Trying to Define “Home”

Via Coldwell Banker’s Blue Matter

Home.

It’s a simple word with more meanings than one would expect. It’s a term that crosses continents and has universal appeal. Sports, entertainment and even financial sectors all use the word on a regular basis. It’s a part of pop culture, music and a niche market all wrapped in one.

Today the headlines have tried to change the definition of home. The meaning has been construed to be solely about financial value, investment and an indicator of market plight, but what is missing is seeing the true definition of home in the eyes of those who own one.

I set out to see how people would define their home as well as what they thought the best part about being home is  by polling homeowners on Twitter, Facebook and people that I met during my recent travels. Ironically, not a single person of the hundreds of response I received talked about the monetary value of their residence. Every response was different.

A number of responses brought the idea of a place of comfort, love, rejuvenation and even giving. Some took the concept and defined it in a physical way with the sense of dominion by calling it their palace, castle or kingdom.  Others defined it more intimately by defining their home as “no place like it” and “a gathering place for friends and family.”

The only consistent thing from the responses was that everyone defines home differently.

I love some of the response when I asked what their favorite part of their home was. One responded that “it’s mine and I bought it!” My favorite is someone who answered “the creaking front door.” When I asked for an explanation they replied, “It signals my two little ones that daddy is home and they rush out to greet me every afternoon.” That’s a priceless definition.

For me, home is difficult to define. It’s defined more by memories and moments than by adjectives. There are many great orators and poets who can more eloquently define home than I ever could. Some you’re probably familiar with. The Roman philosopher and author, Pliny the Elder, was the originator of the famous phrase, “home is where the heart is.”

But perhaps the most famous quote about home is credited to a fictional girl from Kansas named Dorothy. What many people don’t realize is that Dorothy’s legendary wish while she taps her ruby red slippers is actually borrowed from an 18th century opera called Clari, The Maid of Milan and written by John Howard Payne. Payne’s lyrics, though over a hundred years old, still very much apply today in the minds of a many homeowner:

Mid pleasures and palaces though we may roam,
Be it ever so humble, there’s no place like home;
A charm from the sky seems to hallow us there,
Which, seek through the world, is ne’er met with elsewhere.
Home, home, sweet, sweet home!
There’s no place like home, oh, there’s no place like home!

Well said, Mr. Payne. Share how you define home or what’s the best part about your home in the comments.

Wall Street Journal & Forbes say it’s Time to Buy a Home

Via The KCM Blog…

The Wall Street Journal

Last week, in an article entitled It’s Time to Buy That House, the WSJ told their subscribers:

“It’s an excellent time to buy a house, either to live in for the long term or for investment income…Houses aren’t the magic wealth creators they were made out to be during the bubble. But when prices are low, loans are cheap and plump investment yields are scarce, buyers should jump.”

In an article two weeks ago, MarketWatch.com (the on-line blog for WSJ) told their readers:

“Now could be the best time in history to buy a home.”

Forbes.com

In a report to their subscribers, Capital Economics reported that:

“The previous declines in house prices and the more recent drop in mortgage rates to record lows have created an unusual situation in which the median monthly mortgage payment is more or less the same as the median rental payment.”

Why is this important? Last week, Forbes explained to their readers:

“If rents simply kept up with inflation at a 3.2% annual increase, a $1,500 rent payment would cost that renter nearly $900,000 over the next 30 years. The same $1,500 payment made to their mortgage would be only $540,000 (because the payments don’t increase with inflation).”

They went on to explain the advantages of homeownership during retirement:

“Even with a dismal 1% growth rate over 30 years, a $300,000 property would appreciate well over $100,000 giving the homeowner an additional nest egg for retirement…

At a time when retirement is becoming much more challenging, an extra $400,000 (or likely more) can make a major difference not to mention the impact of NOT having to pay a mortgage.  How much less would you have to save for retirement if you didn’t pay the mortgage?

Coldwell Banker Launches First-Time Home Buyer Resource Center

First national real estate brand with dedicated resource section for first-time buyers

Taking the next step to help people turn their dreams of homeownership into realities, Coldwell Banker Real Estate LLC launched a new portal on its website specifically for first-time home buyers.  The First-Time Home Buyers Resource Center includes videos, articles and tools to answer questions and guide new home buyers through the real estate search process.

According to the National Association of Realtors (NAR), first-time home buyers accounted for half of all the real estate market home sales in 2010. A recent survey by Coldwell Banker Real Estate found that 93 percent of first-time home buyers said using online tools to find detailed information about homes was important to them.

“Buying your first home is exciting but it can also be overwhelming, so we created this section for first-time homebuyers to simplify the steps toward home ownership, and make the process easier and enjoyable,” said Jim Gillespie, chief executive officer, Coldwell Banker Real Estate LLC. “I, like most, remember buying my first home and going through a process that was complex, emotional and rewarding all at the same time.  Today, first-time homebuyers recognize that if they have the financial wherewithal, now is a smart time to buy a home.  The First-Time Home Buyers Resource Center helps give them the confidence to enter the real estate market and gain valuable insight so they can best work with their agent.”

The new web portal, which will be updated regularly with timely content to help first-time home buyers, provides informative features from coldwellbanker.com, including multiple ways to search and recommendations for like properties. It also includes:

  • Video tips and advice about selecting a home, moving, renovating, and decorating
  • Informative articles on such topics as how to select a real estate agent, identifying wish list items vs. must-have items for a first home and determining how much is affordable
  • Mortgage calculator
  • Affordability radar – This feature breaks down a home’s listing price into what the monthly payment might be at current mortgage rates

The new First-Time Home Buyers Resource Center is a continuation of the Coldwell Banker Real Estate innovative online resources. Coldwellbanker.com already features BlueScape, a unique way to search for homes by emotion and feelings.  Clients select from a series of images that they like or dislike and the site returns a group of homes that might meet their needs.  The website also has a lifestyle search, which allows people to use a simple, sliding scale to rate elements of a home and community that matter most to them. In addition, Coldwell Banker Real Estate partnered with YouTube to develop Coldwell Banker On Location. This site allows consumers to gain market perspective, community highlights and home video listings from Coldwell Banker sales professionals. More than 2.5 million channel views have been recorded since its launch in May 2009.

Survey Methodology

Coldwell Banker Real Estate LLC conducted an online survey of 300 first-time home buyers in the United States (people who purchased their first home within the last year) on their experiences and perceptions of the home buying process.

About Coldwell Banker®

Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate.   Coldwell Banker is the oldest national real estate brand in the United States and today has a network of nearly 87,000 sales associates and brokers working in approximately 3,100 offices in 49 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to augment its web site www.coldwellbanker.com for smart phones, the first to create a iPhone application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel.  The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.  Each office is independently owned and operated.


Single Ladies Outnumber Single Guys in the Real Estate Market

Single ladies dive into the real estate market

The National Association of Realtors reports that last year unmarried women made up 20 percent of all home buyers, where single guys accounted for 12 percent. Single women have become a major force in the real estate market.

According to the Joint Center for Housing Studies, there are three main reasons why single women are buying homes in record numbers.

  1. To relocate closer to a job or family
  2. Because they need more space
  3. And the number 1 reason: because they have a strong desire to nest

TODAY.com has some helpful tips for being a savvy solo home shopper. “For starters, it’s no longer ‘location, location, location.’ It’s now ‘location, condition and price.’”

Location- Obviously, location is still important. Try to buy in the best neighborhood you can afford. But also take your passions and hobbies into consideration before investing. If you love the nightlife that a big city has to offer, consider living right in town, with restaurants and bars within walking distance. But if you’re an outdoorsy type, a more suburban — or even rural — setting would put you closer to the weekend activities you love. Since many home-buying single women also are mothers, it’s also important to consider a school district’s reputation and the safety of the area.

Condition- For many solo buyers, a property’s condition is of equal importance to its location. I purchased a brand-new condo almost 20 years ago, and reveled in the fact that I didn’t need to call a repairman for almost 10 years. Old cottages in the woods may sound charming but can be money pits. Gray says, “I know it’s boring, civil-engineering stuff, but before you buy, find out about drainage. Will your basement flood in winter rains?” And don’t be afraid to poke around at the foundation, especially when you’re buying an older home. Spending a few dollars on a professional inspector can save heartache down the line.

Price- Where the rule of thumb used to be buy the most expensive house you can so that you can realize more of a return, nowadays you should carefully consider your monthly mortgage payment. Experts say it should not exceed 28 percent of your pre-tax monthly income. And stop thinking of a house as an investment and just think of it as a home (and perhaps also a tax write-off).

For more tips, read the entire article here.

Better Days Ahead for Housing

According to Freddie Mac, better days are ahead for the housing market.

Chief economist for Freddie Mac, Frank Nothaft, is optimistic that the housing market and the economy will improve in the second half of the year.

Nothaft predicts that mortgage rates will remain at historical lows of between 4.5 and 5 percent for the remainder of 2011. That being said, he also expects more buyers to stop waiting on the sidelines as recent price drops in home prices have improved affordability.

Some potential buyers are apprehensive to purchase until they have clear signs of an improved market and economy. Nothaft says that these buyers should be getting their signs in the second half of the year, with protected job gains, and a growing, improved economy.

“Even though near-term concerns over income and sales growth are restraining consumer spending, business hiring, and new building, a number of positive signs in the economy indicate that growth will continue and is likely to accelerate in the second half of this year,” Nothaft said. “Look for a gradual improvement in housing activity in the coming year.”

Read full article here.

Outer Banks Featured Property: 42 Eagles Nest Ln.

This property is located at 42 Eagles Nest Lane in Southern Shores. It has three bedrooms, 3.5 bathrooms and is being offered at $472,500.

This quality constructed home was sculpted into one of the most beautiful lots in all of Chicahauk. The fantastic elevation of the property affords you privacy and something you don’t often find on the Outer Banks…a basement.

The master suite is located on the main living area along with an office, powder bath, a16x12 sun deck and a 16×16 screened porch. And did I mention the great front porch? Perfect for morning coffee and a breath of fresh air to start your day. The functionality of the floor plan is perfect for entertaining. Property is located in an “X” zone. This one is a must see!

The listing agent for this property is Vanessa Watson. Vanessa can be reached directly at (252) 255-6518 or by email at Vanessa@seasiderealty.com.

Outer Banks Featured Home: 1412 Elizabeth Street, Kill Devil Hills

This home is located at 1412 Elizabeth Street in Kill Devil Hills. It has 3 bedrooms and 2.5 bathrooms and is being offered at $284,900. MLS# 70528.

Located on a quiet cul-de-sac, this lot is bigger than most and has plenty of room for kids or the family pet!

This fabulous NEW construction from Shearwater Development has all the upgrades and custom touches you’ve come to expect from these homes, including granite counter-tops, hardiplank siding, hardwood floors, tiled shower in the master bath, stainless Whirlpool appliances and much more! The downstairs enclosure is perfect for a den, game-room or home office. The outdoor shower is great to rinse off after a day of play at the beach.

The listing agent for this home is David Hines. David can be reached directly at (252) 255-6464 or by email: david@seasiderealty.com

Fannie Mae Announces New Incentives for Homebuyers

To help move the record number of foreclosed homes, new incentives are being offered  for homebuyers and real estate agents. Fannie Mae, a government-sponsored​ enterprise, adds liquidity to the mortgage market by buying certain home loans. By buying up loans, Fannie Mae puts money back into the mortgage market so banks can lend more money to homebuyers.

  • Homebuyers. Through Oct. 31, Fannie Mae is offering homebuyers up to 3.5% of the final sales price to put toward closing costs. This incentive applies only to buyers who plan to live in the home. Investors do not qualify.
  • Agents. Fannie Mae is offering a $1,200 bonus to real estate agents who represent the owner-occupant buyer. (Again, sales to investors do not qualify.)

You can find all the terms and conditions that must be met at HomePath.com

Rent vs. Buy

Rent or Buy? For many Americans this decision has been more difficult than ever. What makes the most sense for you?

Here are some of the latest facts to consider:

According to a national real estate website’s data, it is now less expensive to own a home than to rent one in 72% of U.S. cities.

This percentage will likely increase because analysts feel rental costs are about to explode. The demand for rentals has increased with the economic downturn, while the supply of rentals has quickly dropped. In this scenario, the only place for prices to go is UP!

Even though home prices could still soften in some markets, the cost of owning a home may increase. This is because mortgages may soon get more expensive. Researchers with the Mortgage Bankers Association expect mortgage rates to rise the last three months of this year and continue to increase gradually through 2012.

For most folks, it makes utmost sense to buy a home at a discounted price and secure a 30-year mortgage at a historically low fixed interest rate. This lets you set your housing expense for the next thirty years–while rents keep heading skyward.

Outer Banks Featured Home: 758 Starfish Court, Corolla

This property is located at 758 Starfish Court in Corolla, NC. It has 7 bedrooms and 5.5 bathrooms and is being listed at $599,900. MLS #70951

This property has had an exceptional rental history in one of the most desired communities in Corolla (over $51k in 2010!) It is in wonderful condition and has lots of space. The home includes a large kitchen, dining and living area with gas fireplace and a flat screen TV. It also has a lot of deck area for getting the OBX tan! A game room and wet bar are located in the downstairs. The large heated pool and convenient hot tub are just outside the game room and make this ideal for a great rental. It is just a short walk to the beach access and high dunes that protect this area. This home is located by some of the best beaches in the Outer Banks. Put this one on your list!

The Listing agent for this property is Mike Pringle. Mike can be reached directly at (252) 255-6516 or by email, mikepringle@seasiderealty.com.