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Make Your Pad Reflect You
Hey men should know how to trick out their pads just as much as women do! I have a high amount of male clients who purchase homes, and they don't need Martha Stewart to make it their own! Ready to have your OWN space men? Call me! Laura Key 310.866.8422
Whether you're a sports buff or the trendy guy in your posse, we've got ways to make your pad part of your image.
By Karin Eldor, Fashion Correspondent
Page 1: Bachelor pad furniture
If you are where you live, what does that say about the maintenance and effort you have to put into your home? Well, that all depends on what you want others to think about you. So if you're decked out in expensive threads, your effort won't mean much if your place is a disaster, or worse, not a reflection of you.
Whether you live in a small apartment, a 1,500-square-foot condo or a three-level house, the home you call your own is your representative. And when a fine lady comes over to pay you a visit, you want to make sure she's impressed by your space.
You don't need to be an interior designer or spend tons of cash to be proud of your pad. As long as you feel comfortable in it, you will hold your head up high... even while lounging in your favorite chair.
who are you?
Start by asking yourself the following questions, for a self-inventory checklist:
How would you describe yourself? (athletic; cultured; ambitious; stylish; indifferent; etc.)
What are your hobbies? (mountain climbing; traveling; scuba diving; world history; wine tasting; golf; playing music; screenwriting; etc.)
These might seem obvious to you, but remember; making your home a reflection of you is worthless without knowing what your image is -- or at least what you want it to be.
No passions or traits have to be exclusive; you are likely an amalgamation of characteristics and that can be reflected in your home.
get started
The following are different broad categories that can be used as templates for decorating your pad, to bring out the "you" you're going for (based on your profile). Remember; you can be a combination of each of these categories.
The Athletic DudeWhether you're usually glued to the TV watching the big game (and this can mean several simultaneous games) or love reciting sports scores with your buddies after scoring big in your own football game, sports are your thing. Show your appreciation by adorning your home with things like vintage sports jerseys and mementos. And of course, you can't forget a widescreen plasma TV (50 inches or more) -- made larger than life with surround sound -- so that you can watch the game in style while sitting in a super cool recliner.
The HipsterWhen it comes to style, you've got it in spades -- at least that's what your friends tell you. You're a leader who always knows the trends before they hit the streets and your posse relies on you to dictate the latest fashion. This character trait could get pricey when it comes to your home, which is why I recommend starting with a classic, neutral base for the expensive items (i.e. couch, dining table, etc.) and decking your pad out with ultra-hip accessories like cool lamps, trendy vases, a stylin' coffee table, and cutting-edge gadgets.
Whether you're cultured or ambitious, here are some ideas for your home...
Page 2: Home decor
The Cultured BlokeThe ladies are always impressed by your appreciation for the finer things in life, be it your knowledge of fine wine, your travels to Botswana and Brussels, or your penchant for investing in valuable art. Make your pad your canvas by covering the walls with your favorite paintings, and rather than a table from Pottery Barn or Ikea, search for an antique table last used by Louis IVX. Store your wine collection in a slick wine cabinet and display your African masks in the living room.
The GourmetThere's nothing wrong with knowing your way around the kitchen; after all, you've been known to woo women with your creations. Show your female guests that you can satisfy their hunger (and more) by investing in a luxurious kitchen. If you enjoy spending time experimenting with food, make yourself more comfortable by installing a kitchen island, and treat yourself to an industrial-style stainless steel oven range. Pimp up your kitchen with a slick fridge or exhaust hoods, a rack to hang copper pots and pans over your oven or island, or, for those on a tighter budget, accessorize with appliances like a sleek toaster, blender and coffee maker.
The Zen Master Show off your inner peace by placing fresh bamboo or stones in clear glass vases, or for a bigger investment, treat yourself to a Jacuzzi with jets in your favorite bathroom. Maintain a minimalist look with white walls and furniture, and an overall sleek decor.
The WorkaholicWhile this might not be a character trait you want to flaunt, you can spin your workaholic tendencies as "ambitious." Set up a home office with a flat-screen computer, a state-of-the-art desk chair, and a slick table with a lot of organizational features to make you look like a guy who's always in control.
maximize your space
You don't need to overhaul your home to give it that unique touch that's "you." If you've been living in your home for a while and are already settled in, sometimes a slight reorganization can do the trick, as can a paint job and some new accessories.
Source: www.AskMen.com
Do you work from home? Buy your next home with your office in mind!
If you work from home, and it is time to move to your next home, there are some factors you should consider carefully before making your decision.
The flexibility afforded by a “zero-commute” combined with the skyrocketing price of gasoline has strengthened the case for full time teleworking and telecommuting. According to an Environmental Protection Agency (2004) study:
“Americans spend an average of 46 hours per year stuck in traffic. Gridlock produces more than $63 billion in congestion costs per year”
The artist community has been well acquainted with the use of work/living spaces for years, but improvements in technology have made the benefits of teleworking and occasional telecommuting more attractive to general consumers. According to the key findings form the International Telework Association & Council (ITAC) Telework America (2000) study:
“Home-based teleworkers also have larger homes, on average, than non-teleworkers; the difference amounting to about 500 square feet. The most popular place for an office in these larger homes is a spare bedroom, with the living room a distant second. The primary home telework activity is computer work (55% of total activities), followed by telephoning, reading, and—averaging 7% of the time—face to face meetings.”
As you purchase your next home, there are certain factors to consider if you need to set up a new home office:
Make sure that your high-tech needs can be met. Have a qualified electrician inspect the wiring of the house to see if the system can handle the extra power load that your home office requires. Older homes may need significant upgrades to handle the extra power, while newer homes are built with more energy-efficient systems to handle the additional power along with heating/air conditioning requirements. If you use cable, DSL or satellite internet access, check with your local service provider to see if access is available in your new neighborhood. Shop around for your telephone provider—in some cases, business service bundles may be more cost effective than regular residential service.
Designate where your office space will be. Determine the amount of space you will need to accommodate your work style and space. In many cases a spare bedroom or living room space can be used, if a formal den option is not available. If your work requires heavy telephone usage or just heads-down concentration, you may want to consider utilizing a room with a door. Doors can be closed to reduce interruptions from other family and household noises.
Plan your office blueprint to include all required furniture, bookcases, computers, fax, and printers. Make sure to allow for filing and storage space for files and extra office supplies. Lighting is critical for computer or assembly work, so make sure to allow for direct sunlight along with any specific task lighting that may be necessary. Select flooring options that will allow you to work comfortably—you may wish to go with hardwood or laminate flooring to allow for your chair to move smoothly across the floor. Install enough phone lines to cover your home, business and fax machines needs.
Is the office easily accessible? If you will expect regular package deliveries, make sure that your designated office is easily accessible to the front door of the home. This is also necessary if you will need to meet clients or visitors in your office and would like to ensure a professional appearance for your business.
Find out about local business requirements. Some cities have zoning restrictions and guidelines for work/living spaces along with tax implications. Make sure to check with your local government to determine if special restrictions exist.
Are you ready to find a home that could allow you to work from home? Or...do you need more room in the current home you own? Give me a call - lets get you started!
Bankruptcy And Buying A House - Is It Smart To Buy A House After Bankruptcy?
Each year, millions of people file bankruptcy as a means of erasing their consumer debts. While this approach may relieve stress, a bankruptcy is damaging, and will hang over your head for the next ten years. Still, it is possible to overcome bankruptcy. The key is making smarter financial and credit decisions. With this said, some people choose to purchase a home after a bankruptcy. Here are a few pointers to consider when buying a home.
Each year, millions of people file bankruptcy as a means of erasing their consumer debts. While this approach may relieve stress, a bankruptcy is damaging, and will hang over your head for the next ten years. Still, it is possible to overcome bankruptcy. The key is making smarter financial and credit decisions. With this said, some people choose to purchase a home after a bankruptcy. Here are a few pointers to consider when buying a home.
Reasons to Delay the Buying Process after Bankruptcy
If you consult with mortgage or financial experts, they will likely discourage you from buying a home following a bankruptcy. After your bankruptcy is discharged, there is a black cloud that looms over your credit report.
When any prospective lender reviews your report, they will be notified of your recent or past bankruptcy. In some instances, this justifies an immediate denial. On the other hand, there are lenders eager to help you establish or rebuild your credit. Thus, they will approve a loan request. Nonetheless, the penalties are steep.
Higher mortgage rates can be anticipated when purchasing a home after bankruptcy, especially if you have not established other credit accounts. Mortgage lenders consider two factors: credit scores and credit reports.
Although a bankruptcy appears on your credit report, having a high credit score will increase your odds of getting a comparable rate. Unfortunately, if you buy immediately following a bankruptcy, you will not have the opportunity to boost your score.
Reasons to Buy a Home after Bankruptcy
Lenders will approve mortgage loan applications one day following a discharge. Therefore, it is possible to get a home after a bankruptcy. Buying a home is perfect for rebuilding credit. Moreover, it is the quickest way to increase your credit score.
After a bankruptcy, the average person has a credit score below 600. Good credit consist of credit scores 650 and above. Maintaining current mortgage payments will gradually increase your score. After two years of regular payments, you will have established a good payment history. Hence, you may qualify for a low rate refinancing, which may lower your mortgage payments.
Ready to search for your new home? Start here!
Crenshaw Line Is Really Coming! - Green Line
After a long haul and many battles the Green Line is coming to Crenshaw!
Not sure how much you have been following along but the Crenshaw District IS getting its own Light Rail/Subway. Last week the planned light rail received a boost from the Metropolitan Transportation Authority staff recommending a $1.27 billion contract to build the line. The Line will begin at The Aviation Station along the Green Line, travel north along La Cienaga( meet a soon to be people mover at Century Blvd that will that take travelers directly into the soon-but-not-too-soon Grand Terminal at LAX), touch the eastern tip of Westchester with a station at Hindry to serve the Westchester community. The Light Rail will hit a slight right along Florence, cutting through Downtown Inglewood and finally hitting Crenshaw Blvd in Hyde Park at Crenshaw and Florence. The train will continue north along Crenshaw all the way to expo, submerging underground after Slauson Ave. with a subway stop at Leimert Park at or around Vernon amd another subway stop at MLK Blvd with a underground entrance to the Baldwin Hills Crenshaw Plaza. Bravo!
On June 27, the full Metro board is scheduled to vote on the contract and whether to approve Walsh/Shea Corridor Constructors as the contractor.
Source: SouthLA: Crenshaw on the Move
The Great BBQ Debate! Charcoal vs. Gas
It's an age old debate among BBQ lovers all over the country! Charcoal vs. Gas! Before your buy your grill - you should do a little research!
The debate over charcoal versus gas is one you don't want to get in the middle of. The one simple thing you need to know is that it is a matter of taste and convenience. To gain a broader view of the whole range of grills, add to this list electric grills, pellet grills and hardwood cooking as well.
Convenience: The best way to think about this problem is to remember that the more convenient a grill becomes the less smoke flavor it produces. An electric grill is the easiest to use, but doesn't have that real fire flavor, while hardwood fires give you the best flavor, they are the hardest to deal with.
Authenticity: The authentic smoky, off the fire taste of grilled foods is strongest with the original heat source, wood. As you move to electric units, there is very little of this flavor left. In fact, many electric grills add virtually nothing to the taste of foods. However, the simplicity of flipping a switch and grilling, can't be beat.
Taste: On the subject of taste, a study conducted a while back, participants were presented withhamburgers and steak cooked on gas and charcoal units. No one could tell the difference between the charcoal or gas when it came to the hamburgers, but they could tell the difference with the steak. The charcoal grilled steak had a distinct smoke flavor.
Space: To decide what kind of grill is right for you, consider where the grill is going to sit. A small patio or covered area is not the place for a large charcoal grill. Electric grills produce no flare-ups and are safer in smaller areas. Gas grills do produce flare-ups and need to be away from any structure to avoid those pesky house fires. Charcoal can be lit with an electric starter and therefore, used with virtually no open flame.
Grilling: Another thing to consider is how you plan to grill. If you want to come home from work and throw a couple of steaks or chicken breasts on the grill with virtually no hassle, then an electric or gas unit might be what you are looking for.
Cost: Finally, there is the issue of cost. Gas grills are generally more expensive than electric or charcoal; charcoal being the cheapest. If you don't want to spend a lot of money then charcoal might be the answer. However, charcoal is the more expensive fuel. You can easily spend $5.00USD a cookout on charcoal, while gas might cost around $.20USD per cookout. Charcoal won't save you money in the long run.
Ready to have your own BBQ Parties in your OWN backyard! Start your home search here!
Source: By Derrick Riches, About.com Guide
Rare Opportunity to Buy by the Beach!
What a wonderful opportunity to live your dream of living by the beach! Redondo Beach to be exact! Call me for a scheduled showing! Laura Key 310.866.8422
630 The Village Unit 110 Redondo Beach, CA
$385,000
1 Bed 1 Bath 621 SqFt - HUD
Click Photo for Virtual Tour!!!
Call me today! Laura Key 310.866.8422!
Experienced HUD Selling Agent!
Laura Key on CBS News
Appraised Value: The Ups & Downs Of How Much A House Is Worth
How is the fair market value of a real estate property actually determined?
Determining Fair Market Value is an eternal struggle and major balancing act. That’s because buyers want a house to appraise on the low side—to keep the purchase price down. While sellers want the same house to appraise on the high side—to make the sale price higher. And then you’ve got the owners of the house—who also want the appraisal to be on the low side, in order to keep the property taxes down.
So with all these different agendas and points of view, how is the fair market value of a real estate property actually determined?
Once a year, your county sends all area homeowners official notices that put a dollar value on their property. And property taxes are based on those dollar values. But before those notices get sent out, a long, detailed process usually takes place. First, the land is valued as if it’s vacant—an empty lot, in other words. Then any improvements are described and measured. Improvements consist of the house and any other structures, pools, sheds, garages, and so forth. Next, most counties check the Marshall Valuation Service Cost Guide. It’s a standardized nationwide guide for determining the value of the cost per square foot to build a building that fits the description of the improved property. Next, if the house isn’t brand new, the replacement cost is considered, as well as depreciation; the year the house was constructed and the condition of the property are factors here. Appraisers then must take the critical step of comparing the value of the house with recent selling prices of similar homes in the neighborhood. At this point, the appraisal might stand “as is”—or it might be adjusted upward or downward.
Market Value is a theory, in other words—not an unchanging fact.
In a perfect world, you have to have willing buyer and a willing seller. Neither is under duress. Both are in a position to maximize gain and are trying to do this. But in the real world, things are rarely that simple and equally balanced. Which is why people feel differently about the appraisal value of a house. It really depends how strong their position is as a buyer or seller.
Does the local economy come into it at all? You bet it does.
Ask a successful Realtor about that! He or she will tell you they’ve noticed that the Rio Grande Valley’s fast-growing economy is attracting people from other areas who consider real estate here a bargain. That helps fuel increases in property values.
So—now you know where that Grand Total comes from.
You’re armed with the information you need to make a better house-buying decision. For instance, you can understand how two virtually identical houses that are in two different neighborhoods could be very far apart in price and appraised value. And why your choice of the right house in the right neighborhood could be worth a not-so-small fortune to you right now—and years down the road.
Sellers! You can get a great idea of how much your home is worth! Call me for a FREE Comparative Market Analysis (CMA) Laura Key 310.866.8422
5 Things You Should Know Before You Flip A Property
Money is made at the buy, not the sell of your flip. When flipping a house your money is made at the purchase not at the sell of the house. So, many times people buy a house with the intentions of making a huge profit only to find out that they could not make any money after all the renovations because the purchased price of the house was to high.
1. Money is made at the buy, not the sell of your flip. When flipping a house your money is made at the purchase not at the sell of the house. So, many times people buy a house with the intentions of making a huge profit only to find out that they could not make any money after all the renovations because the purchased price of the house was to high. When you purchase your property you need to be sure that you buy the house with enough money to make renovations, have carrying cost, and add about 5 $6,000. Now, cost is at $147,000, and that is if everything goes as planned. Profit is under 10,000 dollars. The mistake was made at the purchase at the home, not the sell.
2. Get an inspection on the home - Get a complete inspection done on your property. By, spending a few hundred dollars on this expense you can save thousands in problems that you cannot see. Foundation, Pest, Wood Rot, Etc... By, getting a full inspection you can rest assured that you know every thing that is wrong with the property before its to late. In the contact for the house you need to make sure that you have 7 days to have a inspection preformed, and if the inspection finds problems that are going to cost more money that you are willing to spend you can get out of the contract with no penalties.
3. Don't do the work yourself: - Get a contractor or several sub-contractors and have the work done quickly. You need to have you house flipped ASAP, so that you can get it on the market and get it sold. When I started flipping my brother and me did a house together, and we did all the construction. I had a construction background and figured it would save thousands, but it took us over 4 months to get the work done that a contractor could have had the work done in a month. But, we trying to save money on our flip did all the work on our time off and after work, and it just took to long. On our 2'nd flip we used contractors for almost everything and had the house completely flipped with a new roof, new air conditioning, new hardwood, and much more in only 3 weeks. We did not have to spend all our time working on the property and were able to spend that time looking for the next deal. This is how you get rich in real estate.
4. Place the property 1 to 2 percent below market value: If you are wanting to flip real estate and make money the object is to buy and sell the property as quickly as possible, so that you can move on to the next house. If you purchase a house and try to sell it at top dollar to make and extra couple of thousand dollars on your flip, and end up holding it for 6 months you are loosing money. Get the house on the market at a price that is going to blow the competition away, and you will sell it no matter what the market conditions. On our second house the market for selling house went down do to the housing market as a whole, and the tightening of the loans across America. We were told that you could not sell a property in this market, but we went ahead anyway and flipped our house. After 3 weeks on the market we had 3 people wanting to buy the house. Why, because we offered it at such a great deal that people wanted to jump on it. That is what you have to do especially if the market is slow.
5. Use a real estate agent - Do not try to sell you house on your own. Harness the power of a real estate agent and the power of the MLS system. When you do a FSBO you are depending on people driving by your house and seeing you sign, with a real estate agent you have someone actively marketing you house to get it sold. Once again this will free up more time for you to look for more great deals. If you want to help the process I have found that craigslist and listing you house in google adwords help to, but use these tools with the help of a agent such as Laura Key to make sure I have all my bases covered.
I hope this article has been helpful with the basics needs of flipping a house. If you will study and learn you will make money. But, do your homework before you purchase a house, and make sure that you can pull a profit on your deal. Then, make it happen! I am a Investor Friendly Agent, let's get you some deals! Laura Key 310.866.8422
Laura Key on CBS News
Great Burbank HUD Home! 2 Bed 2 Bath
HUD Homes are a wonderful way to purchase your first home! Most are FHA approved and don't need much work at all. Make sure you use a HUD experienced agent as myself! I have helped many families obtain their Home Dreams with HUD! Call me today for more info! Laura Key 310.866.8422
2359 N. Reese Place
Burbank CA 91504
DIY Bucket List
This is a wonderful story about making their house a home! With so many options out there today it's hard to choose what you want in your own home.
More Sellers Jump Into Favorable Market
More sellers are ready to put their homes on the market for the awaiting buyers. They are getting top dollar! If you have been thinking of selling, give me a call for a FREE Comparative Market Analysis and let's begin the process! Laura Key 310.866.8422
Inventories of for-sale homes are increasing as more owners see rising home prices and faster sales as a reason to try to sell now, according to industry reports.
In April, the number of listings was higher than the level of homes that were under contract in that month, according to a study by the real estate brokerage ZipRealty, which measured listings in 24 major metro markets.
“It’s less of an indication of buyer momentum flagging and more of seller momentum picking up, finally,” says Lanny Baker, the company’s chief executive.
The reports find that homes are selling faster—on average, within 32 days of being listed. In April 2012, that average stood at 48 days for homes to sell.
“A market in which the sale prices are happening very close to the list prices, a market in which the list prices seem to be moving sequentially higher, and a market in which any of those houses are selling speedily is one that is bringing sellers back,” Baker says. “That makes it feel to a seller that this isn’t going to be a long passive despair that I tried three years ago.”
Source: “Why More Sellers Could Test the Market,” The Wall Street Journal (June 10, 2013)
Want an estimate of what your California home is worth? Fill out the form below! All info is confidential and will not be sold!
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Do Pets Make A Home Complete?
Some say a house is not a complete home without a pet? What are your thoughts? Meet Chewbacca and Fizgig, my furry babies!
I grew up in the country in a little country town in Kentucky. When I was coming up we only had outdoor pets. So naturally 11 years ago when my husband and I purchased our first home I started to get the gentle heartstring plugs of wanting a dog. After much discussion and concern due to allergies, we proceeded to head out and get Chewbacca who is a full blood Shih Tzu. Chewbacca is gentle, warm, kind loving, and just a special being and I enjoy having him around. Well, after two years we thought maybe Chewbacca needed a companion. So off we went and ended up with Fizgig who is also from the same parents of Chewbacca but has a totally different view on life. He's stubborn, he barks, he is a little Tasmanian devil. But he is still my furry baby and both of my pets do something every single day that warms my heart and lets me know they love me as much as I love them. It's nothing like coming home to two little warm fuzzy faces who are happy to see you. Chewbacca and Fizgig bring both my husband and I untold joy!
In case you are wondering where the names came from, my husband is a movie buff. Of course most know Chewbaccca is from Star Wars but most do not know where the name Fizgig came from. Fizgig has his name from the little dog like creature in "The Dark Crystal" and if you know that movie, then you know exactly how my little monkey acts!
So what are you thoughts? Is a house not a complete home without a pet?
Ready to create memories in your own home? Start your journey by attending a FREE homebuyers workshop. You will find info from credible lender's, the homebuying process taught by me, and lots more such as...what is escrow...Do I have to have an inspection? Contact me today for a class schedule!
Home is Where the Heart Is? Are You Ready?
Home is where you create wonderful memories! One of my favorite things is when my family comes for the holidays and we all gather in the kitchen and work on dinner. We have so much fun laughing and preparing dishes that have been handed down through the generations. Then after dinner we gather around piano and sing, sing, sing! Home.....are you ready?
Find your home now for free! Click below!
Return to 'Buyer's Market' Still Years Away
Even though it's tough for buyers right now, I never say it's IMPOSSIBLE! Buyer who are patient and stay the course can find a home! Call me today! Free Homebuyers classes coming soon! Register Now! Laura Key 310.866.8422
It may be two to three more years before prospective home buyers get a break from escalating property prices and tight supply, according to experts speaking at a National Association of Real Estate Editors conference Wednesday.
That is the time frame for institutional speculators, who currently are dominating the market, to pull out of their investments and still make a profit, explained Bill Rayburn of the mortgage technology firm FNC. The market also will need to see the return of individual home buyers in order to normalize, he said, which will be propelled by employment gains.
Source: "Better Times for Home-Buyers Will Take a Few Years, Experts Say," Los Angeles Times (June 5, 2013)
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Living in Koreatown Los Angeles
Los Angeles is home to so many wonderful areas to live in. If you are interested in Koreatown, give me a call! Laura Key 310.866.8422 or just click the Koreatown Ball below!
Koreatown is a wealth of history and excitement! You can hardly take two steps without finding a new place to eat or shop! I must admit, after living here for almost two years I have not even scratched the surface of what is offered in this great area of Los Angeles until I saw the CNN Special with Anthony Bourdain Parks Unknown! Sometimes the boob tube can really spur you into action.
I decided it was time to visit some of the places shown during this special. My first adventure was trying Myung In Dumplings located at 3109 W. Olympic Blvd. The power of TV had already overwhelmed this place. The first time my husband and I visited they had sold out of most of their menu, so we attempted to fill our bellies on another day! On our second visit we were able to order the #1 which is meat and veggie dumplings. While we were in line waiting it was such a pleasure to watch the owners actually making the dumplings by hand. It's something about seeing loving hands prepare food. Reminds me of growing up in Kentucky and our Sunday dinners! For $7 we were given four nice sized fluffy dumplings filled with yummy delights on the inside! Along with our dumplings we were given a few kimchee delights!
Overall, it was a very pleasant outcome to my first new adventure of Koreatown! Join me on my next adventure in the near future!
Interested in living in Koreatown? Please visit my website to search for homes FREE! Just click the map below! Or...call me, Laura Key 310.866.8422
California Homebuyers Need Homes!
If you can't see the video from the photo please click here: http://www.cbsnews.com/8301-18563_162-57587256/home-flipping-trend-returns-threatening-higher-prices/
Are you thinking of selling? I have buyers! Call me and let's reach your Real Estate Goal! Laura Key 310.866.8422
4 Big Drivers of the Housing Market Recovery
There seems to be a light at the end of the tunnel and it's getting brighter each day! Let's Get YOU a home! Laura Key 310.866.8422
The Wall Street Journal highlighted four primary reasons why the housing market recovery is strong. They are:
- Sales have made big leaps from year-over-year levels. Existing-home sales are up 9.7 percent compared to one year ago. Sales are at an annual rate of 4.97 million, which is the highest level since November 2009, according to NAR. Despite constrained inventories and recent price gains, home sales continue to post increases.
- Non-distressed home sales are increasing. Home buyers are showing high demand for non-distressed homes. In April, about 18 percent of sales were in foreclosure or a short sale — down from 28 percent year-over-year.
- Inventories have increased. In April, the number of homes for sale rose 11.9 percent from March. The limited supply — mixed with rising buyer demand — has helped home prices to rise around 10 percent year-over-year. “Rising inventory should ultimately slow some of the price rally while boosting sales volumes, helping to restore equilibrium in the housing market,” The Wall Street Journal reports.
- Homes are selling a lot quicker. About half of all homes that were sold in April were on the market for 46 days, down from 83 days one year earlier, according to NAR data.
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Source: “Four Reasons Why Home Sales Are Looking Healthy,” The Wall Street Journal (May 22, 2013)
When It Comes to Wood Floors, Choose Wisely
Rich wood flooring can spell instant warmth and patina in a home. Here’s an overview that can help you evaluate if wood floors are right for you! Laura Key 310.866.8422
Just as with ties and hem lengths, wood flooring styles change. Colors get darker or lighter; planks get narrower or wider; woods with more or less grain show swings in popularity; softer or harder species gain or lose fans; and the wood itself may be older, newer, or even pre-engineered with a top layer or veneer-glued to a substrate to decrease expansion and contraction from moisture.
Here are key categories for consideration:
Solid Plank
This is what some refer to as “real” wood because the wood usually ranges from three-eighths to three-quarters of an inch in total thickness to permit refinishing and sanding. Thicker floors have a thicker wear layer to allow for more frequent refinishing and sanding, so they can withstand decades of use, says architect Julie Hacker of Stuart Cohen and Julie Hacker Architects. It also can be stained, come from different species of tree, and be sold in numerous widths and lengths:
- Width and length: Designer Steven Gurowitz, owner of Interiors by Steven G., is among those who prefers solid flooring for many installations because of its rich, warm look. Like other design professionals, he’s seeing greater interest in boards wider than the once-standard 2 ¾ to 3 ¾ inches — typically 5 to 6 inches now but even beyond 10 inches. And he’s also seeing corresponding interest in longer lengths, depending on the species. Width and length should be in proportion. “The wider a board gets, the longer the planks need to be, too, and in proportion,” says Chris Sy, vice president with Carlisle Wide Plank Floors. These oversized dimensions reflect the same trend toward bigger stone and ceramic slabs. The downside is greater cost.
- Palette: Gurowitz and others are also hearing more requests for darker hues among clients in the northeastern United States, while those in the South and West still gravitate toward lighter colors. But Sprigg Lynn, on the board of the National Wood Flooring Association and with Universal Floors, says the hottest trend is toward a gray or driftwood. Handscraped, antique boards that look aged and have texture, sometimes beveled edges, are also become more popular, even in modern interiors, though they may cost much more.
- Species and price: Depending on the preference of the stain color, Gurowitz favors mostly mahogany, hickory, walnut, oak, and pine boards. Oak may be the industry’s bread and butter because of the ease of staining it and a relatively low price point. A basic 2 ¼-inch red oak might, for instance, run $6.50 a square foot while a 2 ¼-inch red oak that’s rift and quartered might sell for a slightly higher $8.50 a square foot.
- Maintenance: How much care home owners want to invest in their floors should also factor in their decision. Pine is quite soft and will show more wear than a harder wood like mahogany or walnut, but it’s less expensive. In certain regions such as the South, pine comes in a harder version known as heart pine that’s popular, says Georgia-based designer Mary Lafevers of Inscape Design Studio. Home owners should understand the different choices because they affect how often they need to refinish the wood, which could be every four to five years, says Susan Brunstrum of Sweet Peas Design-Inspired Interior. Also, Sy says that solid planks can be installed over radiant heating, but they demand expert installation.
Engineered Wood
Also referred to as prefabricated wood, this genre has become popular because the top layer or veneer is glued to wood beneath to reduce expansion and contraction that happens with solid boards due to climatic effects, says Sy, whose firm sells both types. He recommends engineered, depending on the amount of humidity. If home owners go with a prefabricated floor, he advises a veneer of at least one-quarter inch. “If it’s too thin, you won’t have enough surface to sand,” he says. And he suggests a thick enough substrate for a stable underlayment that won’t move as moisture levels in a home shift.
His company’s offerings include an 11-ply marine-grade birch. The myth that engineered boards only come prestained is untrue. “They can be bought unfinished,” he says. Engineered boards are also a good choice for home owners planning to age in place, since there are fewer gaps between boards for a stable surface, says Aaron D. Murphy, an architect with ADM Architecture Inc. and a certified Aging in Place specialist with the National Association of Home Builders.
Reclaimed Wood
Typically defined as recycled wood — perhaps from an old barn or factory — reclaimed wood has gained fans because of its aged, imperfect patina and sustainability; you’re reusing something rather than cutting down more trees. Though less plentiful and more expensive because of the time required to locate and renew samples, it offers a solid surface underfoot since it’s from old-growth trees, says Lynn. Some companies have come to specialize in rescuing logs that have been underwater for decades, even a century. West Branch Heritage Timber,for instance, removes “forgotten” native pine and spruce from swamps, cuts them to desired widths and lengths, and lays them atop ½-inch birch to combine the best of engineered and reclaimed. “The advantage is that it can be resanded after wear since it’s thicker than most prefabricated floors, can be laid atop radiant mats, and doesn’t include toxins,” Managing Partner Tom Shafer says. A downside is a higher price of about $12 to $17 a square foot.
Porcelain “Wood”
A new competitor that closely resembles wood, Gurowitz says porcelain wood offers advantages: indestructibility, varied colors, “graining” that mimics old wood, wide and long lengths, quickness in installation, and no maintenance. “You can spill red wine on it and nothing happens; if there’s a leak in an apartment above, it won’t be destroyed,” he says. Average prices run an affordable $3.50 to $8 a square foot. The biggest downside? It doesn’t feel like wood since it’s colder to the touch, Lynn says.
Bottom Line
When home owners are making a choice or comparing floors, Sy suggests they ask these questions:
1. Do you want engineered or solid-based floors, depending on your home’s conditions?
2. Do you want a floor with more natural character, or less?
3. What board width do you want?
4. How critical is length to you in reducing the overall number of seams?
5. What color range do you want — light, medium, or dark?
6. Do you want more aggressive graining like oak or a mellower grain like walnut?
7. Do you want flooring prefinished or unfinished?
8. How thick is the wear layer in the floor you’re considering, which will affect your ability to refinish it over time?
9. What type of finish are you going to use? Can it be refinished and, if so, how?
10. For wider planks that provide greater stability: Where is the wood coming from, how is it dried, what is its moisture content, and what type of substrate is used in the engineered platform?
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Renting vs Buying in California
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Wells Fargo, Citigroup Halt Foreclosure Sales
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Wells Fargo and Citigroup have temporarily halted foreclosure sales in several states, taking precautions after a federal regulator released new guidance on minimum standards for foreclosure sales.
The Office of the Comptroller of the Currency (OCC) recently released the new standards. The OCC’s directive mostly consists of 13 questions banks need to ask themselves before selling a home in foreclosure, such as whether the borrower is protected from foreclosure by bankruptcy or if the borrower is in an active loan modification plan.
JPMorgan had also mostly stopped its foreclosure sales after the OCC’s standards were released, but has since resumed sales.
Wells Fargo, the nation’s largest mortgage originator, has seen a dramatic drop in foreclosure sales while significantly decreasing the number of sales it’s processing. For example, foreclosure sales by Wells Fargo in California, Nevada, Arizona, Oregon, and Washington plummeted from 349 a day in April to less than 10 a day, according to Foreclosure Radar, a real estate monitoring firm based in California.
"Wells Fargo has temporarily postponed certain foreclosure sales while we study the revised guidance from the OCC," a Wells Fargo spokeswoman confirmed for American Banker. Citibank officials also confirmed the reason behind their halt in sales was to carefully review the new guidance.
"The OCC did not direct a slowdown or pausing," says OCC spokesman Bryan Hubbard. "However, if servicers are not certain they are meeting these standards, pausing foreclosures is a responsible and productive step."
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Source: “Wells, Citi Halt Most Foreclosure Sales as OCC Ratchets Up Scrutiny,” American Banker (May 17, 2013)