Wednesday, March 27, 2013

4 Hard Facts About The Housing Recovery


http://www.worldpropertychannel.com/north-america-residential-news/improving-housing-markets-national-association-of-home-buildersfirst-american-improving-markets-index-imi-housing-markets-report-nahb-6340.php

Written by: Lou Basenese
When I boldly predicted three months ago that the U.S. real estate market hit rock bottom, many subscribers objected. Vehemently.

One in particular told me to keep my crackpot predictions to myself. And then, a la Sgt. Joe Friday in “Dragnet,” he said, “All we want are the facts, Lou.”

I thought that’s what I provided on April 9, when I shared 11 irrefutable signs of a real estate recovery.

Maybe it was my wording – “signs” instead of “facts.” So today, let me make sure there’s no misunderstanding.

The real estate recovery is under way. And here are 11 more irrefutable facts to prove it…

Real Estate Recovery Fact #1: Better-Than-Expected Homebuilder Profits


On March 27, Lennar Corp. (LEN) – the nation’s second-largest homebuilder – beat analyst expectations for earnings by 100%. New orders increased 33%. Backlog grew 39%. And total sales rose 30%.

Then, on April 23, D.R. Horton (DHI) – the nation’s largest homebuilder – beat analyst expectations for earnings by 225%. (That marks the second consecutive quarter of stronger-than-expected profits.) New orders increased 19%. Backlog grew by 17%. And total sales rose 28%.

Real Estate Recovery Fact #2: Improving Builder Sentiment


With homebuilders putting up better results, we’d expect their outlook to be rosier. And it is.

On May 15, the National Association of Home Builders/Wells Fargo Housing Market Index rose to 29 from 24 in April. That’s the strongest reading since May 2007. It’s also a dramatic improvement from the reading of 14 registered just seven months ago.

Real Estate Recovery Fact #3: More Housing Starts


Homebuilders’ good results and good feelings are translating into increased activity, too.

On May 16, the Commerce Department reported new housing starts rose 2.6% to an annual rate of 717,000 units in April. And March’s figures were revised upward from an annual rate of 654,000 to 699,000.

Real Estate Recovery Fact #4: More New Home Sales


If you’re afraid homebuilders are getting ahead of the market, don’t be. Spring and summer typically bring out the buyers. And the facts show that’s happening once again.

Reference Article:
http://seekingalpha.com/article/616751-11-more-hard-facts-about-the-housing-recovery


Tuesday, March 5, 2013

Top Five Kitchen Lighting Trends for Spring 2013


http://www.houselogic.com/blog/kitchens/kichen-remodeling-trends-2012/

Lamps Plus Identifies Best Selling Designs and Newest Trends in Kitchen Lighting and Redecorating.



The heart of the home, the kitchen is often the prime target for home improvement and lighting makeovers. As the last of the winter storms recede and spring nears, people are starting to gear up for these projects. Lamps Plus, the nation’s largest lighting retailer has identified the top five kitchen lighting trends for spring 2013, culled from customer favorites and the latest looks from home furnishing trade shows.

“In lighting the kitchen, people these days are thinking function first, form second. You want to meet the needs of your space, but in way that’s stylish and personal,” explains Manja Swanson, Vice President and Designer at Lamps Plus. “We recently published our 2013 Kitchen and Bathroom Lighting catalog in an effort to highlight the designs that are trending most among our customers and the design community at large.”

“Sustainability is definitely a hot topic among customers, and when it comes to conserving energy and landfills, LED lighting is tops,” explains Swanson. Using just a fraction of the electricity of incandescent bulbs and with a lifespan as much as fifty times longer, LED lighting points towards an ultra-green future for the lighting industry.

Stylish and multi-functional, the hanging pendant light is the definitive aesthetic trend for the foreseeable future. “Mini pendant lights are most popular of all,” explains Swanson. “They can be hung in a row over bars or islands, bunched or clustered for a contemporary DIY chandelier, or mixed and matched for a playful eclectic look.” Industrial pendant light fixtures and vintage Edison bulbs in particular are a popular style for converted lofts, as well as commercial spaces like bars and restaurants. With a variety of finishes, from sleek brushed steel to art glass, pendant designs can express the unique personalities of the homemakers, or businesses, who use them.

“The most effective upgrades are often those a person can’t even see,” says Swanson. “Under cabinet lightsprovide both ambient and task for lighting countertops.” Available in a variety of bulb types, under cabinet lighting tucks discretely to the underside of kitchen cabinets and can be chained together to meet any room size or configuration. “For an easy-to-install under cabinet option, our customers are increasingly using tape lights and puck lights. These designs adapt to fit most spaces, adhere to your cabinets with tape or screw mount bracket, and are easy to power without the help of an electrician.”

Track lighting is the multi-tasking workhorse among lighting fixtures. “The kitchen has become more than a place to prepare meals. It’s a place where kids study, families dine, and, as is often the case, the party inevitably migrates. Track lighting has been very popular, available in a range of fresh new designs.” The light heads on these versatile fixtures can be moved up and down along a track and adjusted to spot light particular locations such as food prep areas, shelves or photos and artwork. An offshoot of the track style, the track lighting kit is an easy-to-install fixture that mounts easily onto a ceiling junction box, just like an overhead ceiling light. Unlike traditional track lighting, the heads on these kits cannot be moved up and down along the length of the fixture.

Lastly, for specific work areas such as the sink or stovetop, recessed lights are a perennial favorite. Tucked discreetly into the ceiling, these fixtures consist of a housing that installs into the ceiling, a trim, and a light bulb. Recessed lighting comes with a variety of bulb options to address a kitchen’s specific needs, such as for sink and counter areas and adjustable, focused lights for stovetops and wall art. Recessed lighting can also be used in conjunction with a wall dimmer, making them an excellent ambient lighting source as well.


ABOUT LAMPS PLUS 
For more than 30 years, Lamps Plus has been synonymous with excellence in the retail lighting industry. Established in 1976, Lamps Plus is the nation’s largest lighting retailer, with more than 40 lighting stores throughout the western United States. Together with their retail locations and online business, Lamps Plus serves customers nationwide with the largest selection of functional and decorative lighting fixtures, accessories, furniture and home decor. This selection includes hundreds of products, ranging from traditional chandeliers to the latest in home decor, available exclusively from Lamps Plus. Services include in-home lighting consultations, in-store workshops and installation from expert, licensed electricians. American Lighting Association certified designers are available to offer product recommendations and advice in all our stores, by phone or online at LampsPlus.com. The Lamps Plus family of websites also includes 55 Downing Street, Lighting Luxury Style, Builders Discount Lighting, and Lamps Plus Open Box.


Thank you for reading!


201-726-2846
www.nj-newcastlebuilder.com

Saturday, March 2, 2013

What are 203K Loans?

http://www.orangecountyfunding.com/fha-home-loans/fha-203k-renovation-loans/


Plan your Model Home using a 203K Renovation Package in combination with your FHA Loan.   





  • Have you found that Foreclosure or just a Home that has the ideal floor plan but needs too much work?  
  • How would you like to have this home become your dream home renovated exactly the way you wanted it? 
  • What most people don't know about is an FHA 203K Renovation Package.   Say the home costs $100000 but needs $30000 in renovation costs.  As long as it will appraise once repaired at $130000 you can use an FHA 203 K loan and move into your dream home.  


Did you find a HUD home that is uninsurable and won't qualify for an FHA loan?  Then you can purchase that home using an FHA 203K loan. 


A 203 (k) Loan is a type of mortgage that can be used to rehabilitate the home you are living in (done as refinancing), or a home you are looking to purchase. You can also rehab a multi-family single-dwelling with a 203 (k) Loan.

203 (k) Loans are offered via the Housing and Urban Development Office (HUD) of the Federal Housing Administration (FHA). The 203 (k) Loan allows a borrower to roll the costs of the rehabilitation into the mortgage as opposed to finding separate financing for your rehab job.

While 203 (k) loans sound like a good idea, the process can be very time consuming and difficult according to Todd Barron, president of Applied Mortgage Services in Northampton, Mass. “In the past 18 months I started the process on six 203 (k) loans and not a single one ended up closing,” said Barron.

What’s good about a 203 (k) Loan


  • You can borrow funds (as part of a mortgage) to replace your roof, get a new furnace, weatherize, upgrade your kitchen or bathroom, etc.
  • You can use the money to significantly improve energy efficiency, such as installing solar panels for electricity or a hot water system or new windows.
  • You don’t need to have a lot of equity in your home.
  • You can improve the value of the home you want to buy right off the bat.
  • You can correct Title 5 (septic) issues before moving in.


The downside to 203 (k) Loans



First of all, there are fewer and fewer lenders willing to administer this type of loan, so your first problem may be locating a willing lender. The property must then be appraised. The lender can not close on the loan unless the condition and value of the house are thoroughly assessed. The mortgage is based on the projected value of the property once the rehab is completed.

Barron said there are two types of 203 (k) loans, a “full-blown” standard loan and a “streamlined” loan. Barron said his company is moving away from standard 203 (k) loans.

Also, adding the rehab component to your mortgage usually raises the interest rate by about a half-percent according to Barron. “Another half percent isn’t a lot, but it makes it (a 203 (k) Loan) less attractive,” he said.

Barron gave the example of purchasing a $150,000 house and wanting to do $30,000 worth of renovations as being worth-while in terms of a slightly higher interest rate. If you wanted to purchase a $280,000 house and do $20,000 worth of renovations, Barron suggested looking at other loan options such as home improvement loans once you purchase the property. Depending on where you live, there are maximum allowable borrowing limits (prior to renovating) for properties.

Standard 203 (k) Loan


Barron said that one of the most difficult aspects of the standard loan is the requirement to have an appointed plan reviewer in order to have FHA approval. The plan reviewer meets with the customer and determines the scope of work. “The plan reviewer has a lot of power. For example, they may require you to add another $25,000 to the project in order to meet HUD guidelines,” said Barron.

The project reviewer has a lot of control over who is hired for the project (s) and ultimately make the decisions on who to hire based on estimates. The project reviewer does a feasibility study that can take “one day or two to three weeks,” said Barron.



Streamlined 203 (k) Loans


Barron said that one of the major differences between a standard and streamlined loan is the maximum amount that can be borrowed is $35,000. “This includes permits, inspection fees, and a ten percent contingency reserve,” said Barron. “So, what you really have is $30,000 to $31,000 for renovation.” Barron said that in the streamlined loan, only specific types of rehab can be done to a property. “You can’t do substantial structural repair,” he said. The plan reviewer in a streamlined loan will allow the customer to seek out estimates themselves and make their own choices regarding which contractor to use.

There are still a wide range of projects that can be done with the streamlined loan, including most energy efficiency improvements.

There are some state-to-state differences that apply to the loans, but most are not usually significant according to Barron.

For more information on HUD guidelines relating to 203 (k) Loans, go to: http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm


Resource:


Dont Forget For Those interested in 203K Loans! - We work with the state for those applying for these specific loans as this is a specific type of Renovation Work. Give me a call if you need remodeling and home renovation projects for these kinds of loans! - We also assist with the process of acquiring this kind of loan in conjunction with our work. 




Thank you for reading!


201-726-2846
www.nj-newcastlebuilder.com

Friday, February 15, 2013

International Builders’ Show Fuels Optimism in New Home Construction Growth for 2013

A high turnout at the National Association of Home Builders (NAHB) International Builders’ Show (IBS), lower mortgage rates, increase in house plan sales and a 20 percent increase in new home construction expected for 2013 are fueling a rebound for the housing industry.

The International Builders’ Show (IBS), the largest home building industry show in the world, ended last month in Las Vegas on an upbeat note. One of the biggest announcements came from the National Association of Home Builders (NAHB) that IBS and the Kitchen & Bath Industry Show (KBIS) would be held simultaneously in Las Vegas February 4-5 2014.

According to the NAHB, the two events will remain separate and distinct shows creating Design and Construction Week, one of the world’s largest gatherings focused on new ideas, products and technologies to design, build and remodel homes. One pass will provide access to both exhibits.
“This new format allows exhibitors to reach a full range of design and construction professionals who buy, specify and influence the products that go into American homes,” said NAHB Chairman Barry Rutenberg, a home builder from Gainesville, Fla. “For attendees, it means access to two expansive trade show floors and hundreds of additional suppliers to meet.”

“Two shows, two associations and one place to see and connect with every aspect of residential construction and remodeling,” said John Morgan, NKBA 2013 president and president of Morgan Pinnacle, a manufacturer’s representative for cabinetry and technology brands. “We couldn’t be more excited to deliver this special event for the industry.

The NAHB also announced that new home construction is expected to rise by 20 percent in 2013 making it the best year for the home building industry since the housing market collapsed in 2007. This growth is being fueled by extremely low mortgage rates, recovering house prices in most markets and the desire by consumers for new homes. This was great news for builders and house plans companies like The House Designers, who sell the best-selling, most popular online construction-ready house plans in the U.S.
“Housing is a key driver of the U.S. economy and accounts for 5 to 6 percent of the nations’ gross domestic product,” said Mekael Teshome, an economist at PNC Financial Services. “Not only does it create construction jobs, but it has a high multiplier effect. Retailers will benefit, financial institutions will benefit – even local tax revenues will benefit.”

The House Designers editors and architects were among the 60,000 plus attendees, who were there to check out the newest home products, building practices, and technologies from more than 900 exhibitors.
“Consumers, designers and builders looking to build an energy-efficient home, learn about the latest construction techniques or simply check out the newest, coolest home building products were not disappointed this year,” said Tammy Crosby, Editor-in-Chief of The House Designers. “The show delivered user-friendly products that were extremely high tech, energy-efficient and sustainable."
Added Crosby, “With new home construction on the rise it is the perfect time to incorporate these products into our new house plans, especially our collection of builder-friendly blueprints.”
One of the biggest themes was staying connected. Connectivity was a big buzzword at the show as almost every booth touted some kind of “smart” home technology products that let consumers interact remotely with products in their homes using smart phones, tablets and computers.
Companies like GE® had stand-by generators that could be monitored from a smart phone or computer. Schlage® unveiled a Touchscreen Deadbolt Lock that can hold up to 30 unique codes; Lennox introduced the icomfort Wi-Fi thermostat which allows homeowners to monitor and control the home’s temperature from anywhere in the world.

Smart appliances technology took on a huge remodel with the emphasis on connectivity and convenience, including Wi-Fi enabled wall ovens and LCD online display panels on refrigerators. It was a smart rebranding that took the focus away from smart grid services from local utility companies, which is very limited in most areas and has generated very little buzz from homeowners.
There was quite a showing for products that were made in the USA including Armstrong®, Lumber Liquidators®, Cambria®, Formica®, Therma-Tru® and GE®.
According to Bill Schlegel, Chief Merchandising Officer at Lumber Liquidators®, exotics are still in, but gray is the hottest trend for residential flooring. They have seen an increase in sales for hardwood, engineered wood and even laminate wood flooring in various shades of gray. 
Bamboo remains popular because of its eco-friendly profile. To meet the demand of consumers wanting wider planks and the look of real wood, they now offer wire brushed bamboo with a more strand-like appearance.

Therma-Tru® had several great new product launches to meet the demands of consumers and builders including a variety of new doors, decorative glass options and product line enhancements including adding more door styles, an 8' door option and sidelites to their popular Classic-Craft® Canvas Collection®.
“There continues to be a desire in the market for trend-setting, innovative products which has influenced several of our product introductions for the year,” said Mark Savan, president of Therma-Tru Doors® and Simonton Windows® in a recent press release. “We’re seeing that ‘everything old is new again’ so we’ve embraced this idea with the launch of a sleek, modern line of doors with a vintage flair.”
Among their new introductions is Pulse™ a brand new line of contemporary doors with crisp angles and clean lines – perfect for a homeowner looking for a vintage or nostalgic flair. They are available in oak-grained fiberglass, smooth fiberglass and steel and come in both 6'8" and 8' heights. All new products for 2013 will be available mid-February. Also on display were two new decorative glass options called Lucerna and Arden.

Experimenting with colors for the home just got simpler with Sherwin-Williams® enhanced online Color Visualizer and ColorSnap Studio iPad app. New functionality such as drag-and-drop painting, improved edge detection and a wide array of tools lets homeowners apply color and accurately define surfaces. Users can use one of provided sample scenes or upload their own photo.
“Exploring color is an integral part of the design process, and Sherwin-Williams technologies are helping bring color to life in new and exciting ways,” said Jackie Jordan, director of color marketing for Sherwin-Williams. “Our updated Color Visualizer and ColorSnap Studio iPad app make it easier than ever to experiment with color and bring spaces to life virtually, so colors can be chosen with confidence before a surface is painted.”

ABOUT THE HOUSE DESIGNERS HOUSE PLANS: The House Designers are the leading residential architects and designers in the U.S., owned and operated directly by the designers who represent the majority of pre-drawn plans in America. The House Designers offers the best-selling, most popular construction-ready house plans in the country. Their clients have built homes in every state in the U.S. and in 56 countries around the globe. For more information, visit thehousedesigners.com or call 866-214-2242.


Thank you for reading!


201-726-2846
www.nj-newcastlebuilder.com

Saturday, December 15, 2012

Drought & Foundation Damage



This year, the United States experienced the worst drought of the past 50 years. Along with the obvious crippling damage to crop production, other less-apparent damage may be affecting homeowners without their knowledge.Dry soil shrinks, and when a home’s foundation is surrounded by shrinking soil, structural damage can result. Visible gaps in the walls, loud cracking sounds, tilting walls – these are some of the telltale signs of foundation damage. Along with these, we’ve created a checklist for homeowners who might have experienced damage due to the drought this summer.


Warning signs


When dry soil pulls away from a home’s foundation, the foundation may sink or crack.

Some of the earliest signs of foundation damage may be mistakenly misinterpreted as the home settling: Windows don’t open easily, doors get caught in jambs and no longer align with locks. But these small signs might be the result of something larger and more problematic. Cracks might appear in the walls or ceilings. If you hear a sound similar to a gunshot, this might be the actual concrete in the foundation cracking. And if the walls begin to noticeably lean, it’s likely the foundation has been damaged.

If your house has experienced any of these signs, don’t be too quick to dismiss them as minor, cosmetic problems. Instead, contact a reputable company to assess the situation before the problem worsens.

Repairs


If superficial damage leads to the discovery of structural damage, it’s important to contact professional structural engineerswho are equipped to handle extensive foundation repair. Experts say that it’s important to take care of foundation problems sooner rather than later, as the damages will only worsen as time goes on. Unfortunately, structural damage can’t be solved by replacing doors, locks and windows. Instead, repairs often involve the installation of steel and concrete tubes, or pilings, that drive down beneath the troubled soil to secure the foundation on bedrock. While these repairs may be expensive, they can prevent the same problem from happening the next time drought occurs.

Prevention and awareness



Homes in the Midwest have been especially at risk to foundation damage caused by the drought due to the large amounts of clay in the soil. Clay is more prone to movement and shifting when moisture isn’t present. So, if you live in an area with high concentrations of clay, look carefully for signs of foundation damage.

Look for gaps in the soil surrounding your house, as this can be a sign of dry soil. If water restrictions aren’t in place in your local community, you can install soaker hoses to water the soil around your home. Also, some experts suggest mulching the surrounding area as this decreases the amount of evaporation.

If your surrounding area has experienced drought, prepare for rain, as a sudden increase of water to the soil can cause erosion. Keep gutters clean and make sure downspouts drain several feet away from the foundation. The drought has caused extensive damage across the country, costing millions of dollars. And many homeowners aren’t aware of the potential for foundation damage. Check your foundation now, and take steps to remedy any problems, so you can continue living in your home for years to come.

Article Provided by: http://blog.homerenovationguide.com

Thank you for reading!

201-726-2846

Monday, December 10, 2012

Bathroom Renovations


There’s no better way to increase the value of your home than bathroom renovations. Performing this type of upgrade will always give you back the best return. The bathroom is an area of the home that can be easily reborn with new fixtures and a paint job. The best places to build sweat equity in any home are bathroom and kitchen renovations.


Let’s say you have a New Jersey home renovation specialist come in and do the job. You’ll get a much more comfortable home with updated features and appliances when you build a new kitchen or bath. The return on your investment will be the number that surprises most people. A large portion of what you spend will show up in the new home value.


When you’re looking for someone to do remodeling work, you’ll be best advised to check with family and friends. Get all of the recommendations you can get. Draw on the experience these trusted sources have found to be solid contractors. Any word of mouth reference you can get will be a good place to start your list of service companies.


If you’re a brand new homeowner then you may have to start out cold and search the local phone book. You’ll want to make a list so you can at least explore all of your available options. Take any referrals you may have and add them to the top of the list. You’ll need to call them all and speak with them a while about your job and the services they offer.


Take a New Jersey renovation for example. You’ll call all of the available contractors that you can find and have them all price the job. Some will be completely out of the ball park and most likely they don’t need the work. Your best bet will always be somewhere in the middle for price.


Bathroom renovations almost always require a permit, and many locations restrict this type of work to licensed plumbers. Make sure the contractor you hire is licensed and also insured to perform the work you’ll need done. There are inspections required in most places as well, so make sure your service company follows through on all of the legal paperwork.


New Castle Builder has done bathrooms for over 15 years now and from which the majority of work comes from word of mouth marketing. Our clients feel safe with us enough to refer our services to their friends and family. We do take up projects working for the state meaning that the state entrusts us with their projects carrying all of the necessary licenses and performing a quality job. 


Thank you for reading!
www.nj-newcastlebuilder.com 
201-726-2846

Friday, December 7, 2012

Tips for smooth home renovation


Renovation and modification is inevitable to keep the house in best condition and to make the necessary changes for a more comfortable living. Restituting your house can be an exciting experience and even a dream come true for many. But the stress it brings along with the disruption in your daily routine can make your home a difficult place to live in. On the similar note, I’ll discuss few points below that would help you in keeping a cool composure in the most tiresome situations:


Get recommendations        

The last thing you want is your renovated house not being up at par with your expectations or a friend suggesting some brilliant idea and you wishing only if you had heard it earlier. So in order to avoid all the above situations get your plan approved by as many people as you can and invite their suggestions. You’ll be amazed to find, how the final project is much better than the one you started with initially.

Be flexible  

Renovations consume a lot of time, energy and cost. But nevertheless no matter how thorough your planning was, the execution will give varied results. The execution of the projects on time is not unheard of, but still be prepared to modify and adapt your plans as per the situation.

Home preparations    

 Nothing can be worse than restructuring with tons of scattered home belongings. You’ll be already aware about the part of the house to be renovated. So, it would be helpful and suitable to clear out the area. Pack them securely and store them in a safe location. If you are planning a complete house renovation, then you can avail the option of storage services. Excluding the essentials, pack your belongings and store them off to the local storage service until your renovated house is complete. This would not only protect your expensive home items but also simplify the execution of the renovating project.

The emergency budget  

Your planned budget does not include the creative ideas that you might get during renovation. Whether it’s some obstacle that needs to be removed or an insightful idea that needs to be executed, the emergency budget would ease down the stress level.  At all restructuring levels, the emergency budget is the key for the successful project execution.

Be open to changes      

While you have the manpower and tools at your disposal, it would be beneficial to be on the lookout for any aspects that need changes. It would be disheartening and stressful to find any area in the end product that still needs some work. Be open-minded and feasible about the required changes and modify your plan accordingly at the right time.

Be attentive      

 Make your contractor write up every restructuring detail before you sign the contract. This would save your time, money and the unnecessary hassle. Plan each and every detail about the new things to be installed and the incurring cost for the installation.

201-726-2846
newcastlebuilder@gmail.com