Halloween home decorating

I must say that I love dressing up my house for the holiday season. We start we Halloween. We like to dress up our front door and windows, but we also like to change out table decorations and colors for the start of the season. I think I want to try to do more outdoor decorations this year.

I am so pleased that my mailbox is constantly full of catalogs. This time of year, it seems like 2-3 come every day. Grandin Road, which I believe is part of the Frontgate parent company, has some great Halloween decorations, for those of us who would like to go all-out.
Grandin Road website here

These are some of the coolest halloween items I was contemplating myself:





I know that some decorations for halloween can be both gruesome and tacky, but I think that if done right, the decorations help get anyone who drives by in a festive mood. I was browsing through Flickr to see what type of outdoor decorations people around the country are putting out for Halloween.


Have a look. Pretty wild and crazy stuff!

95% financing will vanish on October 20th 2008

I was just made aware that the only remaining private mortgage insurer, Radian, is no longer going to be insuring conforming conventional mortgages at less than 90% loan to value. Currently, borrowers with good credit are still able to obtain a conforming conventional mortgage (under $417,000), with a 5% down payment, until the effective date of October 20th, 2008. So, if you are looking at homes above the FHA max ($346,250) and you are hoping to buy a home with less than 10% down, now is the time to act.

Here is a link to additional information on Radian's site.

Market trend: Lender-owned properties

Well, it's offical. If you are a buyer looking in the under $300,000 price range and you are viewing lender-owned properties, be prepared for multiple offers.

We have been out with buyers, writing reasonable offers on lender-owned properties, and other buyers are out there doing the same thing. It's almost like a train station inside lender-owned properties; people coming and going. So this begs the question, why would there be so much competition out there?

Simple. Buyers haven't left the market, they are just being most cautious about the price-ranges of homes they are looking at. Knowing that lender-owned properties are typically priced to sell, or better yet, under-priced, buyers are flocking to these houses. Many buyers don't want to be in the same position as many property owners are in today. Quite a few buyers think that if previous buyers hadn't bought when the market was high, or bought the best house in the neighborhood, that we wouldn't be in this housing crisis. So, what we are finding is that buyers are willing to buy into the real estate market, at the VERY low-end; I.E. lender-owned properties.

Lender-owned properties can come with many surprises that a buyer may not know about, or uncover, until they have taken possession of the house. It is important to note that almost all lender-owned properties are sold "as is", without any warranties, or history, of the property's issues/conditions. Many lender-owned properties require work to make them livable or work to make them desireable. Some houses don't have functioning plumbing (copper been ripped out by vandals or previous homeowners), roof leaks, green pools, over-grown yards, trashed carpet, etc. Then there are other properties that are pristine inside and out. We're seeing saavy buyers budgeting for repairs and not relying on home equity lines to complete the repairs. The buyers are doing the right thing by considering the costs of ownership ahead of purchasing a lender-owned property, since the availability of funds to fix up a house are reserved for property owners with a substantial amount of equity already accrued in their homes.

So what does this mean to you? Well, if you are a buyer looking at lender-owned properties, be prepared to bring your highest and best offer as your first offer. You may not get a second chance to raise your price. Also, if you are a seller in a high foreclosure area, this may impact your property value right now. 44% When buyers realize they are in competition for these lender-owned homes, it almost serves to make them want them even more. We are seeing many lender-owned properties selling at, or above, list price.

A recent study from ASU (9/12/08) showed that "Of the 7,505 resale home transactions recorded in Maricopa County in August, 44 percent were bought out of foreclosures, according to the Realty Studies department at Arizona State University. That's a two percent increase from July and more than double the 20 percent of sales recorded in August 2007."

Have you heard of Walkscore.com?

My house scores a 49 out of 100, which means Walkscore considers my neighborhood to be "car dependent". I find that interesting because I have several strip malls and restaurants within walking distance of my house. We also have walking access to one of the best parks in Scottsdale, AZ

From the Walkscore website:
How It Works
Walk Score helps people find walkable places to live. Walk Score calculates the walkability of an address by locating nearby stores, restaurants, schools, parks, etc. Walk Score measures how easy it is to live a car-lite lifestyle—not how pretty the area is for walking.

What does my score mean?
Your Walk Score is a number between 0 and 100. Here are general guidelines for interpreting your score:

90–100 = Walkers' Paradise: Most errands can be accomplished on foot and many people get by without owning a car.
70–89 = Very Walkable: It's possible to get by without owning a car.
50–69 = Somewhat Walkable: Some stores and amenities are within walking distance, but many everyday trips still require a bike, public transportation, or car.
25–49 = Car-Dependent: Only a few destinations are within easy walking range. For most errands, driving or public transportation is a must.
0–24 = Car-Dependent (Driving Only): Virtually no neighborhood destinations within walking range. You can walk from your house to your car!
The Walk Score™ Algorithm
Walk Score uses a patent-pending system to measure the walkability of an address. The Walk Score algorithm awards points based on the distance to the closest amenity in each category. If the closest amenity in a category is within .25 miles (or .4 km), we assign the maximum number of points. The number of points declines as the distance approaches 1 mile (or 1.6 km)—no points are awarded for amenities further than 1 mile. Each category is weighted equally and the points are summed and normalized to yield a score from 0–100. The number of nearby amenities is the leading predictor of whether people walk.1

Your Walk Score may change as our data sources are updated or as we improve our algorithm. Check out how Walk Score doesn't work.

First time buyers can use their IRA as a source of downpayment money

After years of loose lending standards, which has led to the default of many homeowners, first time buyers are now required to have a minimum of a 3% downpayment. FHA loans currently require a 3% downpayment, but this is going to increase to 3.5% January 1, 2009. Most conventional loans, for borrowers with credit scores above 700, require a downpayment of 5%, if below the $417,000. Most conventional loans above $417,000 require a downpayment of 10%.

There are several ways to fund your downpayment, as a first time buyer. You can receive a gift from a family member, save it up yourself, apply for county bond money or use something you may not have previously considered: your IRA or other eligible retirement accounts.

In order to use money from your IRA to fund the downpayment, you may want to do a bit of research on your particular IRA account to ensure you can use it towards the purchase of real estate. If your IRA allows you to tap into it for your first home, each spouse is able to withdraw $10,000 for a downpayment TAX-FREE. This money can be used for the downpayment, but it can also be used refurbish your new home for up to 120 days of withdrawing the money.

For younger families that were not expecting to have to come up with a hefty downpayment, this could be the difference in getting into a new home or continuing to rent. Many lenders and financial planners have opinions about investing your IRA in real estate. We suggest getting financial and tax advice before proceeding with a withdrawal.

Withdrawing cash from an IRA before you turn 59 1/2 almost always carries hefty penalties, but the IRS makes an exception for first-time home buyers. There is no penalty as long as you put the money toward building, buying or refurbishing your first home within 120 days of receiving the money.

If your spouse also qualifies as a first-time buyer, you can get up to $20,000 to invest in your dream home. That is the equivalent of a 5% downpayment on a $400,000 house.

A first-time home buyer is anyone who hasn’t held an ownership interest in a main home for the last two years, according to IRS Publication 590.

Check out HouseTribe.com

For those of you who love looking at houses online, you should check out www.HouseTribe.com.


The best place to see and show houses on the web!
Post for-sale or rent and get worldwide exposure.
Or post just for fun, and enter our House of the Week
contest!

You can view photos of houses all across the world...modern, traditional, lofts, ranches, bungalows, apartments, etc.


And, if you go, vote for my house to win House of the Week. My profile is under the name Fifilynn

Amazing CHEAP mortgage opportunity

I am pleased to announce that Christie and I are partnered up with Dan Hrey of JP Morgan Chase Bank and can offer our buyers (and anyone across the county that might be reading this post) an amazing deal on a new mortgage.

First of all, JP Morgan Chase Bank is one of the largest, top ranked banks in the US. JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.8 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.

So, when you are considering which bank to talk to when looking for a mortgage, I suggest talking to a Chase mortgage loan officer.

Right now, our preferred Chase mortgage loan officer, Dan Hrey, is offering our buyers (and anyone in all 50 states that mentions they were referred by us), the following deal:

The total bank-related closing costs for a loan through Dan Hrey will only be $400, for an application fee, which is non-refundable, when you lock your rate. There is no charge to pull your credit, make you loan offers or send you good faith estimates.

This means there is no appraisal fee (a savings of at least $350), no processing fee (a savings of at least $300), no underwriting fee (a savings of at least $295). So, the only bank-related fee for a mortgage through Dan is $400! That is likely a $600-$2500 savings, as compared to other mortgage lenders. Rates are competitive, and as of Friday afternoon, rates on a 30 year fixed conventional loan under $417,000 was 5.875%, with no points!

Another great feature of working with Dan Hrey is that if interest rates decrease 1/8%, or more, from the interest rate you locked at, for more than a 48 hour period, Dan will automatically lock you at the lower rate, free of charge!

So, if you want to compare Dan's mortgage offerings to other loan officers, please contact Dan and mention that The Real Estate Twins, Jennifer Hibbard and Christie Kinchen, referred you to him!

Dan Hrey
JP Morgan Chase Bank
8501 N. Scottsdale Rd. Ste 160
Paradise Valley, AZ 85253
Office: 480-308-5316
Toll Free: 888-242-7388 ext 5316
Fax: 866-798-4065
E-mail: dan.w.hrey@chase.com

Even if you aren't buying a home in Arizona, Dan can help you with a loan in all 50 states!

Cool things to do in downtown Scottsdale

View Scottsdale's website for more info

HOT THINGS TO DO IN COOL DOWNTOWN SCOTTSDALE

Scottsdale's Downtown plays host to many special events throughout the year that provide the public an opportunity to visit the Downtown area, dine, shop, enjoy music performances, fashion shows, parades, markets, street painting, and a variety of other activities. Be sure to check back often to see the updated events or visit the Downtown Scottsdale website.


ArtWalk is a FREE EVENT every Thursday evening from 7-9 p.m. View information and visit the Scottsdale Galleries website.

Western ArtWalk is a FREE EVENT on Thursday October 16, 2008 from 7 to 9 p.m.

The Pink Light District returns to downtown Scottsdale during the month of October along the Marshall Way Bridge.

Arizona Shakespeare Festival (ASF) performs FREE "As You Like It" on October 11, 2008at 4 p.m. in the Waterfront Amphitheater.

Via Colori is a FREE EVENT October 18 and 19, 2008 in Scottsdale's Art District beginning at 10 a.m. each day.

Eats3 2008 Scottsdale Will be held October 23rd-25th centered in the SouthBridge area of Downtown Scottsdale.

Canal Concert Series is a FREE EVENT on Saturdays and Sundays October 4, 2008 thru December 28, 2008 from 12 - 3 p.m.

5th Avenue Unplugged Solo Series is a FREE concert series on Saturdays beginning October 4, 2008 and running thru December 27, 2008 from Noon to 3 p.m.

Farmer's Markets are FREE EVENTS - Old Town on Saturdays beginning November 1, 2008 and Craftsman Court on Sundays beginning January 18, 2009; both sites are open from 9a.m. - 2 p.m.

Scottsdale Fashion Week 2008 will be held November 6-9, 2008 and will host a full schedule of high fashion runway shows celebrating fashion, art and design.

ArtFest™ of Scottsdale - is a FREE event and will be held on November 22-23, 2008 from 10 a.m. to 5 p.m. in the Scottsdale Civic Center Plaza. Get more information.

Old Town Saturday Concert Series - is a FREE event at Pima Plaza (southwest corner of First Ave. and Brown Ave.) in Old Town Scottsdale on Saturdays from December 6, 2008 thru March 7, 2009 from 12 to 3 p.m.

5 trends in custom AZ kitchens

My husband has been a cabinet designer/builder/consultant for 13 years and he just schooled me on the latest and greatest kitchen trends he's noticed in the high-end homes he's been working in this summer.



Trend #1: Inset cabinet doors

An inset cabinet door is a door that is flush with the face-frame. The overall effect is very clean and modern, although he has been noticing this cabinet style making its way into traditional kitchens, as well.



Trend #2: Electrolux appliances

Electrolux appliances are becoming a staple in custom high-end homes. Move over Wolf, Subzero, Bosch and GE. Stainless steel is still the finish of choice for kitchen designers.



Trend #3: U-shaped kitchens

Many kitchen designers are re-thinking space layouts and opting for U-shaped kitchens, with an island in the middle. Open kitchens remain popular and kitchens are opening to living rooms, so the U-shape doesn't feel disconnected from the rest of the house.




Trend #4: Dark cabinet finishes

Kitchens are popping up in many higher-end homes with very dark finishes such as wenge and walnut.



Trend #5: Asian fusion

This trend is being seen in hardware selections, as well as overall design. Asian fusion is almost an extension of contemporary/modern. Patina brass hardware, bamboo doors, and ornate detailing are a few of the key elements of this design.





For more information on Arizona custom kitchens, contact Matthew Hibbard, owner Hibbard Custom Cabinets 602-315-0525.

Weekly featured neighborhood: Village Grove located in Scottsdale, AZ 85257/85251

We plan to feature a subdivision, home or development every week, so we can ZOOM in on neighborhoods worthy of a little attention.

Our first neighborhood feature

NAME: Village Grove

BACKGROUND: Village Grove features 20 tracts and 1002 homes in total. Most homes in Village Grove were built in the 1950s and 1960s. Allied Construction was the builder of the homes and one architect has been identified as the designer of the modern-elevation homes in Village Grove; Charles Schreiber. The homes are block-built, post-war ranch homes. Many of the tracts were developed from Orchards and farm land. New homes were priced between $14,000-$18,000.

Here is an old ad from a 1959 Scottsdale Progress newspaper for Village Grove and a page from an original sales brochure for Village Grove:





Allied built the same series of homes, with some minor modifications in Phoenix, as well. The other community names are Hidden Village and Village Meadows.

LOCATION:

Village Grove tracts 1-6 are located between Oak and Almeria, from 68th Sreet to 67th Street. These homes in in 1 of only 2 historic districts in all of Scottsdale. News of the historic designation made it's way into an article about post-war ranches in the New York Times because of its unusual "weeping mortar". weeping mortar is something people either love or hate. Several owners have chiseled away at the mortar for a cleaner look, but new historic guidelines will likely prohibit this practice.

Village Grove tracts 7-20 are located between 80th Place and Granite Reef, from Thomas to Oak and Thomas to Osborn between 82nd Street to 86th Street.



WHAT VILLAGE GROVE LOOKS LIKE TODAY:

Village Grove is a neighborhood still sprinkled with original owners, but another breed of owners are moving into the community. Village Grove is attracting buyers because of its proximity to downtown Scottsdale, shopping, restaurants and arts/culture, along with large lots and reasonable prices. The current average sales price so far this year in all tracts of Village Grove is $291,625. Lot sizes range from 7500 sq ft to over 16000 sq ft. The location is walking distance to the Scottsdale greenbelt, Eldorado Park and a zip away from old town Scottsdale. Out of 1002 homes in all of Village Grove only 18 of them are of the modern elevation. Charles Schreiber, the architect, explained that these modern elevation homes were inspired by homes he was building in Hawaii, and referred to this style of home as Hawaiian-style. Many lovers of mid-century modern design flock to this neighborhood in the hopes of purchasing one of the new modern elevation homes. The last modern elevation home sold for $475,000, which is a lot higher than the neighborhood average. One owner who purchased in the spring of 2007 has just completed a green renovation, including all new energy-efficient systems, complete solar package, recycled glass tile throughout, bamboo cabinetry and landscape design by nationally-acclaimed landscape architect Steve Martino. Other owners of the modern elevation Allied homes in Village Grove have completed high-end remodels, including custom kitchens, guest quarters/houses, bathroom renovation, landscape overhauls, etc.



Here is a photo of the green renovation under construction:



Here are some additional photos of the modern elevation Allied homes in Village Grove:
















The neighborhood has also been the subject of interest in local newspapers and design publications:







As a proud owner in the Village Grove neighborhood, I have found myself acting as a neighborhood ambassador, opening up the eyes of buyers, sellers, Realtors and neighbors to the beauty of the mid-century, post-war housing around Village Grove and South Scottsdale in general.



For more information about Scottsdale modern and historic homes, please contact Jennifer Hibbard at Jennifer@TheRealEstateTwins.com or check out

Protect our homes! Prop 100

Protect Our Homes!!!! We already pay property taxes and this would absoluely be catastrophic!
Protectourhomes.com

A yes vote on November 4th on Prop 100 will stop the REET! Yes means no!!!!

From protectourhomes.com...

"What is a Real Estate Transfer Tax?

A real estate transfer tax (RETT) is a state or local government imposed tax that is collected when you transfer ownership of your home, land or commercial real estate. Typically, once the tax is initiated, the rate can be increased by the state, county or city at any time.


Why are Transfer Taxes Proposed?

Too often, this form of taxation serves as a new source of revenue to balance a government's bloated budget caused by overspending. Once this type of tax is put in place, no matter how low the tax rate is in the beginning, it always ends up being raised.

What are the Problems with a Transfer Tax

IT'S DOUBLE TAXATION!

Governments already collect taxes on your property based on the property's value. This new tax would unfairly cause a second tax to impact your home or property.

DAMAGES YOUR EQUITY!

Since the tax is assessed against the total value including the amount you owe on your mortgage(s), the overall equity earned by the seller is decreased.

SLOWS AN ALREADY SLOW MARKET!

In the current slow market, a transfer tax would make it more difficult for people to buy or sell homes. Once a transfer tax is put in place, it can be raised at any time. This costs people buying or selling their homes even more money.

PUNISHES THE HOME OWNER!

A home is often the biggest and most important asset a person has in life. A transfer tax reduces the equity people have worked hard building. People already pay multiple taxes and fees on their homes. This tax will layer on one more significant closing cost you will have to pay.

IMPACTS LOWER INCOME THE MOST!

This tax imposes the higher tax burden on lower income households that typically spend a larger percentage of their income on their home."



Vote YES to PROTECT YOUR HOME on November 4th!


How do you all feel about this double taxation?

Considering a price reduction?

I read something brilliant in one of my CRS (Certified Residential Specialist) magazines and just had to share the basic theory.

When a seller reduces their price, maybe they need to think in terms of how they shop a sale at their favorite store. Would they rush out for a 1%, 2% or even 3% off sale? Probably not. It's a seller's money, and often times they have done price reductions ahead of the one they are getting ready to do. But, the ones that make the most impact to the buying population are the ones that really show motivation and get buyers excited to go take a look before it gets snatched up.

So, sellers, next time you are considering a price reduction. Consider what type of a sale you would run out for! :)
The Twins

The Real Estate Twins are now Eco-Broker certified!

Jennifer Hibbard, Realtor with RE/MAX Achievers, is now Eco-Broker certified. Please contact our team to learn more about green real estate, for a list of our preferred green vendors/contractors and information on upcoming green developments.

Changes ahead for valley air conditioning units

If you are getting ready to replace your old AC unit, you now have a new consideration to make. Most AC systems in Arizona run off of Freon, also known as R22.

From Wikipedia:
"Freon is DuPont's trade name for its odorless, colorless, nonflammable, and noncorrosive chlorofluorocarbon and hydrochlorofluorocarbon refrigerants, which are used in air conditioning and refrigeration systems."



In 2004, the Clean Air Act called for a 25 percent reduction in the supply of HCFCs. Like any other item, as supply is reduced, the costs for that item increases. In the year 2010, no new equipment may be manufactured that use R-22 refrigerant, which suggests that HCFC refrigerant is obsolete. Additionally, as HCFCs are further reduced, R-22 refrigerant may increase in cost. Additionally, as HCFCs are further reduced, R-22 refigerant may increase in cost as did R-12.





Future Cost Of Service Savings – Because of U.S. government restrictions on future production, refrigerants with ozone-harming CFCs, the refrigerant used in most of today's heat pumps and air conditioners, will become harder to find and, eventually, more expensive. Upgrading to Puron Refrigerant now can help you avoid the potential rising cost of servicing most of today's air conditioners and heat pumps.




R-22 is being phased out globally, and the manufacturing plants that make R-22 in Europe, North America and other regions will eventually be shut down or converted to make other chemicals. Just this past year, the 3rd largest R-22 manufacturer in the U.S. closed its facility.

In 2003 the U.S. EPA implemented an allocation program which limits both the companies who can make and import R-22, and the amounts that they each can make or import. This essentially"capped" the supply of R-22 in the U.S.

In order to meet the reduction in use of ozone-depleting chemicals that Congress laid out in the Clean Air Act of 1990, the U.S. EPA expects to pass further laws before 2010 to reduce allocations of R-22 and other ozone-depleting chemicals.
By 2015, the cap on R-22 and other ozone-depleting HCFC refrigerants will be reduced to allow a maximum of about 60 million pounds of virgin (new) R-22 to be produced in or imported into the U.S. Currently, the U.S. uses over 160 million pounds each year!
Forecasting the effects of these regulations isn't easy, but it sure doesn't look good for R-22!



I got home and told my husband all about the refrigerant topic, and he recalls when the refrigerant for cars changed and the cost of the “old” refrigerant skyrocketed. The R410 (or Puron) is the environmentally-friendly refrigerant of the future. Come 2010, there will be a supply shortage of R22, based simply on the theory of supply and demand.

President Bush's housing bill- What you need to know!

As many of you may have already heard, President Bush signed into law the Housing Bill that had been greatly debated in the House and Senate. There are a lot of details of the law that will ultimately affect how lenders can originate loans, but here are some bullet points as an overview that may help you. Many lenders are sending are us emails saying: “IF YOU HAVE BUYERS ON THE FENCE THAT NEED DOWN PAYMENT ASSISTANCE, GET THEM UNDER CONTRACT NOW!”
Here is what you need to know:

• Down Payment Assistance (DPA) programs such as Ameridream & Nehemiah have been eliminated. All loans with this type of DPA must be fully credit approved PRIOR to October 1, 2008. There is NO grace period. So if a buyer has a price change, an increase in an interest rate, employment change, incentive change, etc after 9/30/08 and they have DPA on their FHA loan, they WILL NOT be able to close with DPA. FHA buyers may still obtain a gift for their down payment, but it cannot come from any seller funded DPA programs. Gifts from family members & bond programs are still acceptable.


• Current FHA loan limits are still in place but must have their full credit approvals by December 31, 2008. The new FHA loan limits for Maricopa & Pinal counties will be based on 115% of the median sales price at that time or $271,050, whichever is less. Stay tuned for this update near the end of the year.

• The minimum FHA down payment is increasing from 3% to 3.5%. The effective date on this increase has not yet been determined, but it is estimated that it will be within the next 6 months.

• Conforming loan limit will remain at $417,000 and will NOT fall below this amount even if home prices continue to decline.

• The upfront MIP (UFMIP - the amount that gets financed in to the loan amount) will be increasing from 2.25% to 3%. The effective date of this change is yet to be determined, but will probably occur within the next 6 months.

• First time home buyers will be eligible for a tax credit up to $7500 for the 2008 tax year, however, if elected to use this credit, it also must be re-paid through their subsequent taxes over the next 15 years.

We will keep you posted on any other changes!


The Twins :)

Christie and Jenny

Christie and Jenny
Originally uploaded by Fifilynn

Christie and I have been blogging for a couple of years on various blogs and topics. We decided to pool all our blogs into one called Twins' Musings.

We look forward to posting on everything from real estate to music. We're hoping to make this a daily blog.

Keep checking back for new posts!