Congratulations to Jeff Stiefer who won a $25 gift card to Einstein Bros Bagels in our drawing!

Winter is often considered a relatively slow time of year when it comes to buying and selling real estate. In colder regions, trekking through snow and ice to visit open houses isn’t the way most people tend to spend their free time. Winter weather conditions can also make packing up and moving into a new home more difficult.

 But for those who do choose to house-hunt during this time, the market can be a virtual winter wonderland of opportunity.  Winter home shopping offers strong benefits that may ultimately work to a buyer’s advantage. 

 There is less activity and therefore reduced competition in the winter. Serious buyers have more room to negotiate with motivated sellers and have a solid chance at achieving some great deals.

 Another key benefit of winter home buying is less competition for financing. Fewer buyers means fewer people looking for loans. Lenders tend to be less busy in the winter so they can often provide more personal attention to the smaller pool of borrowers.

 Colder weather can help buyers determine how well a home is insulated.  If a house is drafty – a sign it might need new windows or have leaks that will need to be sealed – buyers may not notice it in the middle of summer.  While inside the house, check to see how high the thermostat is set. If it is set low and the indoor temperature is still comfortable, the house is probably well-insulated and won’t have excessively high heating bills.

 Another important incentive to shop during the winter this year is the extended and expanded home buyer tax credit. Current homeowners who buy a new primary residence may qualify for as much as a $6,500 tax credit, and first-time home buyers can qualify for up to $8,000, but buyers must have a signed contract in place by April 30, 2010, and close on the home by June 30, 2010, to receive the credit.

 Homeownership is an investment in your future, and there has never been a better time to be a buyer. There are more reasons than ever to take advantage of slower activity during the winter season and shop for a home. Serious buyers should contact a Realtor^® to help them start their home search today.

There’s bad news and good news coming out of the housing market. Forbes Magazine released study results by Local Market Monitor that showed the cities that lost the most value are concentrated in some areas of California, Florida, Nevada, and the Northeast.

These cities were impacted by local and national factors such as increased unemployment and the rising cost of housing which resulted in homebuyers gambling on the odds of whether they could afford long-term housing.

West Coast housing markets fared the worst, losing the most value—21.6 percent since their peak. Florida housing lost 31 percent, the Northeast lost an average of 8.6 percent, and the Midwest lost, on average, 5.6 percent. The top five cities to lose value in the West (most in California): in California–Merced, (-62.11 percent), Stockton (-54.29), Modesto (-52.42), Vallejo-Fairfield (-47.62), and in Nevada—Las Vegas-Paradise (-47.53) In the South, the top five cities to lose the most value are located in Florida: Port St. Lucie (-46.43), Cape Coral-Fort-Myers (-46.38), Naples-Marco Island (-43.63), Bradenton-Sarasota-Venice (-41.52), and Fort Lauderdale-Pompano Beach-Deerfield Beach (-39.93).

In the Northeast, the top five cities to lose value are: Providence-New Bedford, R.I. (-17.30), Worcester, Mass. (-16.17), Atlantic City, N.J. (-16.15), Poughkeepsie-Newburgh, N.Y. (-14.60), and Barnstable Town, Mass. (-14.48).

Moving to the Midwest, the top five cities to lose value are in Michigan: Detroit-Livonia (-30.66), Warren-Troy-Farmington Hills (-27.95), Flint (-27.47), Ann Arbor (-20.37), and Jackson (-17.30). Source: Forbes, Francesca, Levy (12/21/2009).

According to First American CoreLogic’s LoanPerformance Home Price Index, home prices are expected to fall another 4.2 percent in 45 of the largest housing markets before hitting bottom. The Press Release states that, “The declines will be driven primarily by the large levels of foreclosures in these areas. However, improvement in both levels of inventories and unemployment are projected to prevail in the spring of next year, resulting in an average year-over-year appreciation of just under one percent by October of 2010 for these metropolitan markets.

The report also stated that, “In August 2010, the index is projecting that 12-month appreciation for national home prices will be 4.6 percent and that home prices in two of the most depressed markets, California and Florida, will show gains in excess of 7 percent.” Cities that are projected to experience the strongest recovery in 2010 are primarily concentrated in the large urban areas of California: San Francisco (+5.7 percent), Los Angeles (+5 percent), San Diego (+4.7 percent) and Sacramento (+4.6 percent).

The report cautions that a large inventory of homes owned by banks but not yet on the market could affect the increased pricing progress. Mark Fleming, chief economist for First American CoreLogic stated in a December Press Release, “We are continuing to see improvements in the year-over-year home price change as prices have remained relatively stable since April. The additional government support for the housing market has stimulated demand and restricted supply in 2009.” However, Fleming, added, “How these government supports are removed in 2010 and the moderation of pending inventory and negative equity will be critical to the continued stability of the housing market.”

The housing bust isn’t just slashing home values and jamming the financial system, it’s constricting the supply of mortgage credit as well. Although 30-year fixed mortgage rates remain attractive, banks are jacking up lending standards and inserting additional hurdles into the home loan process. As a result, some would-be borrowers will face higher rates, while others will be turned down altogether.

But that doesn’t mean you can’t get a mortgage, says Keith Gumbinger, vice president of HSH Associates. “Mortgage money is available,” Gumbinger says. “In order to have access to the financing, however, you are going to have to align yourself more closely with the new, more prudent lending standards.” Amid higher delinquencies on home loans, banks have ditched many of the breezy credit practices that helped inflate the housing bubble. “The days of giving loans to anybody with a pulse are behind us,” sasys Mike Larson, an analyst with Weiss Research. As a result, today’s prospective mortgage borrowers will have to meet a more stringent set of requirements than consumers faced just a few years back.

These requirements include:

1. Solid Credit. Prospective borrowers will need a FICO score of roughly 720 or above to obtain the most fabvorable mortgage rates, Gumbinger says.

2. A Down Payment. Nearly all lenders will want borrowers to make some form of down payment to qualify for a loan. The size of the down payment will vary but will be at least 3.5%, Gumbinger says.

3. Income Documentation. Loan applicants will also be required in most caes to provide document verification of their income and their assets. While these requirements may not seem onerous to those who got loans before the housing boom, they represent a significant departure from the easy credit standards of the first half of the decade. For consumers looking to find the best possible deal in today’s mortgage market, experts provided five specific tips:

1. Shop Around. Because the credit crisis has affected different banks in different ways, the streams of credit available in today’s market are extremely divergent. “There are lenders who didn’t get involved in subprime lending,” Gumbinger says. Such firms “are in a very good position to make you a loan at a lower markup over their cost of money.” That means it’s more important than ever for consumers to shop around to see which financial institutions can offer you the best deal. “Don’t forget to look at small thrifts, small banks, and credit unions–these are guys that didn’t play in the high risk lending arena and aren’t suffering as badly,” Gumbingers says.

2. Save for a Down Payment. Given the current credit environment, consumers will have to put their “financial house in order before they buy a real house,” Larson says. That means if you don’t have enough cash for a down payment, you’ll have to start saving for one. “Cash is becoming much more important than ever,” says Tom Vanderwell, a mortgage lender and author of the forthcoming book Straight Talk About Mortgages: How to Survive and Thrive in Today’s New Mortgage World. “Not only from the standpoint of having money to put down–because the days of the zero downs are gone–but also from the standpoint of not being flat-out broke at the time that you are closing the mortgage.”

3. Check Your Credit Report. It’s important to make sure that your credit report–which lenders will be using to determine whether or not to give you a loan–is accurate. “I would recommend going to at least one of the three major credit bureaus and getting a copy of your credit report,” Vanderwell says. If you see any mistakes, “get those inaccuracies taken care of,” he says.

4. Pay Down Debts. If you want to get a mortgage but have substantial debts, consider paying them down. “The lower your debt load is against your income, the more willing a lender is going to be to come work with you–because you are not overleveraged.” Gumbinger says.

5. Been Late? Wait. If you have a recent delinquency on your credit report, you’re probably better off waiting a couple of months before applying for a loan, Larson says. “Keep in mind that your credit score is going to depend in part on how long it has been since your last delinquency,” Larson says. So if you have a recent blemish on your report, “it may behoove you to wait a few months, maybe even six months or a year…to get that stuff further back in your credit history, and then there is the possibility of qualifying for a better rate,” he says.

The above article is from US News and World Report.

NEW YEAR TRADITIONS
 Traditions of the season include the making of New Year’s resolutions. That tradition also dates back to the early Babylonians. Popular modern resolutions might include the promise to lose weight or quit smoking. The early Babylonian’s most popular resolution was to return borrowed farm equipment.

The Tournament of Roses Parade dates back to 1886. In that year, members of the Valley Hunt Club decorated their carriages with flowers.  It celebrated the ripening of the orange crop in California.

Although the Rose Bowl football game was first played as a part of the Tournament of Roses in 1902, it was replaced by Roman chariot races the following year. In 1916, the football game returned as the sports centerpiece of the festival.

The tradition of using a baby to signify the new year was begun in Greece around 600 BC. It was their tradition at that time to celebrate their god of wine, Dionysus, by parading a baby in a basket, representing the annual rebirth of that god as the spirit of fertility. Early Egyptians also used a baby as a symbol of rebirth.

Although the early Christians denounced the practice as pagan, the popularity of the baby as a symbol of rebirth forced the Church to reevaluate its position. The Church finally allowed its members to celebrate the new year with a baby, which was to symbolize the birth of the baby Jesus.

The use of an image of a baby with a New Years banner as a symbolic representation of the new year was brought to early America by the Germans. They had used the effigy since the fourteenth century.

FOR LUCK IN THE NEW YEAR
Traditionally, it was thought that one could affect the luck they would have throughout the coming year by what they did or ate on the first day of the year. For that reason, it has become common for folks to celebrate the first few minutes of a brand new year in the company of family and friends. Parties often last into the middle of the night after the ringing in of a new year. It was once believed that the first visitor on New Year’s Day would bring either good luck or bad luck the rest of the year. It was particularly lucky if that visitor happened to be a tall dark-haired man.

Traditional New Year foods are also thought to bring luck. Many cultures believe that anything in the shape of a ring is good luck, because it symbolizes “coming full circle,” completing a year’s cycle. For that reason, the Dutch believe that eating donuts on New Year’s Day will bring good fortune.

Many parts of the U.S. celebrate the new year by consuming black-eyed peas. These legumes are typically accompanied by either hog jowls or ham. Black-eyed peas and other legumes have been considered good luck in many cultures. The hog, and thus its meat, is considered lucky because it symbolizes prosperity. Cabbage is another “good luck” vegetable that is consumed on New Year’s Day by many. Cabbage leaves are also considered a sign of prosperity, being representative of paper currency. In some regions, rice is a lucky food that is eaten on New Year’s Day.

1. First things first. Set a plan or a theme for your Christmas decorating. It doesn’t cost a thing to have a good plan, and when you are working with budget ideas, this is what pulls your ideas together, and makes everything you do look purposeful, and personal. Some theme ideas for Christmas? The rustic lodge Christmas, a toyland Christmas, countries around the world, Victorian, country, Santa, snowmen, old fashioned, the list goes on and on!
2. Make garlands out of felt scraps. Cut Christmas shapes out of felt in miniature, such as mini stockings, holly leaves, and mittens. String together with needle and floss or strong fishing line to hang all over the house. Remember when you string each shape, tie a knot on both sides of the shape to hold it in its place. You can add more dimension to the shapes by cutting two of each, stuffing them lightly, then sewing the two together. Glue would work also if you aren’t comfortable with sewing. Saved used dryer sheets are perfect for this kind of stuffing, or even tiny fabric scraps that are too small for other uses.
3. Drop a tealight candle in your cleaned out glass mayonnaise jars, tie a holiday ribbon around the neck, and you have a beautiful candle with Christmas charm. You could nestle the candle in peppermints, nuts, or even sand if you wish. Try grouping several together for a dramatic evening effect. These also make great luminaries.
4. Start a Christmas collection. This can be a great tradition to initiate in your home. By the way, this doesn’t have to be expensive, or even store bought. Try sewing or crafting a new decoration each year together for even more memories! Or check out your dollar store. They have some really cute ceramic holiday decorations for a buck or two. Remember, it’s the memories you’re interested in here, not a collectable based on monetary value.
5. If you are looking to do a toyland theme for your Christmas decorating this year, try searching out teddy bears and dolls at your local thrift stores. Wash them in a pillowcase and put them in your dryer for at least 20 minutes, then dress them up with ribbons and holiday fabrics. Group them under your tree, on mantels, and on windowsills. Stack small squares of cardboard together and wrap as a tiny present, then tuck them under a teddy’s arm, or wrap an empty box and use it as teddy’s seat by the front door.
6. Place a few inexpensive glass balls in a bowl and embellish with a few sprigs of greenery or some leftover ribbon. If you don’t have an extra bowl (it is the holidays, after all!), try decoupaging a box with leftover Christmas wrap, or cover with a little fabric and glue.
7. Take down your pictures and wrap them like a gift. Hang them back on the wall for great holiday cheer! You don’t have to do this all around the house. How about just in the entry, or maybe the dining room?
8. Tie greens or ornaments to the chandelier with a little Christmas ribbon, just make sure they don’t hang low enough for any candles on the table to catch them on fire.
9. Make your own gift tags out of leftover paper. Ok, this is not a new idea, but try punching it up a bit. Add details by layering shapes over the base paper, use paper punches and scalloped scrapbooking scissors to add style, use a gold calligraphy pen to add names. Or use the scalloped scissors to make old holiday cards into tags.
10. Sponge stars or other seasonal shapes on your window with paint! No, I’m not nuts. Just add a teaspoon or so of liquid dish soap to acrylic craft paint. (I like white or gold metallic) After the holidays, you should be able to wash it off with window cleaner. Use a non-scratching dish scrubber if you come across a stubborn spot.

There it is, the 10 best budget decorating ideas for Christmas!

Have a wonderful holiday season!

Home Buyer Tax Credit Extension

Home buyers across the country are celebrating Congress’ decision to extend the $8,000 first-time home buyer tax credit through April 30. Adding to the good news, the credit has also been expanded to include a $6,500 credit for current homeowners, provided they have lived in the home they’re selling for five consecutive years of the past eight years. If they have a binding contract on or before that date, they will have until through June 30 to close the transaction.  Tyler Association of Realtors praised the decision as the right measure to encourage continued economic stabilization. 

Income limits for eligible home buyers have also been expanded. Single buyers with an income of up to $125,000 qualify, as do married couples with a combined income of up to $225,000. However, the purchase price of the home cannot exceed $800,000. In addition, buyers are required to attach documentation of their purchase to their tax return. 

According to data from the National Association of Realtors^® and the Internal Revenue Service, the tax credit is working very well. NAR economists estimate it has contributed approximately $22 billion to the general economy and more expect more than 2.3 million first time buyers to take advantage this year. Each home purchase generates about $63,000, the equivalent of about one new job.

 Economists also attribute the tax credit to the significant upsurge in first-time buyers this year. The NAR 2009 Profile of Home Buyers and Sellers reports first-time home buyers reached the highest market share on record over the past year. Entry-level buyers accounted for 47 percent of all home sales, up from 41 percent of transactions in last year’s study. First-time buyers are playing a major role in ensuring a real estate and economic recovery.

First-time buyers are taking advantage of the once-in-a-lifetime opportunities in the current market, investing in their future through homeownership.  These investments are in turn reducing housing inventory and helping to stabilize home prices, which is good for the future of our entire economy.

What English word is nine letters long, and can remain an English word at each step as you remove one letter at a time, right down to a single letter. List the letter you remove each time and the words that result at each step.

The idea for using electric Christmas lights came from an American named Ralph E. Morris in 1895.  The new lights proved safer than the traditional candles, which often started fires by falling in the dry Christmas trees.

The use of a Christmas wreath as a decoration on your front door, mantel or bay window symbolizes a sign of welcome and long life to all who enter.

Christmas trees are edible. Many parts of pines, spruces, and firs can be eaten. The needles are a good source of vitamin C. Pine nuts, or pine cones, are also a good source of nutrition.

The best selling Christmas trees are Scotch pine, Douglas fir, Noble fir, Fraser fir, Virginia pine, Balsam fir and white pine.

For every real Christmas tree harvested, 2 to 3 seedlings are planted in its place. Each hectare provides the daily oxygen requirements of 45 people.

Artificial Christmas trees have outsold real ones since 1991.

Candy canes began as straight white sticks of sugar candy used to decorated the Christmas trees. A choirmaster at Cologne Cathedral decided have the ends bent to depict a shepherd’s crook and he would pass them out to the children to keep them quiet during the services. It wasn’t until about the 20th century that candy canes acquired their red stripes.

In 1836, Alabama was the first state in the USA to declare Christmas a legal holiday.

Animal Crackers are not really crackers, but cookies that were imported to the United States from England in the late 1800s. Barnum’s circus-like boxes were designed with a string handle so that they could be hung on a Christmas tree.

St Francis of Assisi introduced Christmas Carols to formal church services.  Christmas caroling began as an old English custom called Wassailing – toasting neighbors to a long and healthy life.

American billionaire Ross Perot tried to airlift 28 tons of medicine and Christmas gifts to American POW’s in North Vietnam in 1969.

In America in 1822, the postmaster of Washington, DC, complained that he had to add 16 mailmen at Christmas to deal with cards alone. He wanted the number of cards a person could send limited by law. “I don’t know what we’ll do if this keeps on,” he wrote.

During the Christmas buying season, Visa cards alone are used an average of 5,340 times every minute in the United States.

Santa’s reindeer are named Dasher, Dancer, Prancer, Vixen, Comet, Cupid, Donner and Blitzen.  Oh – and of course, Rudolph.

A note from a visitor has added a correction to one of the reindeer:

The name Donner is actually “Donder.”  It was mispronounced in a song many years ago and never changed back to it’s original form.  You may follow this link for more information about what happened: http://www.donder.com (from Mike Smullen)

The Christmas season begins at sundown on 24th December and lasts through sundown on 5th January. For that reason, this season is also known as the Twelve Days of Christmas.

 10. DON’T leave your dirty underwear on the ceiling fan.

9. As sweet as your pitbull is, do NOT leave them to greet prospective clients.

8. DON’T think a potential buyer will overlook a dirty house.

7. DON’T hang around for a showing to hear what potential buyers have to say about your house.

6. DON’T think that your pink painted living room seems subtle.

5. DON’T think about what your home would’ve sold for LAST year but instead what it’s worth NOW.

4. DON’T forget to call in an exterminator to take care of potential pests!

3. DON’T think the peeling paint and crayon marks in Billy’s room will go unnoticed.

2. DON’T think that the wallpaper you choose after hours of debating 10 years ago might actually be something a buyer would choose for themselves.

And the number ONE way to not sell your house is……

1. DON’T discredit your agents suggestions to repair, replace or remove things in your house!!