Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer
preferences, identified these must-haves in new homes:1. Large kitchens with islands2. Energy efficiency, including energy-efficient appliances, super insulation, and
high-efficiency windows.3. Home offices4. Main-floor master suite5. Outdoor living space6. Ceiling fans7. Soaking tub in the master suite and/or an oversize shower with a seating area8. Stone and brick exteriors rather than stucco or vinyl9. Community walking paths and playgrounds10. Two-car garages, but three-car garages are even more desirable
Tuesday, April 20, 2010
Thursday, March 11, 2010
Gov't pays for greening your home
Facts on the Energy-Efficiency Tax Credit
Take advantage of improved tax credits available for a number of energy-efficient home improvements. Find a professional remodeler in your neighborhood at www.nahb.org/remodel to get excellent advice – and your assurance of a project well done.
The Existing Home Retrofit Tax Credit (Tax Code Section 25C): Tax credits are available at 30 percent of the cost, up to a $1,500 lifetime limit, for installation in 2009 & 2010 (for existing homes only) of these products:
Building envelope components (Installation costs not included):
Insulation material or system
Exterior window, skylight, door, storm window or storm door with a U factor of .3 or below
Metal or asphalt roofs that resist heat gain
Qualified energy products (Installation costs may be included):
Electric heat pump water heaters that yield an energy factor of at least 2.0 in the standard Department of Energy test procedure.
Electric heat pumps and central air conditioners that achieve the highest efficiency tier established by the Consortium for Energy Efficiency as of Jan. 1, 2009.
Natural gas, propane or oil water heaters with an energy factor of at least .82 or thermal efficiency of at least 90 percent
Biomass burning stoves with a thermal efficiency rating of at least 75 percent as measured using a lower heating value
Natural gas and propane furnaces that achieve an annual fuel utilization efficiency rate of not less than 95
Natural gas, propane, or oil water boilers and oil furnaces that achieve an annual fuel utilization rate of not less than 90
Advanced main air conditioning fans with annual electricity use of no more than 2 percent of the total annual energy use of the furnace
The Wind, Solar, Geothermal and Fuel Cell Tax Credit (Tax Code Section 25D): Tax credits are available at 30 percent of the cost, with no cap through 2016, for existing homes and new construction, for:
Geothermal Heat Pumps
Solar Panels
Solar Water Heaters
Small Wind Energy Systems
Fuel Cells
The energy-efficiency home products must be “placed in service” between Jan. 1, 2009 and Dec. 31, 2010. The credits are only valid for improvements made to the taxpayer's principal residence, except for qualified geothermal, solar, wind property, which can be installed on any home used as a residence by the taxpayer.
Home owners can claim the 25C and 25D credits on Form 5695 when they file their income tax returns. Check with your tax professional to ensure correct application of the energy-efficiency tax credit. Retain all receipts as well as records that include:
Name and address of manufacturer
Identification of the class of eligible building envelope component
Make, model number and any other property identifiers
A statement that the component is eligible for the credit (may include U factor, class of window or door, etc.)
For a short, one-page description of the energy efficiency tax credits, download this fact sheet.
IRS Clarifies What Qualifies for Home Owner Energy Tax Credit
The Internal Revenue Service has published new guidance on Internal Revenue Code Section 25C, which allows up to a $1,500 tax credit for home owners who install energy-efficient windows, insulation and other qualifying products. The tax credit is equal to 30 percent of the qualified energy efficiency expenses paid by the home owner, but it is limited to $1,500 for improvements made during 2009 and 2010.
Notice 2009-53 explains the requirements for home owners to claim the 25C credit and provides detailed technical information regarding what improvements can qualify. Home owners can claim the credit only for improvements made to an existing home. However, NAHB has learned from the IRS that tax credit-qualified improvements installed in an addition to an existing home also qualify for the 25C program.
Among the highlights:
Tax credit eligible products must be reasonably expected to remain in use for at least five years. One method taxpayers can rely on to satisfy this requirement is to purchase products from a manufacturer who offers a warranty lasting at least two years at no additional cost.
Not all Energy Star-rated products that are installed qualify for the tax credit. The Energy Star Web site includes a detailed listing of products that qualify for the section 25C program.
The credit excludes installation costs for building envelope components — such as insulation and windows. In order for the home owner to claim the credit, the remodeler must provide an itemized breakout of the cost of these installed products, minus any labor or installation charges.
Also of importance, Notice 2009-53 provides the set of transition rules for qualified products installed before June 1, 2009. For these installations, taxpayers can claim for tax credit purposes the installation of property that meets less stringent energy efficiency requirements.
In particular, taxpayers can claim the credit for installation of windows and skylights that meet Energy Star requirements, requirements listed under prior IRS Notice 2006-53 or manufacturers’ certifications for 25C made under IRS Notice 2006-53. For installations on or after June 1, the requirements listed in Notice 2009-53 and described above are binding.
NAHB Teleconference on Claiming Energy-Efficiency Tax Credits
Newly expanded federal tax credits for energy efficiency are providing consumers with added incentives for upgrading their homes. Homeowners now can claim up to $1,500 in tax credits for remodeling their principal residence to reduce energy consumption through the enhanced Existing Home Retrofit (25C) tax credit. During a media teleconference next week, NAHB’s Director of tax issues discussed how to take advantage of the credit, while three professional remodelers from around the country provided examples of the types of projects that may qualify, such as adding insulation, replacing doors and windows, and updating heating and cooling systems. The panelists also provided guidance on selecting a qualified remodeler and certifying home remodelers under the National Green Building Standard, which is the only national standard to certify green home remodeling and renovation projects.
Who:
Rob Dietz, Director of Tax Issues for the National Association of Home Builders
Greg Miedema, CGR, CAPS, GMB, CGP, NAHB Remodelers Chairman and President of Dakota Builders, Tucson, Ariz.
Donna Shirey, CGR, CAPS, CGP, President of Shirey Contracting, Issaquah, Wash.
Michael Strong, CGR, GMB, CAPS, CGP, President of Brothers Strong, Houston
To listen:
NAHB Energy Efficiency Tax Credit media call audio file
Learn more about how to plan a remodel and hire a professional remodeler at www.nahb.org/remodel.
Take advantage of improved tax credits available for a number of energy-efficient home improvements. Find a professional remodeler in your neighborhood at www.nahb.org/remodel to get excellent advice – and your assurance of a project well done.
The Existing Home Retrofit Tax Credit (Tax Code Section 25C): Tax credits are available at 30 percent of the cost, up to a $1,500 lifetime limit, for installation in 2009 & 2010 (for existing homes only) of these products:
Building envelope components (Installation costs not included):
Insulation material or system
Exterior window, skylight, door, storm window or storm door with a U factor of .3 or below
Metal or asphalt roofs that resist heat gain
Qualified energy products (Installation costs may be included):
Electric heat pump water heaters that yield an energy factor of at least 2.0 in the standard Department of Energy test procedure.
Electric heat pumps and central air conditioners that achieve the highest efficiency tier established by the Consortium for Energy Efficiency as of Jan. 1, 2009.
Natural gas, propane or oil water heaters with an energy factor of at least .82 or thermal efficiency of at least 90 percent
Biomass burning stoves with a thermal efficiency rating of at least 75 percent as measured using a lower heating value
Natural gas and propane furnaces that achieve an annual fuel utilization efficiency rate of not less than 95
Natural gas, propane, or oil water boilers and oil furnaces that achieve an annual fuel utilization rate of not less than 90
Advanced main air conditioning fans with annual electricity use of no more than 2 percent of the total annual energy use of the furnace
The Wind, Solar, Geothermal and Fuel Cell Tax Credit (Tax Code Section 25D): Tax credits are available at 30 percent of the cost, with no cap through 2016, for existing homes and new construction, for:
Geothermal Heat Pumps
Solar Panels
Solar Water Heaters
Small Wind Energy Systems
Fuel Cells
The energy-efficiency home products must be “placed in service” between Jan. 1, 2009 and Dec. 31, 2010. The credits are only valid for improvements made to the taxpayer's principal residence, except for qualified geothermal, solar, wind property, which can be installed on any home used as a residence by the taxpayer.
Home owners can claim the 25C and 25D credits on Form 5695 when they file their income tax returns. Check with your tax professional to ensure correct application of the energy-efficiency tax credit. Retain all receipts as well as records that include:
Name and address of manufacturer
Identification of the class of eligible building envelope component
Make, model number and any other property identifiers
A statement that the component is eligible for the credit (may include U factor, class of window or door, etc.)
For a short, one-page description of the energy efficiency tax credits, download this fact sheet.
IRS Clarifies What Qualifies for Home Owner Energy Tax Credit
The Internal Revenue Service has published new guidance on Internal Revenue Code Section 25C, which allows up to a $1,500 tax credit for home owners who install energy-efficient windows, insulation and other qualifying products. The tax credit is equal to 30 percent of the qualified energy efficiency expenses paid by the home owner, but it is limited to $1,500 for improvements made during 2009 and 2010.
Notice 2009-53 explains the requirements for home owners to claim the 25C credit and provides detailed technical information regarding what improvements can qualify. Home owners can claim the credit only for improvements made to an existing home. However, NAHB has learned from the IRS that tax credit-qualified improvements installed in an addition to an existing home also qualify for the 25C program.
Among the highlights:
Tax credit eligible products must be reasonably expected to remain in use for at least five years. One method taxpayers can rely on to satisfy this requirement is to purchase products from a manufacturer who offers a warranty lasting at least two years at no additional cost.
Not all Energy Star-rated products that are installed qualify for the tax credit. The Energy Star Web site includes a detailed listing of products that qualify for the section 25C program.
The credit excludes installation costs for building envelope components — such as insulation and windows. In order for the home owner to claim the credit, the remodeler must provide an itemized breakout of the cost of these installed products, minus any labor or installation charges.
Also of importance, Notice 2009-53 provides the set of transition rules for qualified products installed before June 1, 2009. For these installations, taxpayers can claim for tax credit purposes the installation of property that meets less stringent energy efficiency requirements.
In particular, taxpayers can claim the credit for installation of windows and skylights that meet Energy Star requirements, requirements listed under prior IRS Notice 2006-53 or manufacturers’ certifications for 25C made under IRS Notice 2006-53. For installations on or after June 1, the requirements listed in Notice 2009-53 and described above are binding.
NAHB Teleconference on Claiming Energy-Efficiency Tax Credits
Newly expanded federal tax credits for energy efficiency are providing consumers with added incentives for upgrading their homes. Homeowners now can claim up to $1,500 in tax credits for remodeling their principal residence to reduce energy consumption through the enhanced Existing Home Retrofit (25C) tax credit. During a media teleconference next week, NAHB’s Director of tax issues discussed how to take advantage of the credit, while three professional remodelers from around the country provided examples of the types of projects that may qualify, such as adding insulation, replacing doors and windows, and updating heating and cooling systems. The panelists also provided guidance on selecting a qualified remodeler and certifying home remodelers under the National Green Building Standard, which is the only national standard to certify green home remodeling and renovation projects.
Who:
Rob Dietz, Director of Tax Issues for the National Association of Home Builders
Greg Miedema, CGR, CAPS, GMB, CGP, NAHB Remodelers Chairman and President of Dakota Builders, Tucson, Ariz.
Donna Shirey, CGR, CAPS, CGP, President of Shirey Contracting, Issaquah, Wash.
Michael Strong, CGR, GMB, CAPS, CGP, President of Brothers Strong, Houston
To listen:
NAHB Energy Efficiency Tax Credit media call audio file
Learn more about how to plan a remodel and hire a professional remodeler at www.nahb.org/remodel.
Monday, March 1, 2010
Canadians Love Phoenix
Over 7000 residential properties in Maricopa County have Canadian addresses listed as their primary residence. The five primary reasons for this are:
1. Timing: the Canadian dollar is high, bargains abound in the valley, boomers have retirement money and oil bonuses in Canada.
2. Similar architecture to what the Canadians are used to, as well as similar amenities
3. Arizona weather: winter seems to last from September to June in Canada. It's not just the snow and cold, but the lack of greenery for 8-10 months a year in many areas.
4. Outdoor lifestyle: Canadians are used to an outdoor lifestyle, and they love to bike, hike, golf, shop, attend sporting events and spend days by the pool, not to mention just dining al fresco.
5. Easy travel: most Canadians only have to change one or at most two time zones to get here, and it's an easy non-stop three hour flight from western Canada. It's only a 24-28 hour driving time from most points in western Canada, a bit more hauling a trailer.
The winter visitors' bureau estimates 90,000 Canadians live in the valley permanently (that's the ones who don't take out US citizenship-- likley twice as many who are now American citizens) Another estimate is 600,000 Canadians who visit the valley for at least part of every year, coming in by plane. The don't keep track of those coming by car, so double that number and you'll see why there seem to be a lot of Canadians around here.
1. Timing: the Canadian dollar is high, bargains abound in the valley, boomers have retirement money and oil bonuses in Canada.
2. Similar architecture to what the Canadians are used to, as well as similar amenities
3. Arizona weather: winter seems to last from September to June in Canada. It's not just the snow and cold, but the lack of greenery for 8-10 months a year in many areas.
4. Outdoor lifestyle: Canadians are used to an outdoor lifestyle, and they love to bike, hike, golf, shop, attend sporting events and spend days by the pool, not to mention just dining al fresco.
5. Easy travel: most Canadians only have to change one or at most two time zones to get here, and it's an easy non-stop three hour flight from western Canada. It's only a 24-28 hour driving time from most points in western Canada, a bit more hauling a trailer.
The winter visitors' bureau estimates 90,000 Canadians live in the valley permanently (that's the ones who don't take out US citizenship-- likley twice as many who are now American citizens) Another estimate is 600,000 Canadians who visit the valley for at least part of every year, coming in by plane. The don't keep track of those coming by car, so double that number and you'll see why there seem to be a lot of Canadians around here.
Thursday, February 11, 2010
Median home price rises in q4 2009
A story in USA Today quotes the National Association of Realtors as saying that the median sale price for resale homesrose in 67 out of 151 metropolitan areas in Q4 of 2009, a sharp increase over the previous year
The national median price for a home was $172,900, and it was the smallest price decline in more than two years.
Real Estate analysts fear that the end of the homeowner tax credit may signal another decline, and there is also a fear that more homeowners who are hanging onto their homes could yet default, creating another wave of price declines.
The national median price for a home was $172,900, and it was the smallest price decline in more than two years.
Real Estate analysts fear that the end of the homeowner tax credit may signal another decline, and there is also a fear that more homeowners who are hanging onto their homes could yet default, creating another wave of price declines.
Wednesday, February 10, 2010
Corporate or bank owned?
Banks are getting more and more crafty in what they want realtors to say in the MLS. The latest is that the banks feel their properties are stigmatized when the listing says that it is an REO or is bank owned. So now we are seeing lots of listings that say that the house is 'corporate owned'.
'Corporate owned' used to mean that the house had been bought by a company when they transferred an employee, and the employee couldn't sell the house in a timely manner, so the company guaranteed the sale in order that the employee could move on to his new posting.
Buyers' agents need to know this distinction, because they will counsel their buyers to make offers based on different criteria if they think the property is bank owned or actually owned by the employer of the person who used to live there. Check the tax records first, and if that doesn't give the information you need, you'll have to ask the listing realtor.
'Corporate owned' used to mean that the house had been bought by a company when they transferred an employee, and the employee couldn't sell the house in a timely manner, so the company guaranteed the sale in order that the employee could move on to his new posting.
Buyers' agents need to know this distinction, because they will counsel their buyers to make offers based on different criteria if they think the property is bank owned or actually owned by the employer of the person who used to live there. Check the tax records first, and if that doesn't give the information you need, you'll have to ask the listing realtor.
Realtors education paramount when chossing a realtor
Any realtor who thinks that 24 hours of continuing education every two years is sufficient to keep them in the game is not only dreaming in technicolor, but is likely not serving clients with the most up to date information on today's ever-changing market.
With banks and government changing the rules of engagement about once a week, every realtor should be taking continuing education courses as often as that, just to stay abreast of new developments.
And realtors who only take courses they can utilize for their required continuing education hours, need to wise up and be taking courses for the sake of their own edification and the better serving of clients, not just because the have to take a certain number of hours to hold onto their license.
It's a different world out there, and realtors need to realize that we will never return to a market like we had even a couple of years ago. Times have changed and realtors need to change too.
I take at least 60 hours a year of continuing education, plus I subscribe to dozens of websites, news feeds, twitters, blogs, etc and even some snail mail magazines, which I read every day. And I learn something new every day that I can use in my business.
With banks and government changing the rules of engagement about once a week, every realtor should be taking continuing education courses as often as that, just to stay abreast of new developments.
And realtors who only take courses they can utilize for their required continuing education hours, need to wise up and be taking courses for the sake of their own edification and the better serving of clients, not just because the have to take a certain number of hours to hold onto their license.
It's a different world out there, and realtors need to realize that we will never return to a market like we had even a couple of years ago. Times have changed and realtors need to change too.
I take at least 60 hours a year of continuing education, plus I subscribe to dozens of websites, news feeds, twitters, blogs, etc and even some snail mail magazines, which I read every day. And I learn something new every day that I can use in my business.
Sunday, November 29, 2009
How to find Chinese Drywall in your home
Lots of talk these days about Chinese Drywall. How can you tell if it's in your house? The National Assoc of Home Inspectors fall 2009 issue of their Forum newsletter states the following: Common features of the reports submitted to the Consumer Product Safety Commission and the EPA:
1. Consumers have reported a 'rotten egg' smell within thier homes.
2. Consumers have reported health concerns such as irritated/itchy eyes/skin, difficulty breathing, persisent cough, bloody noses, runny noses, recurring headaches, sinus infection & asthma attacks.
3. Consumers have reported blackened/corroded metal components in their homes & frequent replacement of components in their air conditioning systems.
4. Consumers report these symptoms in houses that were constructed in 2006-7.
5. Most complaints came from the states of Fla, Louisiana, Ala, OH, Mississippi, Missouri, CA, Wisc., Va, WA, Wy, DC, AZ & Tennessee.
6. Most complainants stated their symptoms were better when they were away from their houses, and got worse when they returned home.
If you suspect your home has Chinese Drywall, document this with health authorities in your area, your state/local representatives and www.cpsc.gov/cgibin/incident/aspx, your insurance company, & your homebuilder with your concerns. CPSC continues to investigate.
1. Consumers have reported a 'rotten egg' smell within thier homes.
2. Consumers have reported health concerns such as irritated/itchy eyes/skin, difficulty breathing, persisent cough, bloody noses, runny noses, recurring headaches, sinus infection & asthma attacks.
3. Consumers have reported blackened/corroded metal components in their homes & frequent replacement of components in their air conditioning systems.
4. Consumers report these symptoms in houses that were constructed in 2006-7.
5. Most complaints came from the states of Fla, Louisiana, Ala, OH, Mississippi, Missouri, CA, Wisc., Va, WA, Wy, DC, AZ & Tennessee.
6. Most complainants stated their symptoms were better when they were away from their houses, and got worse when they returned home.
If you suspect your home has Chinese Drywall, document this with health authorities in your area, your state/local representatives and www.cpsc.gov/cgibin/incident/aspx, your insurance company, & your homebuilder with your concerns. CPSC continues to investigate.
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