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Tuesday, February 2, 2016

Energy Tax Credits for Insulation!

Selling Southern California!

Energy Tax Credits for Insulation


Published: January 2016
Adding insulation isn't just good news for your comfort and your utility bills. It could mean a tax credit, too.
Whether it’s summer heat or winter cold, insulation makes your house a lot more livable. If you added insulation last year, you might be eligible to collect a $500 energy tax credit.
Tax credit particulars:
  • 10% of expenditures, up to $500 for the year, for all energy improvements combined. It's a lifetime credit.
  • Save receipts and labels for Uncle Sam.
  • Be sure to file IRS Form 5695 with your return.
The Energy Star site is your safest bet for information on how to get the credit. Energy Star has been pretty flexible on what it allows for this credit:
  • Batts
  • Rolls
  • Blow-in fibers
  • Rigid boards
  • Expanding spray
  • Pour-in-place 
Products that reduce air leaks also qualify:
  • Weather stripping (such as fabric, foam, or metal to provide a seal)
  • Spray foam in a can, designed to air seal
  • Caulk designed to air seal
  • House wrap
Installation isn’t covered.
Don’t rely solely on contractors who may not know the details or who promise their products will get the credit in order to make a sale.
Read on to learn more:
Insulation costs
Insulation is measured in R-values
Savings and energy audits

Insulation costs

Adding insulation is a relatively affordable home improvement project, and the savings can be felt almost immediately. Some DIYers can even tackle the project themselves over a weekend.
Cost for adding attic insulation to a 2,200-square-foot home:
  • $1,000 to $2,500 including labor, depending on how much you put in and how easy it is to install.
  • Effort and expense go up when you add it to exterior walls or around hard-to-reach ductwork.

Insulation is measured in R-values

The higher the number value (measuring its resistance to heat flow), the better the insulating power.
Recommended R-values are 30 to 60 for most attics, according to the U.S. Department of Energy. R-38 (or about 12 to 15 inches, depending on the type) is the sweet spot for most attics, says Energy Star, a joint program of the DOE and U.S. Environmental Protection Agency. 

In colder climates, go for R-49. 

The DOE’s online calculator recommends R-values for all areas of your home’s “envelope”:
  • Attic
  • Walls
  • Floors
  • Basement
  • Crawl spaces
You need more insulation if your insulation is level with or below the attic floor joists.
Just about all types (fiberglass, cellulose, mineral wool, spray foam, foam board, cotton batting) qualify for the energy tax credit, as long as its primary purpose is to:
  • Insulate
  • Bring your home up to recommended R-value guidelines
Insulated siding doesn’t count, because its main purpose is not insulation, but simply covering your house.
Generally, most homes built before 1980 have inadequate insulation. The easiest kind to add is blown loose-fill insulation. You’ll probably need to hire a contractor. Since insulating an attic isn’t too complicated, you can get quotes—at least three—by phone. However, get a copy of the quote in writing before work starts, and be sure it specifies R-value.
Michael Kwart, executive director of the Insulation Contractors Association of America, recommends rolled insulation for do-it-yourselfers. The new material can be added on top of the existing.

Savings and energy audits

Depending on where you live and how much insulation you already have, adding more can trim heating and cooling costs anywhere from 10% to 50%.
  • A home owner in the Northeast with an uninsulated attic, for instance, can save about $600 a year by adding about 15 inches of insulation (R-38) between the rafters, according to the Energy Department.
  • Just 6 inches can net annual savings of about $200.
Energy audits uncover even more ways to save energy
Besides adding new insulation, conduct a whole-house energy audit to find other ways to reduce power consumption and save even more on monthly bills.
Caulk around drafty windows and doors, and stop gaps in siding and the foundation, says Matt Golden, president and founder of San Francisco-based Sustainable Spaces. Reducing a home’s air leakage by 25% can lower annual energy costs by about $300, according to the Lawrence Berkeley National Laboratory.
This article provides general information about tax laws and consequences, but isn't intended to be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.


Read more: http://members.houselogic.com/articles/tax-credits-adding-or-replacing-insulation/preview/#ixzz3z2ATiGaB 
By: Gil Rudawsky
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An Expert In Your Court
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Friday, January 29, 2016

6 Tips for Choosing the Best Offer for Your Home!

Selling Southern California!

6 Tips for Choosing the Best Offer for Your Home


Have a plan for reviewing purchase offers so you don't let the best slip through your fingers.
You’ve worked hard to get your home ready for sale and to price it properly. With any luck, offers will come quickly. You’ll need to review each carefully to determine its strengths and drawbacks and pick one to accept. Here’s a plan for evaluating offers.

1. Understand the process.

All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.

2. Set baselines.

Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won’t fall apart because the buyer can’t get a mortgage, require a prequalified or cash buyer.

3. Create an offer review process.

If you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive.

4. Don’t take offers personally.

Selling your home can be emotional. But it’s simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a lowball offer, don’t be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.

5. Review every term.

Carefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures -- such as appliances, furniture, or window treatments -- to be included in the sale that you plan to take with you?

Is the amount of earnest money the buyer proposes to deposit toward the downpayment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise.

Have the buyers attach a prequalification or pre-approval letter, which means they’ve already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can't get a mortgage, and they'll take their earnest money back, too. Are you comfortable with that uncertainty?

Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer’s proposed closing date mesh with your timeline?

With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?

6. Be creative.

If you’ve received an unacceptable offer through your agent, ask questions to determine what’s most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.


Read more: http://members.houselogic.com/articles/6-tips-choosing-best-offer-your-home/preview/#ixzz3yfn7RryN
By: G. M. Filisko
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Thursday, January 28, 2016

2015 Marked ‘Very Strong Year’ for New Homes!

Selling Southern California!
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DAILY REAL ESTATE NEWS | THURSDAY, JANUARY 28, 2016

Sales of new homes surged to an eight-year high last year, according to the final numbers released Wednesday by the U.S. Commerce Department. Sales of new single-family homes increased 14.5 percent last year to 501,000 units, the highest level since 2007.
Just in December, new-home sales rose 10.8 percent to a seasonally adjusted annual rate of 544,000, proving a strong end to 2015 for new-home construction.
“The December sales report is a great end to a very strong year,” says Ed Brady, chairman of the National Association of Home Builders. “As we move forward in 2016, we should see the housing market continue to make lasting gains.”
All four regions of the U.S. posted gains in new-home sales in December, led by the largest month-over-month gain in the Midwest with a 31.6 percent increase. Sales also rose 21 percent in the West; 20.8 percent in the Northeast; and 0.4 percent in the South.
"Relatively low interest rates and an improving economy are motivating buyers to make a new-home purchase," says NAHB Chief Economist David Crowe. "Builders are upping their inventory in response to heightened consumer interest. Housing inventory is now at its highest level since October 2009."
Inventories of new homes for sale is now at a 5.2-month supply at the current sales pace, the Commerce Department reports.
New-home prices averaged $294,575 for 2015, a 4 percent increase over the previous year.


An Expert In Your Court
Robert De La Rosa
"CALL NOW 909.271.5640"
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Coldwell Banker Town & Country
501 W. Redlands Blvd
Redlands CA, 92373
CalBre 01435824
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Tuesday, September 15, 2015

MBA Launches 'Know Before You Owe' Info!

Selling Southern California!
www.TheCaliforniaPropertyConnection.biz

DAILY REAL ESTATE NEWS | TUESDAY, SEPTEMBER 15, 2015

With the Oct. 3 'Know Before You Owe' mortgage initiative approaching, the Mortgage Bankers Association (MBA) launched a set of resource guidelines last week that seeks to educate consumers and lenders, as well as their business partners needing to comply with the new TILA-RESPA Integrated Disclosure (TRID) regulations.
NAR Has You Covered
These new mortgage rules are expected to have sweeping changes across the industry by merging the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form into two new closing forms: a Loan Estimate and a Closing Disclosure.
The new resources from MBA seek to help educate consumers, industry partners and service providers be better prepared, and to speed the process of their transactions.
A recent survey from NAR revealed that many real estate agents are already making steps to be prepared to these changes; more than 80 percent of respondents said they've taken some form of closing process training, and 71 percent of REALTOR® members rated their level of preparedness as average or better.
"MBA has worked closely with the CFPB to create these materials so that both consumers and the real estate community can comply with the new procedures in an efficient and smooth process," says David Stevens, MBA President and CEO. "Our industry has been preparing for these changes over the last several months and we are confident that everyone involved in the closing process will benefit as a result of these new rules." 
Their resources include:
  • Consumer One-Pager - This contains information for consumers covering the changes of 'Know Before You Owe'.
  • Lender One-Pager - Intended for real estate agents and broker partners, this information also covers the changes brought by 'Know Before You Owe'.
  • PowerPoint Slide Deck - Real estate agents and broker partners can use these materials in presentations with colleagues.
To download these documents from MBA's website, please click here.

An Expert In Your Court
Robert De La Rosa
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Coldwell Banker Town & Country
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Redlands CA, 92373
CalBre 01435824
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Tuesday, September 8, 2015

Fannie, Freddie Extend Foreclosure Timelines

Selling Southern California!
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DAILY REAL ESTATE NEWS | TUESDAY, SEPTEMBER 08, 2015

Mortgage financing giants Fannie Mae and Freddie Mac are increasing the maximum number of days for a foreclosure sale in the majority of the country. Fannie Mae and Freddie Mac announced that 33 states would see an increase in the maximum number of allowable days for "routine" foreclosure proceedings.
The new foreclosure timelines will apply to all foreclosure sales completed on or after Aug. 1.
The new timelines represents the maximum allowable period between the due date of the last paid installment and the completion of the foreclosure sale. The timeframe also reflects the time that is typically required for a "routine, uncontested" foreclosure proceeding.
The amount of extensions varies by state. For example, in Maine, Freddie Mac is increasing the foreclosure timeline by 300 days – from 690 days to now 990 days. In Hawaii, the foreclosure timeline is increasing by 240 days – 840 days to 1,080 days. Other states saw much smaller extensions, such as Arizona and Washington, which increased from 330 to 360 days. 
Oregon saw the longest foreclosure timeline extension by an added 480 days – 600 days to now 1,080 days.
Fannie Mae and Freddie Mac say that if the amount of time to complete the foreclosure sale exceeds the maximum number of allowable days and the servicer fails to provide an adequate explanation for the delay, the GSEs will require the servicer to pay a "compensatory fee."
The following states have had foreclosure sale timelines extended: Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Nevada, New Mexico, New Hampshire, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Dakota, Tennessee, Texas, Vermont, Washington, West Virginia, Wisconsin, and Wyoming.

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Thursday, August 27, 2015

Freddie: ‘Housing Market Strongest in Years!

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DAILY REAL ESTATE NEWS | THURSDAY, AUGUST 27, 2015

The housing market is gradually showing signs of stabilizing, as two additional states – Arkansas and Tennessee – as well as four additional metro areas are added to Freddie Mac’s latest Multi-Indicator Market Index reading. The added metros are Omaha, Neb.; Scranton, Pa.; Chattanooga, Tenn.; and Madison, Wis.
The MiMi measures the stability of the nation’s housing market by comparing its long-term stable range to current ratios in home purchase applications, debt-to-income ratios, on-time mortgage payments, and employment.
Since hitting an all-time low in October 2010, the national MiMi has rebounded 35 percent. However, it remains significantly off from its high of 121.7. It’s currently at a value of 80.3, a housing market considered mostly in a stable range.
"Housing markets are the strongest they've been in years with the National MiMi above 80 for the first time since 2008,” says Len Kiefer, Freddie Mac’s deputy chief economist. “Nationally, all MiMi indicators are heading in the right direction. Robust home buyer demand has put total home sales on pace for the best year since 2007 and look for that trend to continue as the MiMi purchase applications indicator remains on the upswing. The West has been especially strong, with many markets posting double-digit growth in their MiMi purchase applications indicator compared to a year ago."
Still, home prices are about 7 percent below peak values nationally, Kiefer notes. However, home prices in many markets are soaring to all-time highs, and that along with low interest rates, are helping to support home buyer affordability, he says.
Also, "mortgage delinquencies are coming down rapidly, but are still high in many markets,” Kiefer says. “Those markets hardest hit by the Great Recession, including many in Florida, are rebounding but they still need to improve to get delinquencies back in line with their benchmark historic averages. The key driver of all this recovery has been solid job growth, with 96 out of 100 metros and all states within range of their benchmark historic average unemployment rate."
Freddie Mac’s latest MiMi reading showed that 28 of the 50 states, as well as the District of Columbia, have values in a stable range. The top five are: Washington, D.C.; North Dakota; Montana; Hawaii; and California and Utah (tied).
What’s more, 42 of the 100 metro areas have MiMi values in a stable range. Ranking in the top five are: Fresno, Calif.; Austin, Texas; Honolulu; Salt Lake City; and Los Angeles.
Source: Freddie Mac

An Expert In Your Court
Robert De La Rosa
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Wednesday, August 26, 2015

A 10-Year Housing Surge on the Horizon?

Selling Southern California!
www.TheCaliforniaPropertyConnection.biz

DAILY REAL ESTATE NEWS | WEDNESDAY, AUGUST 26, 2015

The housing market is poised for one of its largest expansions in history. By 2024, demographic and economic changes are forecasted to bring 15.9 million additional households on board, according to a new study released by the Mortgage Bankers Association.
That means an average of 1.6 million additional households per year, sparking “housing market growth over the next decade that would be among the strongest the U.S. has ever seen,” according to the report.
The MBA report says the bulk of that growth will be from increases in the number of households who are headed by those age 60 and older and households headed by age 45 and younger. Those age group increases are expected to mitigate the decline among households age 45 to 60.
Why you shouldn't be alarmedby dips in home ownership rates
“An aging population should gradually increase demand for home ownership, partially offsetting the influence of a more racially and ethnically diverse population on home ownership rates,” the MBA report notes.
The Census Bureau projects the following breakdown in ages emerging in 2024, as compared to 2014:
  • 20 million more people age 60 and over than there are today (as Baby Boomers age),
  • 4 million fewer people age 45 to 59 (as the large Baby Boomer cohorts are replaced by smaller Generation X cohorts) and
  • 18 million more people age 18 to 44 (as smaller Generation X cohorts are replaced by larger Millennial cohorts)
Household growth is also expected to be driven by 5.5 million additional Hispanic households. For other races, 3.4 million additional non-Hispanic White households are expected to form by 2024, 2.4 million additional black households, 1.8 million more Asian households, and 730,000 additional other households.
Source: “Housing Demand,” Mortgage Bankers Association (2015)

An Expert In Your Court
Robert De La Rosa
"CALL NOW 909.271.5640"
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Coldwell Banker Town & Country
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CalBre 01435824
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