpayers nothing. In fact, FHA programs have helped bring net revenue to the U.S. Treasury, helping reduce the budget deficit,” he says.
June 2, 2011 8:57 pm
RISMEDIA, June 3, 2011—Staging a home before listing it on the market is a crucial step that many homeowners often overlook. In order to properly prepare for success, check out these five home-staging tips that will help you compete in today’s market:
1. Home staging is not just for houses for sale. Traditional home staging involves working with sellers to prepare houses for sale; but today’s successful Accredited Staging Professionals have a multi-faceted business that allows them to serve clients with staging to live, staging to work and for a myriad of events—from small parties to large, corporate parties.
2. Home staging helps foreclosure, REO and short sale properties sell. With the increase of foreclosure, REO and short sale properties in many markets throughout the U.S., the need for presentation of these properties as a product that can sell is imperative.
3. Home staging becomes greener. As of late, there has been a trend toward eco-friendly home staging. Home stagers have specific inventory they can provide that is “green” to help a seller, builder or investor that wants to put their “green” foot forward and achieve their goal of marketing a product that truly has the environment at heart.
4. Home staging captivates mainstream media. There are currently no less than eight shows on HGTV devoted to the process of preparing a house for sale, and this trend will continue as long as the public finds value in learning what to do both inside and outside their home when getting ready to put it on the market.
Source: The International Association of Home Staging Professionals (IAHSPR)
June 2, 2011 8:57 pm
RISMEDIA, June 3, 2001—As we continue to head toward the official change of seasons, now is a great time to check your finances and see what areas could use a little sprucing up. Informa Research Services suggests some resources and tactics for tackling your financial clutter.
Slim down that bulky mortgage
Is your mortgage carrying a hefty interest rate that was considered competitive ten years ago? Like shoulder pads in the eighties, what may have been the trend back then may not be quite so stylish today. Check online rate tables to see if you can find a low rate to update your mortgage and consequently, adopt new smaller monthly mortgage payments.
Dust off those savings accounts
If saving money and earning interest have fallen to the wayside, there's no better time than now to get them started again! Savings rates are at some of their lowest levels, but financial institutions are still offering promotional rates that are significantly higher than their regular earning rates. Furthermore, remind yourself that earning even a small amount of interest is better than earning no interest at all.
Just like tidying up a room, take on your finances one step at a time. Each change you make may seem small at first, but in the long run, these changes can make big difference.
For more information, visit www.informars.com.
June 2, 2011 8:57 pm
RISMEDIA, June 3, 2011—Every year home electrical problems cause more than 28,000 house fires and massive property damage. Electrical wiring is the root cause of many of these fires, of which countless could have been prevented. To ensure electrical safety in your home, MXenergy, an independent energy provider, is encouraging homeowners to review key electrical safety tips.
"Quite frankly, electrical safety is a key home safety component that is often overlooked," says Marjorie Kass, MXenergy managing director. "Yet the truth is, it is an essential element of any home safety plan. Proper education, awareness and action can go a long way in preventing tragedy."
Faulty or fixed wiring or improper use of electrical cords and other electrical items cause most home fires. Heed the following tips to maximize your home's safety:
• Pay Attention: Flickering lights, buzzing noises, and faceplates that are warm to the touch are all signs that a circuit may be overloaded or wiring may be wearing thin. Each one of these signs is cause for immediate attention from a licensed professional electrician.
• Listen to Your Breaker: If you are continually tripping a switch and having to reset your breaker box, your house is trying to tell you something. There may be a fixture with faulty wiring or too high an electrical load on the breaker. Again, seek professional help.
• Review and Replace: Frayed electrical cords, wobbly ceiling fans, and loose faceplates are more than mere annoyances. You should routinely inspect your home and replace or repair items in need of attention.
• Safety First: Even the best preparation and newest equipment is not a guaranteed protection against fire. Working smoke detectors on all levels of your home are an absolute must. Make sure you have a working fire extinguisher and you know the proper way to use it.
"The good news is many of these fires are avoidable," continues Kass. "In the case of electrical safety, just a little awareness and preparation can make an enormous difference."
For more information and safety tips, visit www.esfi.org and www.mxenergy.com.
June 1, 2011 8:57 pm
RISMEDIA, June 2, 2011—As those living near the Gulf of Mexico and along the Eastern Seaboard prepare for another Atlantic Hurricane season, which began June 1 and runs through November 30, the U.S. Small Business Administration (SBA) is reminding small businesses, homeowners and renters nationwide to write down their emergency preparedness plan before disaster hits. Regardless of where you live, it's a good idea to be ready for any kind of crisis.
“Every threat, from wind storms, floods and wildfires, to power outages and computer system failures, reminds us to be proactive when it comes to building strategies to survive a disaster and recover quickly,” says SBA Administrator Karen G. Mills. “The catastrophic events of the last few years demonstrate the need for preparedness at the individual level, to diminish the risk to life and property.”
Disaster preparedness for homes and businesses should include:
- A solid emergency response plan. Find evacuation routes from your home or business and establish meeting places. Make sure everyone understands the plan beforehand. Keep emergency phone numbers handy. Business owners should designate a contact person to communicate with other employees, customers and vendors. Ask an out-of-state friend or family member to be your “post-disaster” point of contact—a person to call to provide information on your safety and whereabouts.
- Adequate insurance. Disaster preparedness begins with having adequate insurance coverage—at least enough to rebuild your home or business. Homeowners and business owners should review their policies to see what is not covered. Businesses should consider “business interruption insurance,” which helps cover operating costs during the post-disaster shutdown period. Flood insurance is essential. To find out more about the National Flood Insurance Program, visit www.floodsmart.gov.
- Making copies of important records. It's a good idea to back up vital records and information saved on computer hard drives, and store those items at a distant offsite location. Computer data should be backed up routinely. Copies of important documents and CDs should be kept in fire-proof safe deposit boxes.
- A “Disaster Survival Kit.” The kit should include a flashlight, a portable radio, extra batteries, a first-aid kit, non-perishable packaged and canned food, bottled water, a basic tool kit, plastic bags, cash, and a disposable camera to take pictures of the property damage after the storm.
For more preparedness tips for businesses, homeowners and renters, visit www.sba.gov/disasterassistance.
June 1, 2011 8:57 pm
RISMEDIA, June 2, 2011--U.S. Housing and Urban Development Secretary Shaun Donovan has announced Green Refinance Plus, a program between HUD's Federal Housing Administration (FHA) and Fannie Mae to allow owners of existing affordable rental housing properties to refinance into new mortgages that include funding for energy- and water-saving upgrades, along with other needed property renovations.
Under the program, FHA and Fannie Mae will share the risk on loans to refinance existing rent-restricted projects while permitting owners to borrow additional funds to make energy-saving improvements to their properties.
Donovan and Fannie Mae's Executive Vice President for Multifamily Business Ken Bacon unveiled the program at a senior housing development in the San Francisco Bay Area where HUD is investing in energy-saving green retrofits.
"All across the country, owners of affordable housing properties are looking for a way to refinance their mortgages and to make energy improvements and other needed renovations at the same time," says Donovan. "This program kills two birds with one stone—it preserves our affordable rental stock and it helps finance upgrades that will save energy and money over the long haul. We must make the smart investments in a more energy independent economy. These investments will strengthen our economy, create the new industries and new jobs of the future and reduce our dependence on an ever fluctuating oil market."
Bacon adds, "Green Refinance Plus supports Fannie Mae's ongoing commitment to creating a more sustainable rental housing market that is affordable to low- and moderate-income families. This program will provide more renters with renovated apartments in which to live, allow building owners to better manage their energy costs, and help communities by reducing the environmental footprint of our rental properties. Leveraging existing technology and expertise to bring proven energy and cost savings to rental housing is a win for everyone."
Approximately every 10-15 years, owners of existing multifamily affordable properties typically refinance their mortgages. In older apartment buildings, however, owners are hard-pressed to find additional financing to maintain or improve the physical condition of their properties, including making energy-efficient upgrades. Beginning next month, Fannie Mae and its participating lenders will begin accepting applications to refinance owners' debt as well as improve the energy efficiency of their properties.
Green Refinance Plus is intended to refinance the expiring mortgages of Low Income Housing Tax Credit and other affordable projects and to lower annual operating costs by reducing energy consumption. Fannie Mae and HUD anticipate approximately $100 million in initial refinance volume with an average loan amount of $3.5 to $5 million. FHA will insure up to an additional 4-5% of the loan amount, or an average of approximately $150,000 to $250,000 per loan, to provide additional loan funds to pay for property improvements that save energy and water costs for owners and tenants, such as energy efficient windows and ENERGY STAR appliances, as well as other needed property renovations.
Property owners will be able to select the energy-efficiency upgrades that make the most economic sense for their properties. Borrowers will obtain a "Green Physical Needs Assessment" completed by a qualified provider. This assessment identifies property improvements that both reduce energy and operating costs and will help borrowers make rehabilitation choices that will give them the greatest energy savings for their investment.
Green Refinance Plus is an enhancement of the Fannie Mae/FHA Risk-Share program, begun in the 1990s. It will provide funding for the refinance, preservation and energy-efficient retrofits of older affordable multifamily housing properties, including those that are currently in Fannie Mae's or FHA's portfolios. This program allows for lower debt service coverage and higher loan-to-value ratios, to generate extra loan proceeds for property rehab and energy-efficient retrofits.
June 1, 2011 8:57 pm
RISMEDIA, June 2, 2011—The U.S. Department of Housing and Urban Development recently announced that it is offering $2.5 million in grants to improve and develop methods and knowledge for detecting and controlling lead-based paint and other housing-related health and safety hazards. This funding will help protect young children as well as other vulnerable populations.
“The grants awarded under these two programs will allow states, counties and cities who are on the front lines to further protect families from the hazards of lead-based paint and other housing related hazards,” says Jon Gant, director of the Office of Healthy Homes and Lead Hazard Control. “We have made significant progress in eliminating lead-based paint but haven’t reached that finish line yet. We must ensure that communities are given the tools necessary to produce safe and healthy older housing for children and vulnerable populations.”
HUD is making grants available through the following programs:
1. Lead Technical Studies Grant Program- $500,000: These grants will further previous research grants that have provided health and housing professionals with knowledge on how to reduce the number of lead poisoned children. They are critical for achieving the goal of eliminating childhood lead poisoning as a major public health problem. Application due date is June 30, 2011.
2. Healthy Homes Technical Studies Grant Program- $2 million: These grants will help develop and improve low-cost methods for identifying and reducing housing-related hazards. They may also improve our understanding of the relationship between residential exposures experienced by children or other vulnerable populations and illness or injury. Application due date is June 30, 2011.
Two awards will be made for the Lead Technical Studies program ranging from $200,000 to $300,000 each. Three to five awards will also be made for the Healthy Homes Technical Studies program ranging from $300,000 to $650,000 each.
For more information, visit www.Grants.gov.
May 31, 2011 8:57 pm
RISMEDIA, June 1, 2011-- With temperatures on the rise, air conditioners across the nation are going to kick in full blast, putting a strain on the power grid and also our electricity bills. Now is a great time to keep a few tips in mind that will help you go green this summer while still staying cool.
Clear the surroundings. One of the easiest ways to make your air conditioning unit operate more efficiently is to ensure it is clear from any immediate surroundings. If the air flow pathway is kept clear, air has an easier time getting in and the A/C unit doesn't have to work as hard. The same rule applies when using a window unit; always be conscious of clutter or debris that may inhibit air flow. When the air conditioner doesn't have to work as hard, you consume less energy.
Monitor your electricity bill. When you start using your A/C, use it sparingly to prevent a surprising bill. Be proactive and consider how much energy you're using to keep your home cool. Once you've seen the way your bill reacts to the first month of air conditioning usage, you can gauge how much or how little you should be running it during the coming months.
Clean those filters. Controlling outside clutter is great, but it won't do any good unless you keep your filters clean. Take out your air filters and give them a good cleaning every few weeks, and replace them mid-season.
Raise it up a few degrees. A great recommendation for saving energy is raising your thermostat a few degrees and keeping it a bit warmer than you may desire. Begin by turning the temperature up a bit before you go to sleep. For those with a time-enabled thermostat, you can even set it to get warmer in the middle of the night so you can fall asleep comfortably and still wake up feeling refreshed.
With these four tips, you can go green while still staying cool. Your wallet will thank you.
May 31, 2011 8:57 pm
RISMEDIA, June 1, 2011-- With Memorial Day behind us, that means summer is right around the corner. In the real estate industry, everyone knows summer is one of the busiest times to move. It's the most convenient time for families, but what happens when the kids are adamant about not moving?
Planning a move can be hard, but planning a move with children can be even more difficult. When it comes to moving, most children aren't happy abandoning their childhood homes. Author Irene Agapion-Palamaris claims that children can be happy about moving if you prepare them in the right ways.
In her new children's book, Marilyn is Moving, Agapion-Palamaris tells the story of a spunky little girl named Marilyn and her emotions when she finds out she is moving. After her attempts at stopping the move proved to be unfruitful, she becomes involved in the selection process of her new home. It's then when she realizes moving can be fun.
With tips learned as a real estate agent, Agapion-Palamaris tells the story to help children understand the importance of a move. Here are a few tips to help make a move easier on children:
1. Be upbeat about the move from the start. Emotions are contagious. If your child notices your excitement for the move, he or she will feed off of your positive energy and will likely come around quicker.
2. Hold a family meeting to discuss the details and timeline. If your children feel that they are an important part of the process, they will be more open to conversation regarding the move. Allow them to help make simple decisions which will boost their feelings of self-worth.
3. Show children the new house (if possible). Show your child what his or her new room will look like and offer suggestions for what they can do with their new room. This will increase excitement.
4. Start making plans for the designs of their rooms. What child doesn't like a totally awesome paint job? Let the child choose a color or pattern for the walls. With the correct supervision, children will feel like it really is "their room."
5. Host a moving party with all your children's neighborhood friends. Reinforce that it is not a "goodbye," but a "see you soon." Make plans with other children and their parents for a visit to see the new home. By keeping in touch with his or her friends, your child will adjust to the move more quickly.