Monthly Archive for March, 2011

Ready for a Low-Key Evening with Some Good Music? Come to the Sunapee Community Coffee House

The Sunapee Community Coffee House encourages  professional and amateur musicians to perform in a family style listening room environment where they can offer up their songs and stories to an attentive audience.  Original songs are encouraged, but not required. Events are held Friday evenings at 7pm downstairs at the Sunapee Methodist Church, 17 Lower Main Street in Sunapee, NH.  There is no admission, but a hat is passed for the musicians.  Volunteers are always needed and welcome to sustain the series.

Friends who would like to sponsor the music/room rental for a night are greatly appreciated.  One night’s sponsorship is $25 which covers the heat and lights for the space. In turn the emcee makes an honorable mention of you, or your company on the night of your sponsorship. Your business logo, or personal name will be added to the schedule, and goes on all the posters around the area.

If you enjoy music, come on out on Friday nights and enjoy.  Performing this Friday, April 1, is Joel Cage, Acoustic-Rock song stylist.  Visit www.sunapeecoffeehouse.org for the schedule of events and information about the performers.

Real Estate Sales in NH Up 7.4%

The real estate news isn’t all grim for February.  Remember, real estate is very much local!  Yesterday the New Hampshire Union Leader reported that homes sales in our Granite State increased 7.4% in February, contrasting sharply with the National Association of REALTORS® announcement the other day that existing home sales had dropped 9.6% nationally.  The median selling price of homes did fall 7.5% for the month, however.  The New Hampshire Association of Realtors news release pointed out that year-to-date sales for January and February were 5% ahead of last year’s.  Seven of the state’s ten counties saw numbers of sales increase in February.  NHAR President Tom Riley said, “I don’t think it’s a stretch to say that the housing market appears to be stabilizing.”

So, remember, check with your local REALTOR® for your area’s statistics.  Don’t assume that a glum report nationally accurately reflects the activity in your area!

Higher Downpayments May Be the New Norm. . . Permanently

Article by Preston Howard.

At the height of the mortgage boom, required down payments were at an all time low. In June of 2006, the average down payment percentage on the purchase of a single family residence was 4%. If you had good credit and a heartbeat, there were lenders who would provide you with a 100% loan with no documentation outside of your name, address, and Social Security Number. Now, all of that is about to change. Serious talk is being floated around Washington D.C. that the return of the days of a minimum of 10% and an average down payment of 20% is swiftly approaching.

The Obama Administration has called for 10% minimums on Fannie/Freddie loans. Sheila Bair, Chairwoman of the FDIC has stated that she flat out wants 20% down payments. Many banks are already there. An analysis of major metropolitan areas reveals that the current average down payment is at 22%. Much of this is driven by the large commercial banks pushing for higher down payments to stem their losses and discourage delinquencies with borrowers having “more skin in the game.” In addition, this is also a form of pre-emptive planning as housing prices continue to fall. The thought is that lower leverage equals lower risk. This conventional wisdom holds true in the majority of cases as most property owners are less likely to walk away from a property in which they have made a significant investment. However, what happens to the individual who wants the “American dream” but no capital? Their option will most likely be a government agency.

As previously mentioned, Fannie/Freddie will require 10%. That’s half of the new norm, but depending on who you are and your price maximum, that’s still a lot of money. Then, there is the FHA and the VA. They have seen a lot of action over the last 2.5 years. In 2009/2010, 50% of all mortgages originated were made with FHA guaranteed funds. The caveat is that FHA funds have various financial handcuffs, e.g. tax impounds, forced insurance, upfront MIP fees, and higher interest rates. If a borrower puts down 20% or more on a non-government backed loan, the rates are usually lower, impounds aren’t required, and mortgage insurance is illegal. Essentially, a new “sub-prime” market is being created whereby those without sufficient down payments are forced to pay extra fees and incur higher rates, or continue renting.

These actions have resulted in the financial world of two extremes: those with a 20% down payment who get all of the perks, and those without the capital who get all of the fees. I foresee a great demand for something in the middle to be created. It may take some time to materialize as the methods of filling the void in the past have faltered. Mezzanine financing above 80% CLTV is currently non-existent. Currently, cities are broke so the availability of the Housing Finance Agency’s “silent seconds” is scarce. The private market hasn’t been incentivized to fill the gap, so the void with the need to be filled will remain, and hard money is too expensive. I believe that if the American public was aware and takes a close look at this new reality, protests will ensue, lobbying will occur and something will be done, as the “charges for some, but not for all” mantra can’t continue for too long. Eventually, a product or solution will be produced, as the margin between 3.5% and 20% is too wide, the demand is heavy and the pending increases in Fannie/Freddie costs are too real.

Preston Howard is a mortgage broker and Principal of Rose City Realty, Inc. in Pasadena, CA. Specializing in various facets of real estate finance, he can be reached at howardpr@rosecityrealtyinc.com.

Here’s the Latest on the Kitchen and Bath Trends for 2011

The National Kitchen and Bath Association just released its 2011 kitchen and bath study to predict trends for this year. While some trends are definitely on the rise, others that were hot (or not so hot) last year are gaining (or losing) momentum.

Here is the definitive list of what will be big in the coming months:

1. The Case for Space

If you recall, opening rooms was also one of the National Association of the Remodeling Industry’s predicted trends for 2011. It seems that today’s chefs don’t want to be stuck in a stodgy room. And for those who are more frugal, simply knocking down a wall may be enough: “Knocking down a few walls costs a lot less than adding square footage. If you’re a do-it-yourselfer, though, make sure you’re not destroying load-bearing walls.”

2. Tough Counter to Crack.

Quartz is back in a big way. People are going for the hard mineral because it is the “perfect alternative to granite and marble for low maintenance and high durability” in both the kitchen and the bathroom. In fact, 85 percent of NKBA bathroom designers incorporate quartz into their designs.

3. Going Green.

While it is important to be eco-friendly, this year people are quite literally going green, especially in bathrooms. The calming, earthier tone saw a rise in popularity late last year; at the beginning of 2010 only about 1 in 7 people requested green in their remodel, but by December 1 in 4 wanted the color.

4. Shake It Up.

Shaker-style kitchens – an organized, wood-paneled, cabinet-centric approach design – are having a major comeback. While people are still leaning towards traditional models, the Shaker utilitarian approach has been used by 55% of kitchen remodelers last year.

5. Dark Times.

Dark natural and deep reddish-brown maple finishes are in this year for cabinetry and even floors. With more people turning to the dark side, medium natural, white, and glazed finishes have fallen by the wayside.

6. Relax in Style.

People are turning up the volume on in-home luxury; maybe because of the economy, people are finding ways to pamper themselves at home. From spa-like bathrooms to a rise in unchilled, wine cabinets being installed, homeowners are creating spaces in their homes to simply relax. For those on a budget, MSN Real Estate suggests “adding multiple showerheads to a shower typically costs just a few hundred dollars, making it one of the most economical ways to add a spa feel. Also, try to avoid moving fixtures, since that can add enormously to a project’s cost.”

7. Kitchen 3.0

Most people love new tech toys, so why should the kitchen be any different? From French-doored refrigerators with customizable freezers to an 8% rise in requests for induction stove tops, the future kitchen is here. Surprisingly, as people are integrating more high-tech gadgetry in the kitchen, they are leaning towards more traditional and functional designs (see #4).

8. Going Green…The Other Way.

Some choose to paint to be green, but homeowners are also becoming – not surprisingly – more eco-aware in their choices. From bamboo flooring to installing LED lighting, remodeling is taking a turn for the sustainable. NKBA members even said that 89% of the kitchens they designed included some consideration for pull-out trash and recycling bins, and a distinct rise in both garbage disposals and trash compactors.

9. You’re so vain.

Piggy-backing on the spa bathrooms, vanities are getting a redemption. Remodels are taking a turn from the super-industrial look with finished metal to vessel sinks and integrated sink tops, which have a warmer, more classic feel. The bathroom vanity is also seeing double-dual sinks are now a “given” in master baths.

10. Hit the (Hardwood) Floor.

While carpeting may have never been the best choice for the kitchen or bathroom, this year it is being panned for the entire house. Hardwood and tile remain a staple, but bamboo flooring is also gaining popularity. Liz Pulliam Weston of MSN Real Estate adds, “high-end linoleum – which sounds like an oxymoron, but isn’t – is being used in more fashionable homes.”

Source:  Ilyce Glink, CBSMoneywatch.com

Don’t Pack Away the Skis Just Yet. There’s Plenty of Snow at Mt. Sunapee, NH

Okay, put the rakes, golf clubs and bikes on hold.  This is the March weekend you have been waiting for. The forecast calls for sunny skies Saturday and Sunday with the high each day near 40 degrees. This is a weekend you do not want to miss. You have all summer to garden, golf and bike. There are more than 50 trails stockpiled edge-to-edge with up to three feet of coverage.  Every day or so (March 17 the latest) they are shooting video around the mountain so you can see how much snow they still have. Go to their home page and click on “Current Video”.  Plus, this weekend Bob Skinner’s Ski & Sport is hosting Demo Days on the beach. You can test next year’s skis from Rossignol, Dynastar, Volkl, Blizzard, Nordica and Head. A driver’s license is required as a deposit. Join in the fun this weekend at easy-to-reach Mount Sunapee.  And don’t forget the sunscreen!

Have that Tournament Fever? It’s March Madness and Look How Coldwell Banker Heats It Up

March Madness is finally here. At Coldwell Banker we love our college towns, and those locales with teams in the Big Dance are abuzz right now with tournament fever.

While everyone rushes to fill out their brackets, Coldwell Banker for the second straight year is giving you the Bracket of Affordability. This bracket fills out the projected tournament winner by advancing the school that resides in the most affordable real estate market according to the median price for homes that are currently on the market that appear on coldwellbanker.com.

Last year, the Coldwell Banker Bracket of Affordability picked Syracuse as its tournament champ, and this year we have another great shot at picking the right winner with Kansas ending up as the overall champ. Lawrence, Kansas has the most affordable real estate market of the tournament field with a media home price of $106,855.

On the opposite end of the spectrum, UC-Santa Barbara boasts the most expensive college market with a median price of $2.7 million. The final four includes Indiana St. ($127,212), Florida ($108,873), and Memphis ($111,650).

We’ll be tracking the success of the Coldwell Banker Bracket of Affordability throughout the tournament to see just how accurate the picks are. Find out more about how affordable college markets are by checking out the College Home Listing Report on coldwellbanker.com.

Sugarin’ In The Lake Sunapee Area

It’s March in the Lake Sunapee Area, and the days are getting warmer. There are reports of temperatures as high as 45°; however, it cools down at night to the low 20s. Bright sun during the day is warming the trees, and spots of bare ground are showing up. It’s the beginning of “Mud Season”, but most importantly, (click here for the whole story then click on “Articles” and “Sugarin’ Season”)

Article and photos by David Jones, reprinted with permission from The Soonipi Magazine

How to Improve Your Home’s Curb Appeal

A large percentage of home buyers decide whether or not to look inside a house or take it seriously based on its curb appeal—the view they see when they drive by or arrive for a showing. You can help make sure they want to come inside your house by spending some time working on its exterior appearance.

It’s difficult to look at our own house in the same way that potential home buyers do. When we become accustomed to the way something looks and functions, we can’t see its faults. Decide right now to stop thinking of your property as a home. It’s a house—a commodity you want to sell for the highest possible dollar.

Curb Appeal Exercise

The next time you come home, stop across the street or far enough down the driveway to get a good view of the house and its surroundings.

  • What is your first impression of the house and yard area?
  • What are the best exterior features of the house or lot? How can you enhance them?
  • What are the worst exterior features of the house or lot? How can you minimize or improve them?

Park where a potential buyer would and walk towards the house, looking around you as if it were your first visit. Is the approach neat and tidy? What could you do to make it more attractive?

Make a list of the problem areas you discovered. Tackle clean up and repair chores first, then put some time into projects that make the grounds more attractive

  • Stow away unnecessary garden implements and tools.
  • Clean windows and gutters.
  • Pressure wash dirty siding and dingy decks.
  • Edge sidewalks and remove vegetation growing between concrete or bricks.
  • Mow the lawn. Get rid of weeds.
  • Rake and dispose of leaves, even if your lot is wooded.
  • Trim tree limbs that are near or touching the home’s roof.

Don’t Forget the Rear View

Buyers doing a drive by will try their best to see your back yard. If it’s visible from another street or from someone’s driveway, include it in your curb appeal efforts.

Evening Curb Appeal

Do your curb appeal exercise again at dusk, because it isn’t unusual for potential buyers to drive by houses in the evening.

One quick way to improve evening curb appeal is with lighting:

  • String low voltage lighting along your driveway, sidewalks, and near important landscaping elements.
  • Add a decorative street lamp or an attractive light fixture to a front porch.
  • Make sure lighting that’s visible through front doors and windows enhances the home’s appearance.

If you brainstorm, you’ll find that there’s a solution to most problems—one that lets you stay within your budget. The trick is to find the areas where improvements are needed, then work on them as best you can.

Can You Smell That?

The history of Aromatherapy dates back at least to 4000 BC, although the term “aromatherapy” was first used in the 1920s by the French chemist René Maurice Gattefossé who accidentally discovered that lavender oil relieves pain and assists in the healing of burns.

Humans can discern about 10,000 smells. Remember Cleopatra? She placed layers of rose petals on her palace floors to entice Mark Antony. She knew the power of scent and got that part right, but according to recent studies, the scents that most attract men are pumpkin pie and anise. Well, she didn’t have our science or pumpkin pie.

Today, Aromatherapy is used in almost every bath and beauty product on the shelf.  It is also used by some for healing. “Set the Mood” for a sale in Real Estate. Aromatherapy is especially useful for Open Houses or to assist sellers with pet or cooking odors.

Studies have shown that the first thing people notice when they walk into a home is the smell. A strong or unpleasant smell can turn off a buyer immediately.

Studies have also shown that a buyer’s impression of a home is made in the first 30 seconds upon entering and a buy/no buy decision is not far after. Needless to say, this first impression is critical in the sale of a home, and smell is an important part of the experience.

So why not use the buyer’s senses to your advantage? It is possible to not only stage a home to be visually appealing and uncluttered but to also stimulate the buyer’s other senses – especially their sense of smell.

Set the mood for your home by the use of Essential Oils or candles that include essential oils. If the home is small, you may want to limit the scents to one or possibly two. If the home is larger however, you can set the mood for each of the major areas of the home.  Some examples include:

Lavender Oil – Has a calming effect and would be ideal to set the mood for a master bathroom or bedroom.

Bergamot - Has a fresh, sweet, citrus scent that is familiar to many as the flavoring in Earl Gray, would help create the ideal mood for a master bedroom or bathroom.

Lemon or Citrus - Has a clean, refreshing scent and would be great for a kitchen, bathroom, or dining area.

Peppermint - Has a clean, cooling scent and would be great on a hot summer day in the kitchen or main areas of the home.

Balsam Fir - Has a soothing effect and would be great around the holidays in the main areas of the home.

Jasmine - Has a warm, exotic floral fragrance that creates a feeling of “romance”, ideal for the master bath or bedroom.

Do You Have the Luck of the Irish? Facts about Saint Patrick’s Day!

  • St. Patrick’s Day is observed on March 17 because that is the feast day of St. Patrick, the patron saint of Ireland. It is believed that he died on March 17 in the year 461 AD. It is also a worldwide celebration of Irish culture and history. St. Patrick’s Day is a national holiday in Ireland, and a provincial holiday in the Canadian province of Newfoundland and Labrador.
  • In Ireland on St. Patrick’s Day, people traditionally wear a small bunch of shamrocks on their jackets or caps. Children wear orange, white and green badges, and women and girls wear green ribbons in their hair.
  • Many cities have a St. Patrick’s Day parade. Dublin, the capital of Ireland, has a huge St. Patrick’s Day festival from March 15-19, that features a parade, family carnivals, treasure hunt, dance, theatre and more. In North America, parades are often held on the Sunday before March 17. Some paint the yellow street lines green for the day! In Chicago, the Chicago River is dyed green with a special dye that only lasts a few hours. There has been a St. Patrick’s Day parade in Boston, Massachusetts since 1737. Montreal is home to Canada’s longest running St. Patrick’s Day parade, which began in 1824.

But it takes more than the “luck of the Irish” to sell a house in this market…

With Spring approaching quickly, buyer activity will be increasing.  The best thing that Sellers can do during this “clean-up” time is to think about their property from a buyer’s perspective.  If a prospective buyer drives by your house, what will his/her first impression be?  The goal is to outshine the competition, to make your property stand out right from the first time a buyer sees it.  With that in mind, consider some small things that you can do to increase the curb appeal of your house.

Here are a few suggestions:

1. Clean all your windows so they sparkle (at least the ones which are seen from the street).

2. Put a fresh coat of paint on the entry doors and check for flaking paint at entry points.

3. Rake lawns and sweep sidewalks and driveways.

4. When the time comes, be sure to keep up with the lawn mowing and yard maintenance.

5. Be sure the yard isn’t cluttered and, if you have dogs, patrol for “land mines” left over from the snowy winter.

6. Trim bushes and clean out gardens.

7. Clean porch and outdoor furniture.

The goal is to make the buyers stop to contemplate…instead of driving on by!