Ultimate Open House


BUILT TO LAST: Well-made homes endure the test of time

June 21, 2009

Filed under: Builder's Corner, Portland Style, Special Offers, Ulitmate Home Shoppers — Tags: — uoh @ 3:59 pm
By Kara Cogswell, The Oregonian

In this market, affordable homes abound.

But price is only part of what makes a home a good value. If you want a home that you’ll love today and 20 years from now, seek out high-quality materials, a breathable moisture barrier, and thoughtful building and maintenance, say people in the homebuilding industry.

“One of the things I believe in is that you get a feel for a home, whether it’s been maintained or not,” says Susan Walker, board president for the Oregon Association of Home Inspectors. “I really encourage people to look at a lot of houses, because you’re gonna get a feel. Don’t be afraid to turn the water on, open the cabinets.”

Standing in her Southwest Portland kitchen, Walker makes her point by swinging open one of the original white cabinet doors. She knocks on it, and the sound is solid — the cabinets are made of wood. In many newer homes, she says, the cabinets are made from lower-quality particleboard or medium-density fiberboard. The problem with those materials, she says, is that moisture can seep into them after just a couple of years if they’re not properly sealed.

In cabinets and elsewhere, high-quality materials are essential for a well-constructed home, say experienced builders such as Jerry Reeves, owner of J.C. Reeves Development & Construction, who has been building homes in the Portland area for more than 30 years.

Reeves’ luxury homes are rich in wood and stone, which he says are superior to processed materials because they don’t contain toxic chemical compounds such as formaldehyde and they require little maintenance, aging gracefully for decades and even centuries.

“Quality materials to me means natural products,” says Reeves. “It’s kind of like with food — we (say) you shouldn’t eat anything that your grandmother or your mother wouldn’t know or recognize. In the homebuilding business, it’s a bit like that. The real wood, the real stone, the real earthy stuff is what’s going to last.”

Read full story here.


10 Cheap Ways to Boost Your Curb Appeal

June 18, 2009

Filed under: Ulitmate Home Shoppers, Your Home Your Money — uoh @ 3:14 pm

So what does it take to make your place look great? Not big bucks or a lot of time. ShopSmart, from the publisher of Consumer Reports, shares 10 projects that can be done in a weekend for $150 or less:

  1. Punch up the numbers
    Cost $1 to $40
    House numbers are practical–and they can also enhance the style of your home. Play with scale by going with oversize numbers, and choose a style that complements your home’s architecture– whether it’s a curvy mission style for bungalows or prairie-style homes, or sleek and modern for a contemporary house, script for a formal colonial, or casual, colorful ceramics for a French country or Mediterranean look.
  2. Put out a welcome mat
    Cost About $30
    The quickest and easiest front porch update is a new welcome mat. It’s an accessory that you can change with the seasons or use to showcase your individuality: Go colorful and kid-friendly with bright strips, classic and sophisticated with a custom monogram, or way out and wacky with a funny quote.
  3. Clean up the landscaping
    Cost About $150
    A few landscaping tweaks don’t have to cost a lot. You can bring a patchy yard back to life by seeding bald spots and pruning overgrown foundation plantings. If you decide to add shrubs around the house, choose varieties that won’t grow bigger than 3 or 4 feet, and plant taller bushes and trees at the edge of the house to frame it.
  4. Paint the front door
    Cost About $30
    Painting your whole house is expensive, but it takes less than a gallon of paint to cover your front door and give it a quick lift. Try going with a really bold color, like high-gloss red, forest green, or black to call attention to the entry or to complement a color on the trim or in the masonry. And don’t forget that many stains come in colors too.
  5. Hang a door knocker
    Cost About $75
    A brand-new door knocker is a great way to jazz up your newly painted front door and put your personal stamp on the entry. For a traditional look, stick with the classic, shield-shape design. For a bolder statement, opt for a big round ring. Or you can choose something more whimsical and unique in the shape of, say, a dragonfly or cat.
  6. Put up window boxes
    Cost About $50
    Nothing adds instant charm to a home’s façade like window boxes. Brackets screwed into the house support the boxes. Wood boxes can be customized with paint or stain, and synthetic boxes require no maintenance and look great too.
  7. Add some potted plants
    Cost About $50 to $100
    For a great look that will save you the time and labor of digging flower beds, place large ceramic pots or other outdoor containers filled with easy-care geraniums or other plants in prominent places. Near the front door and along walkways are good spots. To avoid a cluttered look, place pots to the side of the door, out of the circulation area. To stretch your budget, buy young, small flowering plants to fill your pots or trade clippings with friends.
  8. Replace the doorknob
    Cost About $100
    Replacing the knob hardware instantly perks up a door. And if you stick to the same size as the existing handle, it’s an easy do-it-yourself job. Houses in warm tones–wood, reds, brown–call for warm metals like brass and copper. Cool metals look great against white and pale shades. Carry the new finish through to the other door accessories–the hinges, kick plate, and doorbell should all match.
  9. Upgrade the lighting
    Cost $25 to $150
    Exterior lighting is a must for safety and finding your keys, but it also makes a house look warm and welcoming at night. By day, a hanging or wall-mounted fixture near the door is a nice piece of house jewelry. To increase your home’s wow factor, use lighting in the yard. But use energy-saving compact fluorescent bulbs.
  10. Get a new mailbox
    Cost $50 to $100
    Mailboxes can do wonders for curb appeal. If your current one has a few rust spots, touch it up with paint; if it’s too far gone, spring for a new one.

Tips courtesy of July 2009 issue of ShopSmart and Charles & Hudson.


How to Pay Upfront Costs With Tax Credit

June 16, 2009

Filed under: Portland Style, Ulitmate Home Shoppers, Uncategorized, Your Home Your Money — Tags: — uoh @ 6:25 pm

Do you have questions about who qualifies for the $8,000 tax credit and how to get a loan to help cover downpayment or closing costs? The National Association of Home Builders is providing answers to frequently asked questions.

tax-credit-screen-shot1(Background Information: The U.S. Department of Housing and Urban Development announced on May 29 that the Federal Housing Administration will allow state housing finance agencies to provide second mortgages “monetizing” the tax credit so that borrowers can use the funds for upfront costs for the purchase of homes with FHA-insured mortgage loans.

HUD announced that FHA-approved lenders can purchase the tax credit from the home buyer in advance, so that the home buyer can use the funds for closing costs or make a downpayment in addition to the 3.5% minimum. Home buyers who go directly to FHA-approved lenders still need to come up with the 3.5% minimum downpayment that is required for an FHA-insured loan.)

  1. What exactly does “monetizing” the tax credit mean? The term “monetization” is defined as the act of converting something into money. In the context of the first-time home buyer tax credit, monetization means treating the payment of the credit as if it were cash and allowing its use as a payment for certain closing and downpayment expenses.
  2. What is a “bridge” loan? A bridge loan is a type of loan that is intended to be outstanding for a very short time period, often only a few days or weeks. Bridge loans are used to provide funds in situations where the borrower is expected to receive funds, such as the payment of this tax credit, within a very short time.
  3. What is a state housing finance agency? A state housing finance agency, often referred to as an “HFA,” is an organization that provides funding for a variety of loan and grant activities related to for-sale and rental housing. HFAs are also typically responsible for distributing grant funds from federal agencies, such as the U.S. Department of Housing and Urban Development (HUD).
  4. How do I find out if my state housing finance agency is providing this service? The best way to locate information about your state’s HFA is via the Internet. The National Council of State Housing Agencies (NCSHA) maintains a directory of state HFAs at: www.ncsha.org/section.cfm/4/39/187.Most state HFA Web sites include phone numbers and e-mail addresses by which they can be contacted.
  5. What kinds of lenders are doing this? How can I find a list of lenders who are providing these short-term loans? Many state housing finance agencies are either running or sponsoring programs that will use a tax credit for a downpayment. These programs often place a second lien on the home as collateral to secure the eventual repayment of the tax credit funds. Some state HFAs lend directly to home buyers while other HFAs work through networks of state-approved lenders.In addition to state agencies, FHA-approved lenders may be offering to purchase a first-time home buyer’s tax credit in conjunction with an FHA-insured mortgage loan. Interested buyers should check with area lenders, home builders or real estate agents for the names of participating lenders.The Federal Housing Administration (FHA) also has an online tool to find FHA-approved lenders: www.fhaoutreach.gov/FHALookup.
  6. What types of loans qualify? Any lender can offer a program that would permit a first-time home buyer to apply the tax credit to funds needed for a loan that is obtained in conjunction with a home purchase. At this time, however, only the FHA has issued guidance regarding the monetization of the first-time home buyer tax credit in conjunction with FHA-insured mortgage loans.
  7. Can this short-term loan be applied to the minimum 3.5% downpayment required by my FHA loan or is it only available above and beyond the initial downpayment required? If an FHA-approved lender or state housing finance agency is purchasing a tax credit and therefore making a short-term loan that is secured only by the repayment of the first-time home buyer tax credit, these funds cannot be applied to a downpayment in lieu of the home buyer’s funds. A home buyer still has to provide the 3.5% downpayment from his or her own funds. The money from the short-term loan can be used to pay closing costs and prepaid expenses, such as escrow for taxes, insurance and community association assessments. These funds can also be used to make a larger downpayment or to “buy down” the interest rate on the mortgage loan.However, many HFAs are offering tax credit loan programs that offer home buyers a short-term loan backed by the anticipated tax credit and secured by a second lien, which in general will be paid off after the home buyer receives their income tax credit from the IRS. The proceeds of these loans may be used to satisfy the 3.5% downpayment requirement for FHA-insured loans. The National Council of State Housing Agencies (NCSHA) maintains a list of such tax credit loans programs at: www.ncsha.org/section.cfm/3/34/2920.
  8. Is this an interest-free loan or are there fees associated with this type of short-term loan? If a governmental agency - such as a state housing finance agency or an FHA-approved lender - purchases a first-time home buyer tax credit, it is allowed to charge no more than 2.5% of the amount of the credit.
  9. How can I tell if the short-term loan on the tax credit is being offered by a reputable company? If the organization is a unit of state government, it is safe to say that it is reputable. Otherwise, a home buyer may want to check with their local Better Business Bureau or a state or local government’s department of consumer affairs.


Finding the Perfect Realtor

June 8, 2009

Filed under: Builder's Corner, Ulitmate Home Shoppers, Uncategorized, Your Home Your Money — Tags: — uoh @ 10:42 pm

By John Kirkland, The Oregonian

Everybody’s been saying this is a great time to buy a home. Prices are down significantly from the peak of the 2007 bubble, and interest rates are still low. But if you’ve never bought before, it can be daunting.

The same goes if you’re selling. At a time like this — a buyer’s market — you want the best advice on how to market your home so you get the highest price.

The key players for both buyers and sellers are good Realtors. They’re experts in buying and selling real estate, including ethics, legal issues, market data, financing and much more.

For sellers, the payoff for using a Realtor can be quicker sales and more money.

“Studies have shown that homes of people who work with Realtors sell for a higher price,” said Kathy Querin, chief executive officer for the Portland Metropolitan Association of Realtors, also known as PMAR. “They know how to price properly and how to negotiate.”

Negotiating power also is important to the buyer. And both sides benefit from a third party who can steer the sale through what can be a very complex process.

With 6,600 PMAR members, there are plenty of Realtors in the Portland area to choose from.

So the question isn’t how to find one — it’s how to find the best one for you.

Read the rest of the story….


House-Selling Business Moves From Papers to Facebook, Twitter, Blogs

June 1, 2009

Filed under: Ulitmate Home Shoppers — uoh @ 11:13 pm

From Advertising Age, By Marissa Miley

Disappearing are the bold-colored suit jackets, poufy hairdos and stilted smiles that, for decades, have been plastered across newspaper pages pushing real estate to potential homebuyers. In their stead: informal blogs, online video tours and sophisticated consumer targeting.

THE END OF LISTINGS? Corcoran still places classified ads in The New York Times and on some newspaper and magazine sites, but that may drop off over time.

The recession and a cratered housing market have curtailed real-estate advertising overall, and many companies have cut back significantly on newspapers. Realogy Corp., parent company of Century 21, Coldwell Banker, Sotheby’s International, and Better Homes and Gardens Real Estate, among others, spent 31.7% less on measured media in 2008, according to TNS Media Intelligence, down to $129.3 million from $189.4 million in 2007. And more than half of the decrease, $31.8 million, came out of newspapers. At the same time, Realogy upped its internet spending 29% to $8.6 million. The internet ad dollars pale in comparison largely because the internet is less expensive, but the trend toward online is unmistakable.

Christina Lowris, exec VP of marketing and advertising at the Corcoran Group, a real-estate firm with properties in New York City, the Hamptons, and South Florida, said Corcoran spends “a lot less” on print classifieds than it used to, and views that change as permanent.

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