Tuesday, November 15, 2011

Buying a Home in College Towns

Last year, I posted about parents opting to buy homes in college towns rather than paying for dorms or rent. 

As I pointed out then, Utah is home to many college towns, from the north of the state to the south.  If you have any interest in investing in a home in one of these areas, contact me, I'd love to help you make it happen.
       
Here is 2011's report:

COLDWELL BANKER REAL ESTATE REPORT FINDS INCREDIBLE VALUE IN COLLEGE TOWN LIVING



College Home Listing Report Ranks Average Listing Price of Three-Bedroom Homes in College Town Markets


PARSIPPANY, N.J. (Nov. 15, 2011) – Coldwell Banker Real Estate LLC today released its 2011 College Home Listing Report (College HLR), which ranks college towns across the country in home affordability. The report provides the average home listing prices for three-bedroom, two-bathroom properties that were listed for sale on coldwellbanker.com between August 2010 and August 2011 in markets home to 117* of the 120 schools in the Football Bowl Subdivision. According to the report, three-bedroom homes cost less than $200,000 on average in nearly two-thirds of the college towns included (76 markets) and less than $150,000 in nearly one-quarter (26 markets). In the most affordable market, Memphis, Tenn., (home to University of Memphis) the average listing price of a three-bedroom home is $89,244. The full ranking is available at hlr.coldwellbanker.com.

“I love the College Home Listing Report, because it highlights the amazing affordability of the college towns that define the fabric of America,” said Jim Gillespie, chief executive officer, Coldwell Banker Real Estate LLC. “Our report underscores the homeownership opportunities in many of these vibrant, affordable communities that are known for their high energy, educational systems and often stable job markets.”

Gillespie can speak first-hand about the benefits of buying a home in a college town, having purchased a townhouse in Champaign, Ill., home to his alma mater, the University of Illinois. “I am a huge fan of the culture and events, and found this to be a wonderful investment and an excellent spot for my family when we come to see the Fighting Illini in action,” Gillespie said. “In Champaign, a three-bedroom home currently lists at an average of $178,310, which is remarkable considering its unbeatable Midwestern charm and location.”

Local Testaments to College Town Living

Big and small, affordable or more expensive, many residents and community members attest to all that college towns have to offer. For example, Evanston, Ill., home to Northwestern University, comes with a higher price tag, where an average three-bedroom home listing price is $385,540, but many say it is worth the cost.

Evanston is a great community on the lakefront, just north of Chicago,” said Cornelia Steffes, manager of the Coldwell Banker Residential Brokerage, Evanston-Central office. “We have easy access to Lake Michigan, beaches and water sports. Plus, we have fabulous arts and culture, festivals and dining, sports and leisure. It is truly a world-class city in a world class location.”

Other iconic college towns such as Madison, Wis., home to the University of Wisconsin (where a three-bedroom home’s listing average is $221,100) and Gainesville, Fla., (University of Florida, $192,055) are known for both their college town spirit and affordability.

“One reason Madison is such a great place to live is because of the incredible vitality the University of Wisconsin provides in economic development,” said Phil Sveum, broker/owner of Coldwell Banker Success. “The impact of the university’s research and growth of bio-tech companies has translated to good jobs for those seeking to live in a highly educated environment with many of the cultural opportunities of much larger cities.”

J. Parrish, president of Coldwell Banker M.M. Parrish Realtors in Gainesville, Fla., notes that the town’s ties to the University of Florida are parallel to the beauty of the area. “Situated in the heart of beautiful north central Florida midway between the Atlantic Ocean and the Gulf of Mexico, Gainesville’s carefully preserved nature basks in beautiful sunshine,” Parrish said. “This is truly a lovely, unique place to live.”

Visit hlr.coldwellbanker.com for more details. An infographic comparing the top 10 most expensive markets based on number of students, tuition and city population is also available at http://www.coldwellbanker.com/real_estate/learn/2011_most_expensive_college_towns.

Source: www.coldwellbanker.com

Friday, November 11, 2011

Winterizing Your Home

by Christopher Solomon of MSN Real Estate
 You'll get a season's worth of savings and peace of mind by taking a few steps in the fall to get your home ready for cold weather.



1. Clean those gutters
Once the leaves fall, remove them and other debris from your home's gutters -- by hand, by scraper or spatula, and finally by a good hose rinse -- so that winter's rain and melting snow can drain. Clogged drains can form ice dams, in which water backs up, freezes and causes water to seep into the house, the Insurance Information Institute says.


As you're hosing out your gutters, look for leaks and misaligned pipes. Also, make sure the downspouts are carrying water away from the house's foundation, where it could cause flooding or other water damage.


"The rule of thumb is that water should be at least 10 feet away from the house," says Michael Broili, the director of the Well Home Program for the Phinney Neighborhood Association, a nationally recognized neighborhood group in Seattle.


2. Block those leaks
One of the best ways to winterize your home is to simply block obvious leaks around your house, both inside and out, experts say. The average American home has leaks that amount to a nine-square-foot hole in the wall, according to EarthWorks Group.


First, find the leaks: On a breezy day, walk around inside holding a lit incense stick to the most common drafty areas: recessed lighting, window and door frames, electrical outlets.


Then, buy door sweeps to close spaces under exterior doors, and caulk or apply tacky rope caulk to those drafty spots, says Danny Lipford, host of the nationally syndicated TV show "Today's Homeowner." Outlet gaskets can easily be installed in electrical outlets that share a home's outer walls, where cold air often enters.


Outside, seal leaks with weather-resistant caulk. For brick areas, use masonry sealer, which will better stand up to freezing and thawing. "Even if it's a small crack, it's worth sealing up," Lipford says. "It also discourages any insects from entering your home."


3. Insulate yourself
"Another thing that does cost a little money -- but boy, you do get the money back quick -- is adding insulation to the existing insulation in the attic," says Lipford. "Regardless of the climate conditions you live in, in the (U.S.) you need a minimum of 12 inches of insulation in your attic."


Don't clutter your brain with R-values or measuring tape, though. Here's Lipford's rule of thumb on whether you need to add insulation: "If you go into the attic and you can see the ceiling joists you know you don't have enough, because a ceiling joist is at most 10 or 11 inches."


A related tip: If you're layering insulation atop other insulation, don't use the kind that has "kraft face" finish (i.e., a paper backing). It acts as a vapor barrier, Lipford explains, and therefore can cause moisture problems in the insulation.


4. Check the furnace
First, turn your furnace on now, to make sure it's even working, before the coldest weather descends. A strong, odd, short-lasting smell is natural when firing up the furnace in the autumn; simply open windows to dissipate it. But if the smell lasts a long time, shut down the furnace and call a professional.


It's a good idea to have furnaces cleaned and tuned annually. Costs will often run about $100-$125. An inspector should do the following, among other things:


Throughout the winter you should change the furnace filters regularly (check them monthly). A dirty filter impedes air flow, reduces efficiency and could even cause a fire in an extreme case. Toss out the dirty fiberglass filters; reusable electrostatic or electronic filters can be washed.


5. Get your ducts in a row
According to the U.S. Department of Energy, a home with central heating can lose up to 60% of its heated air before that air reaches the vents if ductwork is not well-connected and insulated, or if it must travel through unheated spaces. That's a huge amount of wasted money, not to mention a chilly house. (Check out this audit tool for other ideas on how to save on your energy bills this winter.)


Ducts aren't always easy to see, but you can often find them exposed in the attic, the basement and crawlspaces. Repair places where pipes are pinched, which impedes flow of heated air to the house, and fix gaps with a metal-backed tape (duct tape actually doesn't stand up to the job over time).


Ducts also should be vacuumed once every few years, to clean out the abundant dust, animal hair and other gunk that can gather in them and cause respiratory problems.


6. Face your windows
Now, of course, is the time to take down the window screens and put up storm windows, which provide an extra layer of protection and warmth for the home. Storm windows are particularly helpful if you have old, single-pane glass windows. But if you don't have storm windows, and your windows are leaky or drafty, "They need to be updated to a more efficient window," says Lipford.


Of course, windows are pricey. Budget to replace them a few at a time, and in the meantime, buy a window insulator kit, Lipford and Broili recommend. Basically, the kit is plastic sheeting that's affixed to a window’s interior with double-stick tape. A hair dryer is then used to shrink-wrap the sheeting onto the window. (It can be removed in the spring.) "It's temporary and it's not pretty, but it's inexpensive (about $4 a window) and it's extremely effective," says Lipford.


7. Don't forget the chimney
Ideally, spring is the time to think about your chimney, because "chimney sweeps are going crazy right now, as you might have guessed," says Ashley Eldridge, director of education for the Chimney Safety Institute of America.


That said, don't put off your chimney needs before using your fireplace, Eldridge advises. "A common myth is that a chimney needs to be swept every year," says Eldridge. Not true. But a chimney should at least be inspected before use each year, he adds. "I've seen tennis balls and ducks in chimneys," he says.


Ask for a Level 1 inspection, in which the professional examines the readily accessible portions of the chimney, Eldridge says. "Most certified chimney sweeps include a Level 1 service with a sweep," he adds.


Woodstoves are a different beast, however, cautions Eldridge. They should be swept more than once a year. A general rule of thumb is that a cleaning should be performed for every ¼ inch of creosote, "anywhere that it's found." Why? "If it's ash, then it's primarily lye -- the same stuff that was once used to make soap, and it's very acidic." It can cause mortar and the metal damper to rot, Eldridge says.


Another tip: Buy a protective cap for your chimney, with a screen, advises Eldridge. "It's probably the single easiest protection" because it keeps out foreign objects (birds, tennis balls) as well as rain that can mix with the ash and eat away at the fireplace's walls. He advises buying based on durability, not appearance.


One other reminder: To keep out cold air, fireplace owners should keep their chimney's damper closed when the fireplace isn't in use. And for the same reason, woodstove owners should have glass doors on their stoves, and keep them closed when the stove isn't in use.


Check out CSIA'S Web site for a list of certified chimney sweeps in your area.


8. Reverse that fan
"Reversing your ceiling fan is a small tip that people don't often think of," says Lipford. By reversing its direction from the summer operation, the fan will push warm air downward and force it to recirculate, keeping you more comfortable. (Here's how you know the fan is ready for winter: As you look up, the blades should be turning clockwise, says Lipford.)


9. Wrap those pipes
A burst pipe caused by a winter freeze is a nightmare. Prevent it before Jack Frost sets his grip: Before freezing nights hit, make certain that the water to your hose bibs is shut off inside your house (via a turnoff valve), and that the lines are drained, says Broili. In climes such as Portland, Ore., or Seattle, where freezing nights aren't commonplace, you can install Styrofoam cups with a screw attachment to help insulate spigots, says Broili.


Next, go looking for other pipes that aren't insulated, or that pass through unheated spaces -- pipes that run through crawlspaces, basements or garages. Wrap them with pre-molded foam rubber sleeves or fiberglass insulation, available at hardware stores. If you're really worried about a pipe freezing, you can first wrap it with heating tape, which is basically an electrical cord that emits heat.


10. Finally, check those alarms
This is a great time to check the operation -- and change the batteries -- on your home's smoke detectors. Detectors should be replaced every 10 years, fire officials say. Test them -- older ones in particular -- with a small bit of actual smoke, and not just by pressing the "test" button. Check to see that your fire extinguisher is still where it should be, and still works.


Also, invest in a carbon-monoxide detector; every home should have at least one.


Tuesday, November 1, 2011

Good News!!

Sales of previously-owned single-family homes in Salt Lake County in the third quarter reached their highest point in four years, according to the Salt Lake Board of REALTORS.

The number of single-family homes sold in Salt Lake County in the July-August-September period totaled 2,603 sales, the highest number of homes sold in a third quarter since 2007, when 2,693 homes were sold. The most recent quarter showed a 33 percent increase in home sales compared to 1,953 sales in last year’s third quarter.

At 226 single-family home sales, more people purchased single-family homes in the Kearns/Taylorsville area (ZIP code 84118) in the third quarter than any other area along the Wasatch Front. Lehi (84043) ranked No. 2 in the most single-family homes sold at 207 sales. Farr West (Weber County) ranked No. 3 with 173 sales.

“The two main drivers of home sales are affordability and job growth,” said DeAnna Dipo, President of the Salt Lake Board of REALTORS. “We expect home sales to continue an upward trend for the rest of this year.”

In the first nine months of 2011 there were 7,028 single-family homes sold, a 6 percent increase compared to 6,616 sales in the January through September period last year.

The median single-family home price in Salt Lake County fell to $196,000 in the third quarter, down 15 percent compared to $230,000 in last year’s third quarter and down 23 percent from a third-quarter median high of $256,000 in 2007.

“Home prices typically follow demand,” Dipo said. “With home sales making a comeback, we expect home prices to stop falling. In addition, fewer people are listing their homes for sale. New listings in the third quarter dropped 12 percent compared to listings in the third quarter of 2010.”

Despite an overall drop in home prices county-wide, there were six cities (ZIP codes) in Salt Lake County where home prices increased. They included: Riverton (84065) up 6 percent; West Jordan (84088) up 5 percent; Avenues (84103) up 19 percent; Sugar House (84105) up 1 percent; Emigration/Federal Heights (84108) up 2 percent; and South Salt Lake (84115) up 8 percent.

Condominium sales in Salt Lake County in the third quarter also saw a boost, up 47 percent, while condo prices fell 14 percent compared to last year’s third quarter.

In the month of September in Salt Lake County there were 970 homes and condos sold, a 31 percent increase compared to 742 home sales in September 2010. The median home price (all housing types) in September fell to $175,000, an 18 percent drop compared to $213,450 last year.

The inventory of homes for sale in Salt Lake County in September fell to 6,557 active listings, a 24 percent decline compared to 8,632 active listings in September 2010. Based on pending sales, there is a 7.2-month supply of housing inventory for sale in Salt Lake County, down 22 percent compared to a 9.2-month supply of inventory last year at this time.

This information comes from the Salt Lake Board of Realtors.