Archive for November, 2011
How Much Equity In Home Improvement Projects?
November 29th, 2011 categories: Buyer Strategies, Home Life, Seller Strategies
Consumers are doing lots of home improvement projects with about $110 billion in total volume this quarter.
Overall, these projects are not creating a lot of added home equity value. You may still have great reasons to do a project, but it does not hurt to look at these stats before doing so.
Remodeling Magazine reports in their Cost vs Value Report 2011-2012, that for each home improvement dollar spent in 2012, homeowners can expect to recoup just 58 cents in home equity.
This is way down from 2005, when the cost-to-value ratio was 87 percent.
It pays to consider which projects will help your home equity.
Remodeling Magazine’s “Mid-Range Project” list :
- Steel Entry Door Replacement : Cost, $1,238; Recoup, 73.0%
- Attic Bedroom : Cost, $50,184; Recoup, 72.5%
- Minor Kitchen Remodel : Cost, $19,588; Recoup, 72.1%
- Garage Door Replacement : Cost, $1,512; Recoup, 71.9%
- Wood Deck Addition : Cost, $10,350; Recoup 70.1%
Projects which have a relatively low cost-to-value ratio include the following. Consider them if they have a high personal value, but not necessarily for their home equity value:
- Home Office Remodel : Cost, $27,963; Recoup, 42.9%
- Sunroom Addition : Cost, $34,133; Recoup, 45.9%
- Backup Power Generator : Cost, $14,760; Recoup, 47.5%
- Bathroom Addition : Cost, $140,096512; Recoup, 51.0%
- Fiberglass Entry Door Replacement : Cost, $3,536; Recoup 56.3%
Projects that include the replacement of doors, siding and windows occupy the list’s first 6 slots in the cost-to-value ratio.
As always, if you live in the Northern Virginia area or are planning a move to this area, we are here to help you learn what is available in both the new and resale home market. Let us know how we can help!
You can see the complete Cost vs Value report online.
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Jeff Mauritzen of inPhotograph: Excellence in Photographic and Imaging Work
November 19th, 2011 categories: Community Life
We like to share the exceptional experiences with professionals whose services we have used.
Our sharing is unsolicited from the businesses we talk about. We just like to tell others about people that share the passion for excellence and a customer/client focus that defines the way we serve here at The Kathy O’Neal Team.
Such is the case with Jeff Muritzen (of inPhotograph.com) who happens to be based right here in Chantilly.
Jeff Mauritzen of InPhotograph right here in Chantilly VA
We had the good fortune of working with Jeff on one of our projects and have since referred his services to others. If you or your business has need of photographic or imaging services, visit Jeff’s website to sample the level of quality and creativity found in his amazing Portfolio.
It is a real find when you discover “local talent” with world class quality, but also reasonably priced so that it is affordable.
Jeff works all over the Washington Metro area and occasionally way beyond our local borders as he travels on national and international assignments. Jeff has served many local enterprises ranging from large corporations to one person small businesses, as well as not-for-profits, and government agencies. His talents cover the spectrum of photographic services. I am guessing that is why Jeff has become so “in demand.” He has a loyal following of small to medium-sized businesses that consider him their “go to” photographer for whatever projects arise.
You can connect with Jeff on Facebook, Twitter, and LinkedIn, visit his website, or call him, if this is a need you have or anticipate, or have questions about his work. If your experience is like ours, you will find working with Jeff to be as delightful as the impeccable quality of his work.
I should also mention that the photography services Jeff provides to local businesses and organizations in Northern Virginia and Washington DC include: corporate headshots , corporate event photography, commercial photography, golf tournament photography, and aerial photography. Also to note, Jeff sells fine art photography prints of Washington DC , Virginia and Ireland in limited edition signed prints and canvases.
An image from Jeff's "Photo of the Day" collection on his website.
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HARP Guidelines: An Update On Eligibility Requirements
November 19th, 2011 categories: Buyer Strategies, Mortgage & Finance, Seller Strategies
Further info on the HARP program guidelines.
You may benefit from checking out this program.
Tuesday, Fannie Mae and Freddie Mac communicated new lender instructions for the government’s revamped HARP program. This may trigger loads of refinancing activity, so The Kathy O’Neal Team wanted to share this information.
You may already know that HARP stands for Home Affordable Refinance Program. The new changes are intended to give “underwater homeowners” an opportunity to refinance at today’s low mortgage rates.
Since the program’s launch two years ago, it has helped fewer than 900,000 homeowners.
The new and improved version may reach many more. We’ll see.
There are 4 primary criteria to apply for HARP:
- The existing mortgage must be guaranteed by Fannie Mae or by Freddie Mac
- The existing mortgage must have been securitized by Fannie Mae or Freddie Mac prior to June 1, 2009
- The mortgage payment history must be perfect going back 6 months
- The mortgage payment history may not include more than one 30-day late payment going back 12 months
For HARP applicants, loan-level pricing adjustments are waived in full for loans with terms of 20 years or fewer; and maxed at 0.75 for loans with terms in excess of 20 years.
This should significantly lower mortgages rates for HARP applicants — especially those with credit scores below 740.
An additional benefit: HARP applicants are exempted from the standard waiting period following a bankruptcy or foreclosure, which is 4 years and 7 years, respectively.
These two benefits should greatly widen the net of potential HARP participants.
But there are a few provisions which exclude some potential applicants:
- The “unlimited LTV” feature only applies to fixed rate loans or 30 years or fewer. ARMs are capped at 105% loan-to-value.
- Applicants must be “requalified” if the proposed mortgage payment exceeds the current payment by 20%.
- Applicants must benefit from either a lower payment, or a “more stable” product to qualify
Remember also that HARP is a one time deal. It can’t be used twice.
Fannie Mae and Freddie Mac will have minor variations, so work with your loan officer on these eligibility standards.
And if you need help getting a good lender I can provide a few referrals, as well as help you in any aspect of your home buying or selling goals. Email or call us anytime! I also invite you to view our Testimonial Video.
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Haute Dogs and Fries in Purcellville: You Will Love This Place!
November 5th, 2011 categories: Community Life
The Kathy O’Neal Team appreciates other businesses that have a strong customer focus and are serious about quality.
That’s why we wanted to share a good word about a terrific restaurant we recently visited in Purcellville.
Haute Dogs & Fries in Purcellville is well worth a visit.
Haute Dogs and Fries is taking a beloved American food icon and lifting it to a whole new level. By that I don’t mean that you will get a Hot Dog that is so “fancy” that it has lost its authenticity. No, no, no! The dogs here are as real as it gets…they are just also delicious, fresh, well-prepared, and the best part is that you can get them just about any way you might like them.
Along with quite a few ways you may learn to love….lots of topping variations that will tempt you to go beyond mustard and relish, if you so choose.
Along with the honor of being among this year’s 2011 Best Bargain Restaurants in the Washingtonian Magazine, Haute Dogs and Fries is garnering lots of other honors as well.
Pamela & Lionel - owners of Haute Dogs & Fries in Purcellville, VA.
If you want to try other sausage type specialties, you will also find creative menu items that owners Pamela and Lionel prepare from very fresh local sources.
One of the special treats of a visit here is the co-star of the establishment’s name…”Fries!” Have you ever wondered if there were any really, really fine french fries anywhere to be found, other than making them from scratch at home? If so, ya gotta give the fries here there day in the sun. We found them to be worth a trip back….no, made that worth many trips back!
Pay a visit to Haute Dogs and Fries next time you are anywhere in the vicinity of Purcellville. They are keeping an American tradition alive and well!
PS – If you don’t eat meat, give the veggie dog a try. It was terrific!
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