More Silly Toys

I really enjoy sharing silly videos - and with the holidays upon us, toys are right at the top of my mind - so here's another toy that belies the idea that children had complex toys 50 years ago... My favorite part - the look on the boy's face!

Home Resales Boom Into The End Of The Tax Credit; Home Values Seen Rising.

Existing Home Sales rose in March, as expected. U.S. home buyers closed on 7 percent more homes as compared to February.

Furthermore, versus March 2009 -- a month many people equate to the low point of the U.S. economy -- sales volume was up 16 percent.

"Existing home sale" is the technical term for a home resale; a home previously inhabited by a person. It's the opposite of a "new home sale" which is a sale of a newly-constructed home.

Existing Homes Data is tracked by the National Association of Realtors® and a closer look at the March data reveals some other interesting notes:

1. Year-over-year sales are higher for the 9th straight month
2. Real estate investors represented 19 percent of all homes purchased
3. First-time home buyers account for 44 percent of all buyers

Also worth noting is that the supply of available homes is down on a broader basis. At the current rate of sales, the existing home inventory will be exhausted in 8 months.

Despite banks releasing foreclosures and REO into the Palmyra market, that's still one half-month less from February.

When supplies drops, home prices tend to rise. It suggests an underlying strength in housing that should support home prices through the next few months -- especially as the home buyer tax credit finishes working its way through the system.

That said, real estate markets are local. You shouldn't assume that what's happening on the national level is also happening here at home. Be sure to check with your real estate agent about local market conditions before making a decision to buy or sell.

CNNMoney.com Predicts The Best And Worst Real Estate Markets For 2010

CNNMoney.com recently published its 2010 forecast and projections for home prices in the country's largest metro markets.

Listed as "Top 25" and also comprehensively by state, CNNMoney.com's home price forecasts puts Santa Rosa, California at the top of 2010's home appreciation list and Hanford, California at its bottom.

The 10 cities projected for highest home appreciation in 2010 are:

1. Santa Rosa, CA : +6.0%
2. Cheyenne, WY : +4.7%
3. Kennewick, WA : +4.6%
4. Merced, CA : +4.4%
5. Bremerton, WA : +4.2%
6. Fairbanks, AK : +4.2%
7. Corvallis, OR : +4.1%
8. Tacoma, WA : +3.9%
9. Anchorage, AK : +3.8%
10. Bend, OR : +3.3%

The Pacific Northwest is the region most heavily-represented among price gainers. The Southeast and Middle Atlantic are most represented on the under-perform list.

However, just because a city's homes are expected to appreciate (or depreciate) in 2010, that doesn't mean that every home within its limits will follow suit. Real estate cannot be grouped on a city level like CNNMoney.com tries to. There will always be areas in demand within city limits in which prices rise, just as there will be out-of-demand areas in which prices fall.

Real estate data can't be grouped by city or even by ZIP code, really.

Real estate in Mount Holly is more local than that.

When we say "real estate is local", it means that every street in every town has a distinct set of traits that drives its home values. Homes that are one block closer to the train; or, homes that are facing north; or, homes that are made of brick. Each of these characteristics can affect a home's desirability which, in turn, can affects its sales price.

National surveys can't capture "essence" like this. They only report on the aggregate.

For local real estate data, look to established, publicly available websites and to active, local real estate agents. Both will have data and insight that can help you. National surveys often make for good headlines, but do little to help homebuyers find good value.

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• America's most overvalued cities (money.cnn.com)

How To Properly Screen A Prospective Tenant

According to the the National Association of Realtors®, "distressed homes" represented nearly 2 of every fifth home sold in January 2010. Clearly, real estate investors in Mount Holly and around the country are taking advantage of good deals on cheap property. But there's risk involved.

This NBC Today Show interview first ran in March 2009, featuring real estate expert Barbara Corcoran. Despite its age, the message remains relevant. Today may be a terrific time to buy a bank-owned home -- just make sure you do your research first. There's plenty of ways for investors to get burned.

Some of the tips in the video include:

• Buy in your own backyard
• Start small, then build to a bigger portfolio
• Watch receipts -- rent rolls don't matter if tenants aren't paying rent

Corcoran also gives pointers on how to evaluate a prospective tenant.

Foreclosures should represent a large number of 2010's total home sales and will offer interesting opportunities to bona fide real estate investors. Before you jump in, make sure to watch the video. The rents you save may be your own.

Remember, the stats and the data are from 12 months ago, but the advice stays meaningful. Real Estate investing, when you apply sound principles is still a great way to build income and acquire wealth. You just have to take time and investigate it completely.

How To Remove Stickers And Adhesive-Based Price Tags From Just About Anything

Sometimes, price tags just don't want to unstick. No matter how hard you scrub and scrape, tacky residence stays behind. Turns out, getting "the stick" off your stickers isn't so hard when you have the right tools.

In this 2-minute video from eHow.com, you'll learn how to remove stickers and adhesive-based price tags from common household items including:

• Wooden furniture
• Glass vases and other glassware
• Plastic pieces
• Cardboard boxes

The best part? All the supplies you'll need are already in your home.

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• The Best Stain-Guard Products? Good Questions (apartmenttherapy.com)
• Uses for Leftover Tiles (blisstree.com)
• Love Handles Chair (ubergizmo.com)

Case-Schiller Index Points to Stronger Market

Last Tuesday -- for the first time in a long while -- members of the press met the monthly Case-Shiller Index data with enthusiasm. And why shouldn't they? 19 of the 20 measured markets showed a slowing pace of home price decline in April.

Here are some of the headlines about the story:

• Case-Shiller Home Prices Decline Only 18% (Business Week)


• Case-Shiller Less Bad (Seeking Alpha)


• Home Prices In 20 Cities Drop Less Than Expected (Bloomberg)

Now, the headlines feel negative, but they're actually highlighting some key strengths in April's figures. For example, nearly half of the Case-Shiller markets posted gains in April and all but one showed month-over-month improvement.

It's a step in the right direction but doesn't mean that housing has turned around for good.

We have to be careful about how we interpret the Case-Shiller Index because it's an imperfect housing gauge. The most obvious Case-Shiller flaw is that it only measures home values in 20 cities nationwide and they're not even the 20 biggest cities.

Houston, Philadelphia, San Antonio and San Jose are excluded from the report and each ranks among the country's 10 most populous areas. Because of that, I usually don't like to quote the Case-Schiller Index, because we live in Philadelphia, and if our data is not included in the calculations, using it to discuss our market is an inherently flawed conversation.

That said, the report is still paid attention to nationally because the Case-Shiller Index is thought to identify broader housing trends and that helps to shape economic policy, and the idea of a single index is attractive to people writing about housing. And perhaps because this report is a positive report, and I am an inherently optimistic individual, I feel better about using the report to discuss the real estate market.

Not only versus last month but also versus last year, the pace at which home values are falling appears to be getting slower. This is the third straight month Case-Shiller has reported as such.

Now, three months makes a trend, but the data has to stay strong through the summer months to mark a bona fide turnaround. If the Case-Shiller Index shows strength for May and June, it could be the signal for which the markets have been waiting.

Short Sales What the Heck are They?

In Philadelphia and New Jersey, there are more short sales then there were in the past, but we don;t have the problems faced in some other parts of the country. Even so, even real estate agents need specific training to help you with them, which is why I developed our short sale training course after returning from chairing the Short Sale Working Group last year for the National Association of REALTORS .

Because there is so much interest in , and confusion about Short Sales, I thought that this video might help consumers understand just what they are and how they work.

How to buy Foreclosures

This video was sent to me as I am attending the REOMAC (REO Managers Association of California) meetings in Palm Desert California. Because I have been an REO expert for 20 years, I became a member of REOMAC several years ago.

REOMAC is the leading organization for the mortgage default industry, and its two annual meetings provide its members with a tremendous amount of information on the amount of foreclosures throughout the country, and the best ways to help lenders and consumers work together to reduce the number of foreclosures.

Watch and learn!

DIY and Increase Your Home's Value!

In a tight economy, do-it-yourself home improvements projects not only save money, but may also justify a higher listing price for a soon-to-be home seller. In addition, projects like these make your home "the shiny penny", standing out when buyers are looking through the houses on the market.

In the 4-minute video above, Sweat Equity host Amy Matthews talks with NBC's Matt Lauer about affordable home upgrades that even the least skilled home remodelers can finish on their own.

Three of the huge, bang-for-the-buck projects discussed are:

• Refinish laminate countertops for $95.


• Replace hollow "builders' doors" with sturdy doors for $200 each.


• Install kitchen and bathroom backsplashes for $500 each.

The video also recommends installing a basement egress window, if possible. As far as DIY goes, it's a little bit more complex but the results are stunning.

Seeling Your Home Faster and for more money!

Super Bowl Weekend traditionally marks the start of the Spring Buying Season in real estate. Anecdotally, real estate agents will tell you that buyer activity tends to tick higher at this time of the year.

Meanwhile, with mortgage rates still trolling near all-time lows and Congress debating a first-time homebuyer tax credit, 2009 may bring out even more buyers than we've seen in the past.

Just having your home on the market may not be enough to attract an offer, though -- the home has to have appeal. That brings us to home staging -- the process by which a homeowner re-organizes and re-presents his home to appeal to as many potential buyers as possible.

Home staging is part-science, part-art, and part-psychology. Homebuyers tend to judge homes within the first 8 seconds of seeing them so making a quality first impression can mean the difference between getting multiple bids, and just getting a lot of foot traffic.

The 4-minute video gives some quick-and-easy tips, including:

• Create more light in the home
• Clean up the closets and thin them out
• Remove the clutter from every room in the house

Even though home inventories are falling, supplies are still higher than in previous years. Home sellers wanting to stand out in a crowd may want to consider staging their homes to help them sell more quickly.

Staged homes sell for as much as 17% more money and as much as 40% faster than non-staged ones.

The History of 1708 Welsh Road

In real estate, as in most sales oriented businesses, we're taught to set goals. I always set larger goals that were a little open to interpretation.

For example, I knew I wanted to be a real estate investor, but I didn't say I wanted to own 3 or 5 or 7 properties. All of my goals were clear and achievable, but open to a little flexibility.
One of my goals as a young man was to own an architecturally significant" piece of real estate. I wasn't sure what that meant, but I coined the phrase to indicate that I wanted to own a cool looking building that was somehow pretty neat.

A number of years ago , I co-signed for a friend, and ended up getting stuck with an old building that had been vandalized. It was an old house that had been getting old and weathered when I was a very young boy.

Trying to make lemonade out of the lemon I got stuck with, I had plans drawn up to make the property into offices, figuring that I would rent each office like an office suite. As my company grew, I got too busy to get involved in what seemed to be a huge project, until 2004 when we really needed the space for our company.

Sure enough, the job was a massive undertaking, and it seemed like there were problems at every turn, but after about 7 months, we were ready to move in to our new home.

The building, a Queen Anne Victorian with a large porch, turret, and stone finish, had turned out pretty well, and though the interior was great office space, the front of the building had been restored to something that we thought might approximate the original home.

Then my friend Eileen Wulko brought in a history book owned by her dad Joe McDermott Sr. In the book was a picture of our office taken in the very early 1900s showing the house, old phone lines, electric street lights, and an old car driving up Welsh Road to Bustleton Avenue. I was thrilled to see that the house (form the street) looked pretty much the way it had 100 years earlier,

A couple of years went by, and I got a call from a man named Barclay Thorne who said that his grandfather had built the property (and the house next door) and that he had pictures of the construction of the home.

We met and he was kind enough to allow me to scan the photos of the building of the property, pointing out the architect holding the drawings in one photo, and sharing with me stories of his family.

The video here is comprised of some of those photos, the photo found by Joe McDermott, and some photos of the renovation of the building in 2004.

Courtesy of RealEstateShows, here is a video montage of one of the oldest homes in the Bustleton section of Philadelphia. My "architecturally significant" office, and the completion of one of my goals.

Existing Housing Sales Stable!

In real estate, the term existing home refers to a "used" property; one that can't be classified as new construction.

The number of existing homes sold each month is tracked by the National Association of REALTORS. The report is often used as a gauge for the health of the real estate market nationwide.

In October, nearly 5 million existing homes sold across the U.S. This figure represents a slight drop from September's reading, and a equally slight drop from the October 2007 data.

But, October's Existing Home Sales figures marked the 14th straight month in which Existing Home Sales straddled 5-million units. This is a remarkable statistic because 14 months of anything is a pattern, not a blip. Despite what the news tells us, Americans are buying and selling real estate at a somewhat steady clip.

In Philadelphia, our real estate market has seen some decline in the number of homes sold through the MLS this year, but a remarkable stability in price. Combined with the affordable interest rates available to buyers to day, our city is poised (according to Smart Money Magazine) for a housing recovery. Smart buyers who can should be out there buying right now.

As we head into the Holiday Season, buyer activity should slow, reducing demand for homes. At the same time, however, widespread foreclosure moratoriums should reduce the number of homes available to buy. These forces should counter-act to help keep the market (and prices) in balance.

(Image courtesy: USA Today)

Pending Home Sales Jump!

Buyers are returning to the housing market.

Each month, The National Association of REALTORS^® tracks homes under contract to sell, but whose closing has not yet happened.  It calls them "pending sales" and publishes a monthly report to quantify them. 

The Pending Home Sales report is important because it's meant to predict future home sales activity.  History shows that 80 percent of homes under contract will "close" within 60 days, and most of the rest will close within 120 days. 

If Pending Home Sales are up, it's believed, actual home sales will be up, too.

In August, Pending Home Sales jumped 7 percent from the month prior, returning to levels not seen in over a year.

The report's strength suggests that buyers are returning to the housing market, continuing the trend that started in March.  This is tremendously good news for sellers because more buyers on the hunt means more demand for homes which, in turn, leads sale prices higher. 

The Pending Homes Sales report is not a perfect predictor, however.  For one, it's not measuring an actual sale -- just the expectation of one.  In addition, it only accounts for "used" homes, ignoring new construction. 

But that aside, the strong uptick in August tells us that home buyers are re-engaging at a quickening pace and finding that "now" is a good time to buy real estate.  When buyer demand rises, the real estate market as a whole isn't usually that far behind.

(Image courtesy: The Wall Street Journal Online)