Winner of February RowHouse Restaurant Gift Certificate
It’s March and shouldn’t be long now before we see those wonderful little green buds start to appear!
Our newsletter is now on-line at http://www.topekahomesearch.com/your-home-march-2010/
I’m excited to announce that February’s winner of a $50.00 gift certificate to the RowHouse Restaurant is Terry Bowers – congratulations to Terry! Enjoy your dinner and your gift certificate will be mailed to you in the next day or two.
Entering the contest is as simple as going to www.TopekaHomeSearch.com and clicking on the Rowhouse graphic; another gift certificate will be given away at the end of the month.
As always, I appreciate your referrals! Who do you know that would be the next person who could use our services? Please put us in touch with one another. I promise that we’ll do our best to make us both look good to those you care about!
Remember, if it’s on the market, it’s on TopekaHomeSearch.com! Not only do we have all Topeka area listings, but we now have public remarks.
Warm regards,
Jerry
Winner of January RowHouse Restaurant Gift Certificate
Happy February! Don’t you know, spring is just around the corner.
Our newsletter is now on-line at http://www.topekahomesearch.com/your-home-february-2010/
I’m excited to announce January’s win of a $50.00 gift certificate to the RowHouse Restaurant to our Facebook fan Sherry Triggs – congratulations to Sherry! Enjoy your dinner and your gift certificate will be mailed to you in the next day or two.
Entering the contest is as simple as going to www.TopekaHomeSearch.com and clicking on the Rowhouse graphic; another gift certificate will be given away at the end of February.
As always, I appreciate your referrals! Who do you know that would be the next person who could use my services? Please put us in touch with one another. I promise that I will do my best to make us both look good to those you care about!
Remember, if it’s on the market, it’s on TopekaHomeSearch.com! Not only do we have all Topeka area listings, but we now have public remarks.
Warm regards,
Jerry
Pending Home Sales Down from Surge but Higher than a Year Ago
Washington, January 05, 2010
Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit but remains comfortably above a year ago, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in November, fell 16.0 percent to 96.0 from an upwardly revised 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.
Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”
Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30, 2010, to finalize the transaction to qualify for the tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.
The PHSI in the Northeast dropped 25.7 percent to 74.4 in November but is 14.7 percent above a year ago. In the Midwest the index fell 25.7 percent to 82.0 but is 9.2 percent higher than November 2008. Pending home sales in the South fell 15.0 percent to an index of 97.8, but are 14.7 percent higher than a year ago. In the West the index declined 2.7 percent to 124.6 but is 21.4 percent above November 2008.
Yun projects an additional 900,000 first-time buyers will qualify for the extended tax credit in addition to about 2 million who have already purchased; 1.5 million repeat buyers also are expected to benefit from the credit.
“Many trade-up buyers, who have historically timed their purchase based on school-year considerations, will have to accelerate their buying plans if they need the tax credit to make a trade,” Yun said. Repeat buyers do not have to sell their existing home to qualify for the credit, but they must occupy the home they buy as their primary residence.
Yun added that mortgage interest rates cannot remain at rock-bottom levels for a sustained period and will likely inch higher in 2010. But the tax credit impact in the first half of the year and expected job growth impact in the second half will support home buying activity and absorb enough inventory to bring a rough balance between buyers and sellers. Home prices are expected to stabilize or even modestly rise as a result in 2010.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Copyright National Association of REALTORS®. Reprinted with permission.
Topeka is #3 in the U.S. to Buy A Home
Barbara Corcoran, a consultant for NBC’s Today show, named Topeka as the number three city in the country to buy a home, right behind South Bend, Ind. and Akron, Ohio. Locations were picked based on local real estate markets, size and value of houses, job growth and quality of education.
“Home prices haven’t gone down by more than 1 percent,” Corcoran said of Topeka. “Unemployment is only 6 percent. And it’s a great family area.”
Topeka sales statistics show the number of active real estate listings in November 2008 were 1,266, nearly identical to 1,278 active listings in November 2009, according to the association. However, the number of pending sales on Dec. 1, 2009 was 235, up from 77 pending sales on Dec. 1, 2008.
The average sale price of new and existing homes in November 2009 was $122,895, up from $120,093 the previous November, according to the Topeka Area Association of REALTORS®.
Top 10 top cities to get the most bang for your buck:
South Bend, Ind.
Akron, Ohio.
Topeka, Kan.
New Haven Conn.
Tuscon, Ariz.
Minneapolis.
Portland, Maine.
Miami.
Kingston, NY.
Trenton, NJ.
Visit msnbc.com for breaking news, world news, and news about the economy
Exterior Remodeling Proves Best Bang for Your Buck, Realtors® Report
Washington, December 17, 2009
Despite a slow market and a slight decrease in the resale value of most remodeling projects, Realtors® report that the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates by Realtors® who completed a recent survey.
On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80 percent of project costs upon resale. A steel entry door replacement – a new addition to this year’s list – recouped 128.9 percent of costs, followed by upscale fiber-cement sliding replacements at 83.6 percent. Wood deck additions recouped 80.6 percent of costs.
“Once again, this year’s Remodeling Cost vs. Value Report highlights the importance of a home’s first impression,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “With exterior projects returning a high percent of project costs upon resale, Realtors® can help give your home curb appeal while adding value to the real estate transaction.
The 2009 Remodeling Cost vs. Value Report compares construction costs with resale values for 33 midrange and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 12th consecutive year that the report, which is produced by Hanley Wood, LLC, was completed in cooperation with REALTOR® Magazine, as Realtors® provided their insight into local markets and buyer home preferences within those markets.
On a national level, the project with the biggest improvement from 2008 was the attic bedroom addition, recouping 83.1 percent of remodeling costs compared to 73.8 percent in 2008. The only other interior project that landed in the top 10 was a minor kitchen remodel with 78.3 percent costs recouped.
Other exterior projects in the top 10 include midrange vinyl and upscale foam-backed vinyl sliding replacements, which returned more than 79 percent of costs. In addition, several types of window replacements – midrange wood, midrange vinyl, and upscale vinyl – all returned more than 76 percent of costs upon sale.
Similar to last year’s report, the least profitable remodeling projects in terms of resale value were home office remodels and sunroom additions, returning only 48.1 percent and 50.7 percent of project costs.
Regionally, cities in the Pacific states of Alaska, California, Hawaii, Oregon and Washington once again outperformed the rest of the nation in terms of remodeling costs recouped upon resale. The West South Central region of Arkansas, Louisiana, Oklahoma, and Texas; the East South Central region of Alabama, Kentucky, Mississippi and Tennessee; and the South Atlantic region of the District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia also performed relatively well.
The regions that generally returned the lowest percentage of costs were New England (Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island and Vermont), East North Central (Illinois, Indiana, Michigan, Ohio and Wisconsin), West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota), and the Middle Atlantic (New York and Pennsylvania).
Golder commented that remodeling projects are just one of many factors that contribute to a home’s overall resale value. “As the first, best source for real estate information, Realtors® are experts in providing insight into what projects and investments will make a difference in your house. It’s important to consult with a Realtor® who can explain the variety of factors that affect a home’s value, such as location, condition of surrounding properties and the regional economic climate,” she said.
Results of the report are summarized in the January issue of REALTOR® Magazine. To read the full project descriptions, access national and regional project data, and download a free PDF containing data for any of the 80 cities covered by the report, visit Cost Vs. Value. “Cost vs. Value” is a registered trademark of Hanley Wood, LLC.
Hanley Wood, LLC, is the premier media company serving housing and construction. Through four operating divisions, the company produces award-winning magazines and Web sites, marquee trade shows and events, rich data, and custom marketing solutions. The company also is North America’s leading provider of home plans. Founded in 1976, Hanley Wood is a $240 million company owned by JPMorgan Partners, LLC, a private equity affiliate of JPMorgan Chase & Co.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Copyright National Association of REALTORS®. Reprinted with permission.
