Fueled by recent interest rate cuts by the Federal Reserve, mortgage application volume rose 7.5% during the week ended Jan. 25, according to the trade group Mortgage Bankers Association’s weekly application survey. The MBA’s application index rose to 1,054.9 from 981.5 the previous week.

Application volume was pushed higher by a jump in refinance volume. Refinance application volume increased 22.1%, while purchase volume tumbled 17.7%. Refinance applications accounted for 73% of total applications. The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom. (more…)

search for : interest rate cuts, refinance

With dropping interest rates and the ability to borrow at a lower rate, more and more home and condo owners are considering expanding or remodeling their property. Beyond just the cosmetic aspects — paint, carpet, flooring and such, consumers are considering the energy aspects of owning their primary residence and second home.

Upgrading windows is a logical start to many remodeling jobs. To get the most out of new windows, it’s important to go into the remodeling project with a good sense of the home’s structural style and blend that with the homeowners’ personal style.

Many window upgrades can be accomplished without changing the size of the wall opening. For example, a dramatic change the look of a room by replacing a simple sliding glass patio door with a set of fashionable French doors. (more…)

search for : French doors

For those engaging in a major remodeling project, or contracting a newly built home, there are lots of things to look for from the homebuilders you’re considering, according to B.E.S.T. — Building Environmental Science and Technology. To be considered a green builder, those contractors need to choose their construction materials wisely. This will include using recycled, renewable and reused resources to the max.

Green homes are designed and constructed to ensure that they are healthy for their occupants. Typically these houses are more comfortable and easier to inhabit due to lower operating and owning costs.

Many books exist that discuss the subject of building green. One book is shown on this page and advertises itself as a step-by-step guide, introducing you to every facet of green building and remodeling, from sizing up construction sites and selecting materials to working with green professionals, reducing energy and water use, and weighing the pros and cons of popular green building methods (more…)

search for : remodeling project, Building Environmental Science and Technology, green builder, Green homes, green building methods

With home sales at an all-time low, consumers consider expanding or remodeling as an alternative to selling and then buying another home. But, finding a home contractor can be a daunting process, while producing expensive and unhappy results.

Everyone should know that at least three bids is necessary to get a feel for the going rate for the work you want done. The bids must include labor costslabor costs, a total for materials, and a timetable. Don’t immediately jump at the lowest bid. There may be an indication that a low bid may mean inferior results. Surveys have shown that people who hired the lowest bidder generally got less than satisfactory results. (more…)

search for : labor costs, lowest bid

Many different kinds of property and casualty insurance are available to homeowners, apartment owners and renters can. Insurer’s talk in terms of two general types of policies: named peril and all peril. Named-peril policies specify risks covered and exclude everything else. All-peril policies specify risks not covered but include everything else.

Nationwide, HO-3, an all-peril policy, covers all risks except those specifically excluded. Typically, an HO-3 policy excludes coverage for damage caused by flood, earthquake, war, nuclear accident, landslide, mudslide and sinkholes. Some insurers now exclude or limit coverage for mold. Flood insurance is almost always be bought separately. (more…)

search for : property and casualty insurance, named peril, all peril, HO-3

This one-of-a-kind lakefront lot is truly unique within the Malone Bay community. It is one of the most desirable, if not the most desirable lot among the few remaining properties with waterfront access to W. Kerr Scott Lake.

Malone Bay features 18 lots at W. Kerr Scott Dam & Reservoir. 14 are Lakefront and meet private dock requirements. This is a gated community with Lots ranging from 2.3+- acres to 6.8+- acres On the Hwy 421 side of the lake just off South Minton Road, Wilkesboro, NC 28697

Main Channel Views.
300 feet of waterfront.
Dock with boat slip and 2 jet ski slips.

2.86 acres.

MLS Number: 51155
List Price: $359,000
Lot Size: 2.86 ac.
Apx Acreage: 2.86
Type: Waterfront
Area: Area 2
Suitable Use: Residential

Topography: Rolling
Utilities: Underground Utilities
Road Frontage: Private Road
Restrictions: yes
Water/Sewer: Public Water
Miscellaneous: 1-5 Acres
Location: Malone Way

click here for more information

search for : Malone Bay, W. Kerr Scott Lake, W. Kerr Scott Dam

For decades solar energy use was largely confined to a small fringe of diehard conservationists. Most used a typically “solar thermal” system that stored heat from the sun to warm pools or appliances. Now, solar power is going mainstream in many more homes, helped along by a proliferation of new solar technology like cheaper photovoltaic cells and new high-tech, solar-powered devices.

Photovoltaic cells, most of which are made from silicon, have exploded in use around the country over the past five years as once-prohibitive costs for home use of the technology have declined. Between 2002 and 2006, the number of new photovoltaic systems installed in U.S. homes nearly tripled to 7,446 from 2,805, according to the Interstate Renewable Energy Council in Latham, N.Y. Industry officials say that such installations are expected to top 11,000 this year. (more…)

search for : solar thermal, solar power, photovoltaic cells

The IRS is said to be increasing its audits and enforcement of 1031 exchanges during 2008. If you are considering using this accounting option to minimize the amount of capital gains taxes owed, it will be best to get the best advice possible on how to do it right.

For a little background, when a real estate owner sells piece of investment property, the taxpayer must pay a tax on any profit that is made. If the property was owned for more than one year, it will normally be considered a long-term capital gain and the tax will be based on the seller’s income. Subject to current IRS statutes, the highest tax rate is 15 percent.

However, if the property is “sold” in connection with a 1031 exchange and another investment property worth the same amount is used as swap, there would be no capital gains tax to be paid. Instead, the basis of the old property would be transferred to the new one. The tax on any profit will not be due until the replacement property is sold. (more…)

search for : 1031 exchange, capital gains taxes, investment property, long-term capital gain

Selling a home in this “post-bubble” real estate market calls for serious thought about the techniques necessary to make the sale fast and smooth. Most important in this market is pricing the home at or below market values. Sellers facing slow sales shouldn’t take their houses off the market to place it back on in the spring as is a normal real-estate tactic.

In today’s market, finding a buyer is more difficult for homeowners because of stricter lending policies and because homeowners often need to sell their homes at a price that will allow them to pay off their old mortgage. This puts non-homeowners, renters and those with “cash-in-hand” at a buying advantage. (more…)

search for : Selling a home

It doesn’t make financial sense to pay for points to buy down the cost of a mortgage only to refinance the mortgage before reaping the advantage of the buy down. Apparently, however, that’s what virtually all home buyers do when they elect to include points to lower their interest rate with plans to save money over time, according to “Do Borrowers Make Rational Choices on Points and Refinancing?” a special mortgage study by Abdullah Yavas, an Elliott Professor of Business Administration at Penn State’s Smeal College of Business and Freddie Mac analyst Yan Chang.

Only a tiny fraction, 1.4 percent, of borrowers who bought points held their loans long enough to make them pay off. Of those who didn’t buy points, only 1.5 percent would have been better off purchasing them, according to the study an examination of 3,785 mortgages originated between 1996 and 2003. Each “point” is 1 percent of the value of the mortgage. That is, if your mortgage is $200,000, one point is $2,000. Some points are called origination points — charged for originating or writing your mortgage. (more…)

search for : mortgage, refinance the mortgage, Points and Refinancing, origination points

Not since 2005 have mortgage rates slipped well below 6%. As a result, another mortgage refinancing boom is under way. But this time, many homeowners will be watching from the sidelines.

Experts predict that at these levels, about 37% of homeowners could refinance their mortgages and save money on their monthly payment. And, as rates drop further, increasing numbers of consumers will find refinancing their existing mortgage worthwhile.

Unfortunately, many homeowners won’t benefit from the low mortgage interest rates, either because their mortgage is too big or their credit score is too low. In other cases, falling home prices will make it tough for them to refinance. (more…)

search for : mortgage rates, mortgage refinancing, credit score

Falling home prices and higher interest rates have made it hard to borrow against home equity. And, doubts about when the market will hit bottom has left many hesitant to spend money they may not recoup. Contractors who once had backlogs of a year or more now find themselves with only a few projects in the pipeline. Subcontractors, facing a slowdown in new-home construction, are looking for remodeling jobs.

Experts say that a typical homeowner should expect to recoup more of the cost of a midrange version of a remodeling project than an upscale version. Rebuilt kitchens and bathrooms show the most promise for good returns.

Most current trends suggest that bigger is better. Remodelers are knocking down walls to replace little-used formal dining rooms and guest rooms with expanded kitchens and bathrooms. (more…)

Preparation, preparation, preparation is what we are told that makes for a great paint job. Yet, as we all know, paint preparation is one of the ugly sides of home-improvement projects. Sanding and scraping and cleaning, we don’t like to do it, but it’s essential to a good paint job. Like it or not, it’s a step that you don’t want to skip or do poorly, since the quality of your finished product pretty much depends on it.

Three things need to be done in order to insure a perfect or near-perfect paint job — cleanliness, preparation, and a proper drying time.

Some folks forget that paint will stick to most of the things it comes in contact with, which is not necessarily a good thing. If the surface being painted is dusty, for example, the paint will stick to the dust. Since the dust is not well-adhered to the surface below, you have an obvious recipe for paint failure. (more…)

search for : great paint job

$5,850,000

MLS Number: 50913

City: Valle Crucis, NC
Stories: 2
Bedrooms: 4 Baths: 4.5
Area: Boone-Blowing Rock, NC
Year Built: 1990
Plus Five fully furnished 1,400 sq. ft. Rental Cottages. Each built in 1996 on approx. 1/2 acre sites. Current cottage average annual rental income $150,000.

39.4 acres with 360 degree view of Blue Ridge Mountains.

5,200 sq. ft. main house built in 1990 on 1.24 acres.

No restrictions and no zoning offer many other options:

* Family compound
* Corporate retreat
* Religous retreat
* Horse farm / Dude ranch
* Recording studio
* Cottages can be sold separately
* Land can be further subdivided if desired

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

click here for more information

search for : Valle Crucis, NC, Blowing Rock, NC, Blue Ridge Mountains