by David Glenn | Apr 21, 2016 | CRESTICO
Home trends change from year to year, but overall, home ownership is a beautiful thing. You have a place to call your own while building up equity in your investment. And there’s also something about owning your home yourself rather than renting it from someone else. Investing in your home most likely will bring a great return, so the following are a few tips from the pros as you look at what your home needs next.
- Getting back to nature
The down-to-earth vibe is here to stay for a while. Designers and homeowners are loving the clean, Nordic design look cozied up with natural pine flooring and furnishings, soft textures like shearling, hides and fur with the occasional pop of color. Dark shades of green (as in, deep jungle, forest and olive tones) and nuances of ocean hues (blue-green, lime, jade, and cobalt)are on the horizon as some of the top color trends for the coming year. Of course, strategically placed indoor plants (trend alert: olive plants and trees!) lend a touch of green to enliven a space.
- Dedicated, technology-free space in floor plans
As open concept design and technology evolve, homeowners are increasingly looking for a small place to escape to where technology is absent. A bedroom nook, library or entry alcove along with warm, enveloping furnishings provides the perfect retreat from the barrage of screen information most homeowners face daily. Early in the design process is the best time to nail down exactly where and how to carve out a peaceful sanctuary within your home.
- Natural Textures
For furniture design, cane, rattan and abaca have been reinvented with a modern flair. Cork, a fast-growing and renewable resource, is emerging as a strong sound buffer for the pervasive open floor plan. Think a side or coffee table, stool or even an entire wall in a home office. Cork’s warmth and renewability make it a top choice for 2017 homeowners. Terra cotta tiles are also on the upswing with a new matte finish that stays away from the rustic feel of previous years. Look for terra cotta to influence fireplace surround design and bathroom design.
- Art-inspired wallpaper
After years of removing wallpaper, homeowners and designers are now considering its many benefits. In addition to many up-and-coming designs in today’s marketplace, artists can now turn their work into wallpaper murals by enlarging their art to a grand scale. Area Environments is one such studio that has seen a rise in demand for art-inspired wallpaper and creates impressive wallscapes.
- Black as a staple kitchen design element
White as a preferred design element is slowly being upstaged by its direct opposite. Black cabinets, countertops, appliances and more are coming into their own as designers seek a warmer, sleeker silhouette. As the perfect foil for metals, plants and colorful food, black seems to be coming into its own. If homeowners aren’t sure about a full-on black kitchen, dark gray and strategically designed black and white layouts are growing in popularity worldwide.
- Fair realtor fees
Too often realtors are given their set fees automatically without any direct correlation to the quality of service they have provided. With housing prices possibly leveling off in late 2017, homeowners who are considering selling need to get top dollar without costly realtor fees. A popular option is a flat fee MLS listing service. Basically, this is a Real Estate broker offering to list the property for a flat fee rather than a percentage of the sale price. There are some additional details to consider before deciding if this option is the right one for you, but typically a successful property sale in this scenario results in a seller saving half of the traditional commission and retaining the right to sell on his or her own.
Your home is typically one of your biggest investment over your lifetime. Make it a great space to retreat to, play in and even sell when the time is right.
by David Glenn | Apr 16, 2016 | CRESTICO
Real Estate is one business that has stayed somewhat steady in the extremely fast-paced and constantly changing world of the 21st century. That doesn’t mean that real estate doesn’t change and doesn’t have trends that work their way into the mainstream, however. It is always important to understand trends as an investor. One of the most important factors in a good investor is their ability to identify trends before everyone else and capitalize on those trends. So what will be trending in 2017? How about 2025? Here are a few things that could make the list.
Home automation
Home automation is something that some believe is currently trendy, but most would argue that it hasn’t hit the mainstream yet. Many homeowners own a smart TV, or Kinect, or perhaps an alarm system, but most couldn’t say that their home has been fully automated. Neither is there a single company, or even a few, that are owning the industry.
That will likely change in coming years. As home automation technology becomes more mainstream people will begin to develop habits that make the think they cannot live without certain home automation aspects. These will in turn spur further pushes by companies into the home automation sphere, and someday soon many people will be living in a world they once only saw on TV, where you can speak to your home and it is ALWAYS listening.
Electricity
The electric industry has remained fairly constant for as long as most people can remember. Just look at the power lines out your window and you will easily be able to see how long it has been since any updates have been made. All of that is changing with emerging technologies.
The solar industry is set to be the biggest disruptor. Multiple solar companies have gone public in the last few years and are using the funds to rapidly expand into emerging markets. Vivint Solar, a Utah based company that went public two years ago has reported more than 100% sales growth multiple quarters since the offering. They have found a wiling market that is hungry for cheap, renewable, safe electricity.
This in turn has powered companies like Tesla to release batteries that are capable of storing enough electricity to power an entire home. Combing solar technology with battery technology will allow homes of the future to go completely off the grid, with no need to rely on electric companies for their basic needs. This means no more power outages, no more downed power lines, and cheaper electric bills.
Already many properties are seeing watt-hour meter’s get installed that allow for landlords to measure exact electric usage and charge based on the amount they use. This will also be utilized more as the industry grows, allowing (or forcing) people to only pay for the electricity they use, while also giving people a better idea of how much electricity their family uses each month.
Small homes
A strange new trend that many analysts probably never thought would come is the less-is-more philosophy. Many analysts are seeing trends that point to significantly smaller homes being built. Home s are being built to match currently family needs, and space is being utilized in a much more efficient manner. Many homes that are being built are significantly smaller than homes nearby, yet seem bigger with space utilization techniques and good storage.
These are just a few trends. All can benefit a savvy investor who knows what to look for and can spot a deal. Remember, do your research and good things will almost always follow!
by CRESTICO | Aug 21, 2013 | CRESTICO
The Federal Housing Administration is making it easier for once-struggling homeowners to qualify for a mortgage backed by the agency.
For borrowers who meet certain requirements, the FHA is trimming to one year the amount of time that homebuyers must wait after a bankruptcy, foreclosure or short sale before they may qualify for a FHA-backed mortgage.
The waiting period had been two years after the completion of a bankruptcy and three years after a foreclosure or a short sale.
But only certain consumers who’ve been in those circumstances will be able to meet the criteria attached to the eased restrictions. Borrowers must be able to show their household income fell by 20 percent or more for at least six months and was tied to unemployment or another event beyond their control. They also must prove they have had at least one hour of approved housing counseling and, among other things, have had 12 months of on-time housing payments.
“FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage,” said FHA Commissioner Carol Galante, in a letter to mortgagees announcing the changes.
FHA-backed mortgages are a popular option for first-time buyers and for consumers with lower credit scores who might not otherwise qualify for a loan backed by Fannie Mae or Freddie Mac. However, the agency has recently increased the fees tied to FHA-backed loans.
by CRESTICO | Jul 22, 2011 | CRESTICO
Did you know that the average credit score required nowadays to get approved for a loan is 140 points HIGHER today than it was just a few years ago? That’s a lot when you consider that credit only ranges from 100 to 850.
One of the most important factors in getting a loan to buy a home has been credit, and it remains to be quite significant when filling out applications for loans. This is in large part, due to the economy. The mortgage crisis we have been witnessing over the past 4 years had major impacts on the lending industry and institutions became less willing to extend credit, even to those who are well-qualified.
Financial responsibility is key! Those with poor credit are faced with less and less options, making it harder and harder to realize the American dream of owning your own home.
Qualifying for a loan isn’t the end of the story.. it’s just the beginning. Just because you qualify doesn’t mean you are getting a good rate. The difference that just 0.25% can make on a $500,000 loan is over $1000 a year, multiplied by 30 years, that’s $30,000 that could have been saved over the life of the loan. What could you do with an extra $30,000?
In this market, many people are eager to buy a home, thinking “oh the prices are so low – we gotta get this house!” but keep in mind, while the price may seem low – the interest rate you qualify for may not be as attractive. So, tend to your financial health, clean up your credit – then start making offers on homes.
by CRESTICO | Jun 22, 2011 | CRESTICO
This year California housing market conditions makes a strong and compelling case for homeownership. With prices still well below the historic highs of just a few years ago and attractive mortgage rates, qualified buyers have a unique opportunity to own their own home. As seen below, a rigorous analysis of renting versus buying hears this conclusion out. As shown in the following chart, the monthly housing costs (principle, interest, taxes, and insurance or PITI) associated with buying a median-priced home of $301,430 is $1,590 (Fourth Quarter 2010 median priced home in California). This assumes the buyer is making a 20 percent down-payment and financing with a 30-year fixed rate mortgage at 4.62 percent. In comparison, the median rent on a three-bedroom two-bath apartment with renter’s insurance in California is $1,810. That means buying a home would save the homeowner $220 per month when compared to renting and the homeowner would save over $2,600 a year. Reported by the National Association of Realtors
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