Real Estate Information Archive

Fixing up your home is a great way to improve your property's resale value as well as make it just the way you and your family want it. However, home renovation projects can quickly get out of hand and cost more than expected if you're not careful. Below are a few ideas to keep your home remodeling efforts from breaking the family budget.

1. Add 20 percent for contingencies. "This Old House" magazine advises homeowners to budget an extra 20 percent over and what they think their remodeling project will cost. This allows for contractors underestimating the time or supplies needed, additional renovation needed that wasn't anticipated before you started, and price increases on supplies, just to name a few items that could happen on a remodeling project.

2. Be realistic about what you can do yourself. Doing a lot of the labor yourself can save you a considerable amount of money, but it's important to be realistic. If you've never put down tile or hung cabinets, you don't want to learn on your own home project. You'll have to live with the results for years. Plus, no matter how skilled you are at DIY projects, it's wise to hire licensed professionals for wiring, plumbing and HVAC work. How does this save money? You don't want to have to hire a professional to redo your work when you realize you're in over your head.

3. Don't discount salvage stores. If you own a Victorian or other distinctive period home, make sure to scour the salvage stores for unique and affordable building items like doors, woodwork, moldings and more. You'll save money, you'll be keeping these items from America's landfills and, best of all, you'll be adding a vintage piece of American craftsmanship in your home.

4. Do your own delivery. You can save quite a bit of money on delivery charges plus make sure that your building materials are where you need them when you need them by picking them up yourself.

Home remodeling projects can be fun and exciting. With a little careful planning, they can also stay within the budget.

Thanksgiving is just about here and with that comes some fun traditions here in Portland, Oregon!

After you have enjoyed Thanksgiving Dinner with family and friends, the Holiday Season kicks off the morning of Friday, November 29th with the annual Macy's Holiday Parade in downtown Portland. Kids and parents alike will enjoy the festive parade floats, marching bands and gigantic inflatables! This free holiday celebration will get started at 9:00 AM and last approximately an hour, giving your little ones just enough excitement for the morning. The parade will begin at the downtown Macy's, located at 621 SW 5th Avenue, and will wrap its way through the streets of downtown Portland. You can take a look at the parade route on Macy's website.

Later that evening, head out to Pioneer Square for the classic Tree Lighting Ceremony. The 75-foot Douglas fir tree was already erected on November 15th, but it remains to be decorated with lights and ornaments! The free celebration is set to start at 5:30 PM, but event goers are encouraged to show up early to get the best spot. There will be a visit from Santa for the kids, a marching band, carolers and a sing-along led by several special guests, including Pink Martini's Thomas Lauderdale, the 234th Army band and the Pacific Youth Choir.

This will be an exciting way to start the Holiday Season! Have a great Thanksgiving!

With the Holiday Season about ready to begin, a fun tradition for many families and friends is to take the dazzling light show displays! One such holiday light show that began showing each year since 1993 is the Winter Wonderland Experience, which is hailed as the "Largest Holiday Light Show West of the Mississippi." Now in its 21st year, this annual light show is sure to captivate audiences of all ages!

From Thanksgiving through Christmas Night, you can venture over to the Portland International Raceway and take in the fantastic drive-through light showing, featuring a number of light displays. Many of these displays are fully animated, including such favorites as the 12 Days of Christmas, Santa on the Ski Slope and Flying Reindeer that dash through the air right over your car!

In addition to the light extravaganza, there a some special events. You can join hundres of runners in the Winter Wonderland Run and Walk Race on Saturday, November 30th. The start time for the race will be at 5:00 PM and concluding at 7:00 PM. Distances include courses from 2 - 6 miles. On Monday, December 2nd, you can take in the lights with a leisurely stroll at the Gentech Dentist Walk Night. No cars will be allowed on the track from 5:00 PM to 9:00 PM and you are encouraged to bring the kids and even the family dog! Another fun event is on Monday, December 9th in which you can ride your bike through the holiday light gala during the 5th Annual Bike the Lights, put on by Bike Gallery. This biking event will begin at 5:00 PM and will last until 9:00 PM. Proper lighting is required for this, as well as helmets for riders 16 years or younger.

This is a charity event presented by Columbia Humane Society, with over $551,000 and over 41 tons of food contributed. This will be a fun way to take in the Holiday Experience!

The effect of the economy on the real estate market has been talked about frequently over the last couple of years. As with everything else, the downturned economy meant that builders stopped building and houses stopped selling. There is, however, good news for homeowners that were concerned about the value of their home. Research shows residential real estate prices up for 17 consecutive months. According to Property Wire, the latest index shows that the national median home value was up 6% from a year ago.

March of 2012 was considered to be the bottom of the housing crisis. Since then, house prices have risen 23%. While this is still 26% from the peak prices seen in 2006, it gives everyone is the housing industry hope for a complete recovery. A large portion of the increase is due to cash buyers and investors. With foreclosures and short sales still on the market, interested buyers have begun to dwindle the supply again. More confidence in the economy has encouraged homeowners to sell, buy, and build again.

Portland is an area that has seen a tremendous increase in home values. Values peaked in April with a 12% increase over a year earlier. Analysts speculated that the area couldn't continue such rapid growth over the long term, and the rates have started to slow. Increased interest rates are blamed for a portion of the slowdown. Also considered at fault are state laws that affected the foreclosure process. Those legal challenges have now been worked through and the Portland real estate market is continuing to heal and return to normal.

With the news that residential real estate prices up for 17 consecutive months and the knowledge that the Portland area is seeing a slowdown in the rise of home value, these are signals that now is a great time to invest in real estate.

One of the first things people should consider when purchasing a home is an inspection. A certified home inspector will ensure that major components of a home are looked at carefully so that buyers will know whether or not the property they are interested in has major issues. The results of this inspection are very useful when it comes to negotiating the selling price, and can save people a great deal of heartache later down the road.

The American Society of Home Inspectors (ASHI) is a North American organization that serves to promote awareness as to the importance of home inspections. This group’s members adhere to rigid guidelines known as Standards of Practice, which has essentially become the gold standard in the industry when it comes to home inspections.

Some of the things that are usually covered in a home inspection include mechanical items such as plumbing, heating and cooling, electrical wiring and major appliances. Floors, walls, ceilings, doors, windows and the roof are typically examined as well. Inspectors may also look at the amount of insulation in an attic in order to determine if a home would be energy efficient.

Buyers typically spend around 15 minutes inside a home when they are looking at it. In order to see every component of a house, individuals would need to spend around two hours or more in the home. Not only that, but accessing the roof or attic would require the use of special ladders that not many people have access to.

Sellers could also benefit from having a home inspection performed on a property they are placing on the market. That’s because inspectors provide homeowners with a report that outlines deficiencies. After examining this report, homeowners could make any needed repairs before the property is offered for sale, thereby increasing the amount they could ask for the home as a result.

Home inspector qualifications vary from one state to the next, and not all inspectors check the same components of a home. As a result, consumers should obtain a list of items to be checked so they can make sure that all the important elements of the home are looked at by the inspector they choose.

When it comes to buying a home, people are often tempted to stretch themselves financially a bit in order to purchase a home they are in love with. In some cases, financial stretching for buyers can actually be a smart move, while in others, it could be disastrous. Buyers who are thinking of stretching themselves should carefully consider a number of factors in order to make the right decision.

Those who are stuck between a more expensive home that meets their needs and a less expensive one that could need extensive remodeling can sometimes benefit from stretching. That’s because the cost of the remodeling project could just be more than the price difference between the two homes. Not only that, but it could help new homeowners avoid the hassle that’s associated with remodeling as well.

The average homeowner sells approximately every five years. Rather than buying a larger home a few years down the road, it could be better to buy one now. That way, the home can be paid for sooner, and families can eliminate the hassle of moving to a bigger home whenever their situation calls for it.

Financial stretching could pay off with a larger mortgage deduction on their federal taxes. As a result, some consumers could wind up getting a refund when they otherwise might have owed money to the government.

Financial stretching for buyers also has its drawbacks. For example, those affected by seasonal unemployment could find it difficult to make their mortgage payments whenever they are laid off. Likewise, individuals who are already struggling to keep up with their monthly bills could find themselves having even more difficulty making ends meet if they stretch beyond what they can reasonably afford.

Individuals who are not planning to keep their home long may also lose out if they stretch themselves financially. Since the housing market constantly fluctuates, buyers may need to hold onto their properties longer than they did in the past if they are to notice any real financial gain as a result of their real estate investments.

Financial stretching for buyers has its advantages and disadvantages. Only after carefully weighing all of the options should individuals decide to stretch themselves. That way, they can avoid the financial pitfalls that could come with doing so.

One of the easiest ways to for people to trim money from their household budget is to save on energy consumption. Even those who are in great financial health can still benefit from these energy saving tips in order to improve their economic situation even further.

Low flow showerheads and toilets will more than pay for themselves in only a short while. House Logic claims the average family can save 15,000 gallons of water per year, for an annual savings of around $200.

Green Energy Solutions recommends fiberglass insulation to save money on heating and cooling bills. They estimate that new insulation could result in a savings of around 20% for most homeowners.

Switching from regular to fluorescent light bulbs can result in a savings of around $6 per year for each bulb, according to Energy Star. They also last up to ten times longer, so homeowners won’t have to replace them as often either.

Upgrading to a new dishwasher can reduce energy costs, since newer models tend to be more efficient than older ones. Those who cannot afford to upgrade could still enjoy energy savings simply by cleaning and maintaining it properly.

Programmable thermostats make it easy to turn the temperature up or down whenever a home is not being occupied. As a result, most consumers can expect to save around $150 per year on their heating and cooling bills according to AOL real estate.

Adding weather-stripping is one of the best energy saving tips because it is inexpensive and easy to do. Energy Star reports that this accounts for around 30 to 40 percent of all heating and cooling loss, yet the materials needed to weather-strip a home can be purchased for under $5 at home improvement stores.

Homeowners who install a new ceiling fan can save money year round, because these fans help push warm air downward in the winter, while circulating cool air in the summer. All that’s needed is to simply change the direction in which the fan operates in order to enjoy the benefits year round.

Finally, a tankless water heater costs around 20 percent less to operate than a conventional water heater does. Not only that, but one can be expected to last up to ten years longer, which means consumers can save on the cost of replacing these units as well.

More underwater homes than ever are now showing positive equity in the Portland, Oregon area. A real estate data firm known as Corelogic reports that 8.1 percent of Portland-area homes were under water in the second quarter of 2013, as compared to 12.2 percent during the first quarter. Similar decreases were reported nationwide, with 14.5 percent of all homes across the country now showing negative equity.

One reason for the increase in home values is the fact that foreclosure rates are on the decline. CNN Money claims that foreclosure filings during August 2013 were the lowest in nearly eight years. They credit rising home prices and fewer underwater borrowers for the fact that foreclosure rates are on the decline across the country. That’s because underwater borrowers are at a higher risk of foreclosure should they suffer an undue financial hardship while occupying their property.

The number of foreclosures peaked in September 2010, and the market has seen steady decreases since that time. During the month of August, there was a slight increase in foreclosures over July; however, when compared to figures from August 2011, there was a 25% decrease noted. This number is also around 60% lower than the highest numbers recorded since the housing market crashed around eight years ago.

Even though property values have increased, many people still have very little equity available in their homes. Approximately 10.3 million homeowners have less than 20 percent equity, which essentially makes them unable to buy a new home as a result. These homeowners may be stuck for now, but if home prices continue to rise, they could be able to sell in only a short while. Basic laws of supply and demand would then lead to even higher home prices, because these individuals would also be able to purchase a new home rather than holding onto the one they have.

It is important for all homeowners to understand indoor air quality and mildew elimination. The primary cause of indoor air quality problems for homeowners is indoor pollution sources that release gases and particles into the air. Although it’s an uncommon problem, homeowners may experience inadequate air flow problems in the home due to poor ventilation that can increase pollutants. High humidity and temperatures may also be factors.

The ventilation of outdoor air is important for homes because it can help filter out indoor pollutants that may already be in the home causing adverse health effects to its inhabitants. The two forces must work in tandem to create optimal air quality and mildew reduction.

To improve air quality, homeowners must adopt the following strategies:

1. Air Cleaners - Air cleaners can be effective solutions to air quality and mildew issues in the home, depending on how well pollutants are collected from indoor air and the amount of air it filters at a time. Maintenance of the air filter will directly impact the effectiveness of the air cleaner. Whatever the pollution source may be, (air conditioning unit, oven or stove, refrigerator, etc.), the air cleaner must be able to absorb its pollutants more effectively than the source's output.
2. Improved Ventilation - Improved ventilation increases indoor air quality and mildew removal. According to the United States Environmental Protection Agency, "Most home heating and cooling systems, including forced air heating systems, do not mechanically bring fresh air into the house. Opening windows and doors, operating window or attic fans, when the weather permits, or running a window air conditioner with the vent control open increases the outdoor ventilation rate. Bathroom or kitchen fans that exhaust outdoors remove contaminants directly from the room where the fan is located and also increase the outdoor air ventilation rate."
3. Source Control - Air quality and mildew reduction in the home must be managed by controlling the source of indoor pollutants. Although compact and powerful, table-top air cleaners may not completely remove source pollutants because of their size. In some cases, the source of indoor pollutants may have to be removed while using an air cleaner.

Using these strategies, all homeowners will be able to effectively maintain a healthy standard of living, indoor air quality and reduction of harmful indoor toxins.

It is common for potential homeowners to decide between buying a pre-existing home or new construction. With so many variables presented in favor of both options, it is difficult to discern which type of home is suitable for new owners. Explored are the exciting positives and potential pitfalls new homeowners may face when making a purchasing decision that impacts their future.

A few key items for new homeowners to consider when buying a pre-existing home or new construction are:

• Location and neighborhood – Depending on the liveliness of the neighborhood, choosing an older home is best when looking for a more established community and culture within the epicenter of an urban area. More established areas also tend to have more diversity of people, from single renters to older homeowners and families. Newer constructions mean less established neighborhoods that are typically located on the outer reaches of urban areas. Commuting to and from work, school and general purpose shopping centers is also a consideration.
• Price and energy efficiency – Costing less than new construction homes, pre-existing houses often cost less per square foot. Prices for pre-existing homes also tend to be more negotiable. However cost effective these established houses may be, new constructions offer more overall energy efficiency. Updates to building materials and technology that regulate in-home energy consumption make new construction homes less wearing on the pocketbook.
• Living space, design and customization – For many new homeowners, customization is a key factor when buying a pre-existing home or new construction. Picking a new wall color, installing custom wiring for stereos and televisions, creating walk-in closets and bathrooms are all viable options when owning a new construction home. These items may be limited or altogether excluded when owning a pre-existing house due to the established construction and wiring system. New homes also tend to promote a more efficient use of space than many established homes.
• Maintenance – Maintaining an established home may pose difficulties if its previous owner was not diligent with upkeep. Newer homes have fewer maintenance issues but still need to settle into their newer foundations.

The prospect of becoming a new homeowner is thrilling and all new owners should be aware of the many factors when buying a pre-existing home or new construction as outlined above.