Consumers, unable to handle their monthly mortgage payments often do not acknowledge the seriousness of the problem early enough to do anything proactive. Instead, most people take on credit card debt and may even refinance (using the equity in their home) to pay their mortgage. Not long after that, most people find themselves in a far, far worse situation. Collection agents are calling multiple times every day, the bank is foreclosing on the house, credit card limits have been reached and the homeowners lose their home nonetheless. Instead, contact the lender immediately and let them know that you are about to start missing payments and that you’d like a short-term fixed rate on your mortgage.

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Grown children who, for a variety of reasons, move back home are often called “boomerang kids”. They went out into the world as grown-ups, then they come back expecting their parents to resume caregiver roles as if there had been no interruption. According to a 2006 Statistics Canada study, Generation Xers, especially the later wave born between 1972 and 1976, were three times as likely to return home to live with their parents compared to baby boomers. The tendency to “boomerang” at least once has been on the rise through each of the last five successive generations, starting with the first wave of baby boomers born between 1947 and 1951. The root causes, which include overly-expensive education and escalating real estate costs, are not addressed by society when “boomeranging” is seen merely as personal failure. Ignoring the causes, and the resulting social implications, solidifies “making do” as a way of life. (more…)

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Investment potential is just one variable to consider when weighing whether to improve your home and how much to spend. Quality of life is also a major consideration. Generally, the longer you plan to stay in your home, the more it makes sense to make home improvements that will make your home more user-friendly. However, keep in mind that a basic rule of investing in real estate is to avoid over-improving for the neighborhood. Appraisal standards have tightened recently along with credit standards. To get the most “return of investment” out of a major renovation, make sure that the work is done with a building permit. An appraiser might not be able to count an attic, garage or basement conversion as livable square feet unless the homeowner could show that the work had been done with permit. This in turn could result in an appraisal far lower than the buyer might expect after spending money for the renovations.

search for : Quality of life, home improvements, building permit

While, home and condo owners remain upbeat on home improvements, the uncooperative housing market, coupled with hard mortgage money, is making them think twice about getting work completed. For those who can afford home improvements, that could mean it’ll be easier to drive a hard bargain and negotiate to get work done for less. Homeowners are also concerned about the slowing economy, falling home prices, and the resultant impact on discretionary equity-based money. Some economic indicators say the housing market recovery may not begin until the end of the decade. The Opinion Research poll conducted for Miniwax Co. asked consumers where home renovations would give them the most return and 63 percent of homeowners said a kitchen do-over while 51 percent said just buying new or refinished kitchen cabinets will add to resale value. Sixty-seven percent said painting the interior or exterior will add value. Other jobs frequently mentioned were bathroom remodels, new carpeting and new or refinished hardwood floors. (more…)

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Those planning on remodeling their home or condo will now find it much easier to make intelligent choices with energy savings in mind. Experts are generally in agreement that the average kitchen accounts for 20 to 40 percent of a home’s total energy bill. If your refrigerator and dishwasher are more than 10 years old, you can reduce your utility bills by replacing those old appliances. Another money-saving trick is to size your appliances to your needs. The style of fridge is important too. In general, models with the freezer on top use up to 25 percent less energy than comparable side-by-side models. Models with through-the-door ice and water use more energy too. (more…)

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Beautiful Wilkes County NC Executive Country Club Home.

MLS Number: 51211 List Price: $359,000

Bedrooms: 3, Full Baths: 2, Half Baths: 1, Est Total SqFt: 3425+
Type/Style: Tudor, Two Story, Area: 6
Elementary School : Moravian Falls Elementary
Middle School: Central Wilkes
High School: Wilkes Central

Construction: Brick Veneer & Other, Solid Masonry Foundation: Basement, block & brick. Roof: Shingle - Composition, Two Years Old, Floors: Carpet/Hardwood/Tile
Garage/Carport: Garage-Double Attached
Interior Features: Smoke Detector(s), Ceiling Fan(s), Newly Decorated, Painted and Carpeted, Central Vacuum, Large Master Bedroom, Walk-In Closets, Hardwood Floors, Basement, Two Fireplaces (Rock and Brick), Gas Logs, Workshop in Basement, Walk-in Cedar-lined closet, Formal Living Room, Dining Room, Den with Oak Bookshelves and Cabinetry, Cable TV w. broadband Internet

Exterior Features: Tiled Patio/Deck and Walkways, Very Private Yard, Level Lot, Set Back From Street.
Subdivision: Farmington
Lot Size: 1.14 acres

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

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A new study indicating who is likely to steal your identity shifts the blame from people you know to those who are more likely to be strangers. In its “Identity Fraud Trends and Patterns“, Utica College’s Center For Identity Management & Information Protection (CIMIP) tracked Secret Service arrests and convictions of offenders and found that identity thieves used these methods of operation. ID thieves used the Internet or some other technological device in the commission of the crime approximately 50 percent of the time. Among those who did not use technology, tactics like dumpster diving and change of address forms were used 20 percent of the time. Learn about ID theft prevention strategies outlined on the Federal Trade Commission’s Identity Theft Site.

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Vacation-home sales went up 4.7% to a record 1.07 million homes in 2006 from 1.02 million in 2005, driven largely by demographic trends. Meanwhile, investment-home sales dropped 28.9%, falling to 1.65 million homes in 2006 from 2.32 million in 2005, according to the group’s annual survey of investment- and vacation-home buyers. Vacation-home sales went up 4.7% to a record 1.07 million homes in 2006 from 1.02 million in 2005, driven largely by demographic trends. Meanwhile, investment-home sales dropped 28.9%, falling to 1.65 million homes in 2006 from 2.32 million in 2005, according to the group’s annual survey of investment and vacation home buyers. Part of the drop in the median investment price results from investors shifting away from pricier markets like Florida, Nevada and Arizona, and into affordable locations in New Mexico, Idaho, Utah, Georgia, Tennessee and the Carolinas.

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Consumers tend not to research loan products before sitting down with their mortgage professional. While help is on the Web, consumers need to know where to look. Simply doing a search engine query for many of the popular mortgage terms will result in thousands of links — most with little or no applicability. Borrowers could do much worse than visiting the Freddie Mac “What is a Mortgage” page. This site helps consumers understand some basic mortgage concepts. Links on this page explain the pros and cons of a fixed-rate mortgage, the elements of an adjustable-rate mortgage and define balloon and reset features. Also a visit to the U.S. Department of Housing and Urban Development’s site takes visitors through the home buying process step-by-step.

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