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Monthly archives for February, 2008

The Great Room Debate

Feb29
2008
Leave a Comment Written by Kim

twostory

A great room is an area that combines several different spaces into one—the family room, the television area, the living room, and the computer space. Some great rooms, which usually boast a two-story ceiling, may even have an area for a table and chairs, while others boast a walkway or loft area that looks down on the great room.

It may be located relatively near the kitchen and typically features a large fireplace that more often than not extends all the way up to the two-story ceiling.

DESIGNED FOR FLEXIBILITY

The best feature of the great room is that it is flexible. One large area encompasses many smaller rooms creating a place in the home where everyone can be “together,” no matter what activity they are involved with.  The great room draws people together in a time when busy schedules compete for each person’s attention.

Jamie Lowe, Managing Broker for MLS Realty, agrees: “The advantage of the great room over the traditional compartmentalized rooms is flexibility,” he says. “Many homeowners these days get very little use from their living rooms and dining rooms. Great rooms in combination with large kitchens offer unparalleled spaces for entertaining and daily family life.”

INCREASINGLY POPULAR

Great rooms are usually found in larger U.S. homes built toward the end of the century.  In fact, older homes never have great rooms unless they were created as an addition.

Smaller homes may have a family room, a more common choice in the past, which is similar to the great room, except in size and ceiling height. A family room is similar to a living room; in fact, in some homes it replaces the more formal, and seldom used, living room.

The family room is almost always adjacent to the kitchen and typically features a fireplace, but at a smaller scale than a great room fireplace.  The room is generally located at the rear of the home so often has an exit to the deck or backyard.

Posted in Home Improvement, Tips and Ideas - Tagged great rooms, Home Improvement, interior, modern trends
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WHAT IS A FICO?

Feb27
2008
2 Comments Written by Shanna

creditA FICO is the most frequently used type of credit score. Credit scores, essentially, are used to summarize your credit risk, based on a snapshot of your credit at a particular point in time.

This helps lenders estimate the risk involved with loaning you money. Your credit score influences the credit that’s available to you and the terms that lenders offer you.

Where did FICO scores come from?
FICO scores were developed by Fair Isaac Corporation. Fair Isaac develops FICO scores based solely on information in consumer credit reports maintained at the credit reporting agencies.

Why are FICO scores valuable?
*Speed: Because FICO scores can be delivered so quickly, lenders are able to get results to potential borrowers faster.

*Objectivity: FICO scores allow lenders to focus on facts relating to credit risk rather than any other subjective opinions based on gender, race, religion, etc.

*Current Info: As you develop good payment patterns, negative performance in the past will fade. FICO scores taken into account both positive and negative factors in your current credit history, creating an up-to-date analysis of your credit risk level.

How quickly can a FICO score change?
Every FICO score is a snapshot of a person’s individual credit record for that moment. It probably won’t change a lot from one month to the next. However, lapses in payments or bankruptcies will lower a score very fast, while improving a credit score can take several months.

What influences a FICO score?
Five main categories are considered in determining someone’s FICO score. No one category alone will create the resulting number, and it’s good to remember that lenders will often consider several other factors, including your occupation and amount of time at it, for example, when evaluating your risk level. 

  • 1) Payment History: Taking into account major credit cards, department store credit cards, installment loans and mortgages, the FICO score checks to see if you have a history of paying your bills on time.
  • 2) Amounts Owed: The FICO score will consider how much you owe on all your accounts and on different types of accounts, whether you’re showing a balance, and how much of your available credit is being used.
  • 3) Length of Credit History: This factor looks at how long you’ve used credit in any capacity, how long individual accounts have been held, and how often you’ve used certain accounts.
  • 4) New Credit: New accounts, from new credit cards to new loans, will be considered. The score will also evaluate how often you’ve applied for loans recently and how many agencies/lenders have requested your credit report.
  • 5) Types of Credit: Ideally, you want a healthy mix of credit: retail accounts, credit cards, installment loans, mortgages, and finance company accounts.
Posted in General Information, Tips and Ideas - Tagged credit, fico
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Selling a Vacant Home

Feb25
2008
Leave a Comment Written by Carrie

Selling a vacant home can be difficult. For example, without seeing a kitchen table or a living room sofa, it might be hard for potential buyers to picture their belongings in your home. On the other hand, it might eliminate the distractions of decor that doesn’t match a certain buyer’s taste.

Making an empty house appeal to buyers is not an impossible task! Here’s what to do:

1. Remember that first impressions always count. The front exterior is the first thing people are going to see when they come to your house for a showing. For tips on sprucing up your curb appeal, check out this Buy Owner article: Why Curb Appeal Is Important.

Also remember to keep the seasons in mind. For example, in Chicago, you have a lot to consider!

  • Spring: Check out the latest post from Sarah to see what you can do to improve your curb appeal as spring approaches.
  • Summer: Keep your lawn a luscious green by watering it regularly.
  • Fall: If your property is surrounded by trees, make sure to rake up all those stray leaves!
  • Winter: Plow or shovel driveways and sidewalks. You don’t want to make your buyers trudge through three feet of snow just to get to your front door.

2. Clean Up! Since your home is completely void of furniture, the floors and the walls must be immaculate, because they are in plain view. Vacuum carpets, scrub floors, and touch up painted walls. If you don’t need to upgrade your flooring, perhaps you may want to lay down an ornate rug to spruce up a room. Adding a bold or neutral accent color to one wall could also liven up the space and grab the attention of a buyer.

3. Leave a few things. Empty rooms tend to look smaller, even when you know they are very spacious. Try to keep some type of furniture in a room, if possible. Leaving a small chair or a floor lamp behind does make a difference. Also, custom treatments and blinds on windows add depth to a room, while creating a homey, lived-in look. And just like the flooring and the walls, make sure that you dust the small pieces of furniture, the window treatments and the blinds regularly. When a room is not completely furnished, every speck of dirt is exposed!

When selling your home, keep in mind that buyers may prefer your vacant home, since they can move in right away! They don’t have to wait for you to move out, and no one has to worry about banging up walls or scuffing floors while moving furniture. It’s simple. Keep it spotless inside and out, and stay motivated!

Chair

Posted in Selling Tips, Tips and Ideas - Tagged real estate marketing, selling, Selling Tips, vacant home
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Spring is Coming!

Feb16
2008
1 Comment Written by Sarah

HouseWhat are you doing to get ready for spring?

Spring is the hottest time to put your home up for sale, when the snow melts and your home is looking its best. March is coming quickly upon us, and now is the time to get your home in gear for spring house hunters roaming around your neighborhood.  Here are some end-of-winter tips to kick your home’s curb appeal up a few notches:

  • Shovel and salt your walkways: People want to see where walkways lead, and just how wide your spacious circular driveway really is. The end of winter can be a messy, slushy time, and it is best to keep your walkways clear of ice and snow until the mild weather hits.
  • Check for weather-related damage: Did the snow plow knock your mailbox over again? Don’t wait until April to clean up weather-related damage; take a walk along your property to see if smaller pieces of your property can be repaired before the early house-peepers catch a glimpse.
  • Put it up NOW! Most important of all, you want to get your home for sale now, before the spring rush! People who are looking to buy fast will see your home first, before a significant number of other homes are put up for sale.  Don’t wait until the last minute; get your home ready today!
Posted in Selling Tips, Tips and Ideas - Tagged Selling Tips, spring, winter
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Delay in Foreclosure Process

Feb14
2008
5 Comments Written by Carrie

In 2007, the Mortgage Bankers Association noted that half of the 1.3 million home mortgage loans were in foreclosure at the end of the July-September quarter. With only one month under our belt this year, private economists already expect the number of foreclosures to double to an astonishing one million in 2008! A new plan announced by the Bush administration on Tuesday, February 12 hopes to alleviate this problem.

Put together by six of the nation’s leading financial institutions, “Project Lifeline” gives homeowners threatened with foreclosure a 30-day extension. These institutions include Bank of America Corp., Citigroup Inc. Countrywide Financial Corp., J.P. Morgan Chase and Co., Washington Mutual Inc. and Wells Fargo & Co. As members of the Hope Now Alliance, created by Bush in December, these lenders are responding to a huge mortgage crisis here in the United States.

Previous relief efforts have focused solely on high-cost subprime loans. For example, last year, Senator Hillary Rodham Clinton called for a moratorium on subprime 90-day foreclosures. However, this plan was biased against certain homeowners. The “Project Lifeline” initiative is designed to help everyone, no matter what type of mortgage is owned. Homeowners who are at least 90 days overdue on their monthly mortgage will be contacted and given the opportunity to put the foreclosure process on hold for 30 days. During this time, lenders will help said homeowners to a pay a more reasonable rate per month.

The obvious goal of the project is to give homeowners a way out, and to negotiate with lenders on more affordable mortgages. However, if a homeowner has already declared bankruptcy, has an impending foreclosure date or has a mortgage on an investment property or a vacation home, he or she will not be eligible for this program.

Though the program does not guarantee that every struggling homeowner will be helped by “Project Lifeline,” many supporters believe it is a step in the right direction.

Posted in Market News - Tagged foreclosures, mortgages, news
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Go Green This February!

Feb10
2008
1 Comment Written by Shanna

GREENDid you know there a number of ways to make your home a little greener, even in the blah winter months?

Helping the environment helps everyone, from you (lower bills) to the world around you (a better planet).

REEVALUATE YOUR HABITS
Take a look at Buy Owner Blog article, “Energy-Saving Tips“ for specific ideas on how you can make important changes, from rethinking your lightbulbs to lowering your thermostat.

ADD SOME PLANTS
No matter where you live, you can practice a green thumb with gardening either indoors or out. Studies show this has all kinds of benefits, from air quality to beauty to fruitfulness.

CHANGE UP YOUR WINDOWS
According to Greg Pahl of Mother Earth News, “Most people choose new windows based on appearance, style, convenience and price. Energy efficiency might not be a consideration, but this important factor actually should take top priority.”

Posted in Green Living, Tips and Ideas - Tagged environment, green homes, investing
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What You Need to Know about Windows

Feb08
2008
1 Comment Written by Shanna

WindowWhere would a home be without windows? No natural light, no tree-filled views, no connection between the indoors and out. In short, it’d be a pretty drab place to live. It makes sense, then, that windows play such an important role in the appeal of a home. There are many different types of windows, and thus many different options for choosing ones for a home. Whether you’re selling or shopping, knowing your windows makes sense.

TYPES OF WINDOWS, A-Z:

Awning: Horizontal in shape, fixed glass, often high on wall. Can be opened or closed.

Bay: Usually a set of three windows, angled towards each other to create a bumped-out extension from the home.

Bow: Just like a bay, but circular instead of angled.

Casements: Can be designed to open either inward or outward, via a crank.

Circlehead: Half-moon fixed glass, often above another window.

Double-hung: Will open from the top or bottom, sliding up or down.

Eyebrow: Semi-circular in style. Hinged on bottom, rising from a sloping roof.

French doors: Glass doors with multiple windows. Sometimes called a French window.

Gothic-head: Pointed arch window.

Horizontal slider: Good for sealing in energy. Feature one or more fixed panels. Just half can be opened at one time.

Jalousie: See Louvered.

Louvered or jalousie: Horizontal panes of glass that work together like shutters. Open outward via a crank.

Palladian: Set of three windows with a taller, arched center window between two rectangular ones. Sometimes confused with the term palladium.

Picture: Fixed, framed window with an unobstructed piece of glass in the center.

Quarrel: A set of diamond-shaped windowpanes.

Rotating: Open by pivoting around a central point. Because either side can face indoors, maintenance is easy.

Skylight: Glass affixed to an opening in the roof to allow penetration of light and sometimes ventilation.

Tilt-turn: Tilt in toward the room at the top and turn a full 180 degrees for easy cleaning. See Rotating window.

Vinyl: Made of vinyl (not the glass).

Yorkshire light: A type of slider window that features a horizontally moving sash and a fixed sash.

Posted in Home Improvement, Tips and Ideas - Tagged home decor, Home Improvement, windows
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Article Tip: Peachymoms.com

Feb06
2008
Leave a Comment Written by Shanna

Take a look at this recent Buy Owner article, created for Peachymoms.com!

Posted in General Information, Press
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Improve Your Kitchen: Full Review

Feb03
2008
4 Comments Written by Kim

In case you missed our recent series of cost-effective ways to improve your kitchen, take a look at these specific areas where kitchen upgrades really add up:

Cabinets
Counters
Backsplashes
Sinks/Faucets
Lighting
Decoration

Posted in General Information, Home Improvement - Tagged Home Improvement, kitchen
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Improve Your Kitchen: Decoration

Feb02
2008
Leave a Comment Written by Kim

KITCHEN 

Sometimes it can be difficult to imagine a new look. But the next time you are in your kitchen, take a minute to see how many ideas you can invent to inexpensively update the room. As seen in the series on kitchen improvements, a little effort and a minimal amount of cash can easily transform your kitchen from a humdrum room to the highlight of your home.

Be sure to look at cabinetry, countertops, backsplash options, sinks and lighting. Then, last but not least, consider the finishing touches:

DECORATIVE TOUCHES

Color

Perhaps the easiest way to alter the look of your kitchen is to change the color scheme.  Tear down the wallpaper or border and choose a bright, new color to paint on the walls.  Select an interesting, updated color that will bring the room to life.

Windows

Take the old dingy blinds or curtains off the windows, give the windows a good wash and consider leaving the windows bare. If you aren’t fond of that look, add a valance that will coordinate with your walls or find some colorful fabrics and create curtains to cover the lower portion of the windows. This will add a unique look to the kitchen while allowing the sunlight to filter in and illuminate the room.

Knick-knacks

If at all possible, try to stick to a certain theme in your kitchen, at least when it comes to knick-knacks. You may want to go with country, black and white, modern or traditional: whatever the case, choose the look and then select pieces that fit into it. This will strengthen your kitchen’s overall cohesiveness and flow.

Posted in Home Improvement, Tips and Ideas - Tagged Home Improvement, kitchen
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Founded in 1984, BuyOwner.com® is the leading provider of real estate marketing services. We pioneered the "For Sale by Owner" (FSBO) market, which today represents over 20 percent of all residential real estate transactions.

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