The days of 3.5% FHA down payments and low interest rates on a home mortgage may be coming to an end as of September 30th, 2011. In April of this year, the FDIC and Federal Reserve proposed a rule to require 20% down payments on residential mortgage loans. It is no secret that the housing market in the "lower 48" has seen hard times in the last 6 years. Banks and lending institutions are still in the process of restructuring their practices as the housing market is trying to get back up on its feet. Even though our Alaskan home market has not seen quite the effects of the drop out as the lower 48, these lending rules would still extend into our State and economy making affordable home loans harder to obtain. This could slow our national recovery process and have a negative impact on our local market. The power to save affordable home lending options is in the hands of the public, your opinion matters and can help legislators and regulators in making guidelines that will effect the mortgage and home lending industry. Please keep the American dream alive and considerjoining our call to action. Let your State congressmen and legislators know that affordable home ownership matters. Go towww.KathiJohnson.netfor this link or visit the following link for more info & a chance for your voice to be heard. www.realtoractioncenter.com
Who doesn´t want to belt it out in front of thousands, wow celebrity judges, or win a multimillion dollar recording contract?
Dimond Mall will have an exciting new addition April 12-30 near the Zumiez skate shop. A bright, high-tech, hexagonal booth will give you the opportunity to show your stuff and submit DIY auditions for the new Fox television show "The X Factor". The show is scheduled to start airing later this year in September.
Every participant ? be that individuals or groups will have 30 sec. to introduce themselves and let their charisma shine. After the introduction period they will have another 90 sec. to show their stuff and sing an unaccompanied sample. Producers of the new television show will collect and review the entries and start making the calls for the few lucky & talented artists to move on in the competition.
According to the National Association of Home Builders many of the components in your home last less then 10 years. Regular maintenance can prolong the lives of these components but it may be time to consider replacement. Long Alaskan Winters force us to consider making repairs or replacements in the Spring/Summer. Take a look at these items in your own home; I can refer you to licensed/bonded contractors to give you a quote before spring is here:
Aluminum roof coating: 3-7 years
Enameled steel sinks: 5-7 years
Security systems: 5-10 years
Carpet: 8-10 years
Smoke detectors: fewer than 10 years
Faucets: 10-15 years
Garage door openers:10-15 years
Air conditioners: 10-15 years
Asphalt: 12-15 years
Termite-proofing during construction: 12 years
Also, have you scheduled your Alaska Home Energy Rebate evaluation yet? The program is, in a nut shell, evaluating your home´s energy rating. Once you have your score (ex. 1 Star, 2.5 Star) the inspector will give you a selection of repairs/upgrades to your home which will increase your energy rating. You can be receiving up to $15,000 back on the cost of your energy upgrades. To find out more on how to sign up visitakrebate.com.
They say, your 30s are the vital years for retirment savings because you are running out of time for returns. Had you been saving $5000 a year in your twenties, you would be well on your way to $1mil plus bank account before you are 65. If you wait until you are in your 30s you will need to save double that or more ever year, depending on your rate of return.
Time Magaize offers these 5 tips on how to plan for retirment in your 30s: 1. Create a Budget: As I always say, you should pay your "savings account" bill first, before your other bills or expenses. Budget for this! 2. Set Up Automatic Pay Deductions to Your 401k: Most of they time these deductions are "pre-tax" so you are saving even more money. And this will force you to budget around paying yourself first. 3. Saving for the Kids: It is estimated a 4 year college 15 years from now will cost over $100,000. Getting the little ones set up with an early college fund will help save for this expense. As Alaskans, the PFD can be easily saved in a college fund automatically. But there are other options as well. 4. Take a good look at your insurance coverage; life and disability. A healthy 30 something can purchase $1mil in coverage for as little as $100 a month. You shouldn´t have any more coverage that what it would take to pay off your mortgage and all other debts, pay for college expenses, and replace at least half of your salary. 5. BUY A HOUSE! Yes! This the best step to take. Buying a home helps you feel like you´re part of a community and provides shelter and stability for your family. Sure, there are expenses with buying a home, you may have dues, upkeep and taxes. But overall house values rise at an average of 3-5% over long periods. This is the best investment you could ever make. You buy with as little as 3.5% down ($0 if you are military), then you get a tax deductible loan, years later you have a valuable asset. You may not realize the gain until you sell your home, but the value will always be there. Be careful not to over commit and budget properly.
So there you have it folks. Let me know if I can get you touch will a lender or investment strategist to consider some of these tips for your future.
Third quarter statistics showed an increase in home sales due to the home buyer tax credit nearing it´s end date. Homes were "flying off the shelves" for lack of a better term. Concerns were raised on Capitol Hill whether home sales would receed if the incentive for first time buyers waned.
The Senate wasted no time in extending the $8000 First Time Buyer´s Tax Credit and allowing buyers who have previously owned a home in 5 of the last 8 years to receive a $6500 tax credit on a new purchase.
Even with more pressing matters entrenching law makers in paper and reform bills, this measure I expect will stimulate real estate sales early in 2010.
To read more visit the National Association of Realtorsarticlehighlighting the news
Good morning! Like most of you I read the paper every morning to learn about what´s going on in Anchorage. Front page news, may not be new news to you and me but it is careful to consider what the city and state are considering to decrease the bottle neck traffic in downtown. The Seward Highway and the Glenn Highway meet at the Gamble Street intersection. During rush hour times and especially on the weekends traffic on the Merrill Field Corridor backs up, sometimes past the Bragaw overpass.
There are several options to change where the Seward meets the Glenn. One is to leave it the way it is, there are too many challenges facing rerouting the highways. Many commuters already use alternate routes such as Tudor to get to the East side of Anchorage, or use Minnesota to move South. One option to explore is doing a complete bypass of the major Anchorage communities for commuters to Eagle River and Wasilla. This would stretch International Airport Road all the way around passed the Muldoon curve to the Glenn.
There are many challenges to face and one solution officials are considering is expanding public transportation options such as more buses or a rail system rather than a complete highway make over.
Nothing has been decided yet. Take a look at theAnchorage Daily Newscolumn regarding this issue and see all theother options. This is an important issure for Real Estate for two reasons: this may affect resale value depending and where they do decide to reroute the traffic, and it may increase property taxes to pay for the makeover.
Time Magazine has been publishing some great articles on what to do about your retirment at any age. I find it fascinating that some people don´t start thinking about saving or planning until they are in their thirties or beyond. According to experts, there is no better time than now for people in their 20s to start saving and thinking about retirement. Their suggestions are pretty minimal: maintain good credit, pay yourself first, and TIME IS ON YOUR SIDE.
Periods of overperformance in the market follow recession times like these. No doubt investing is a gamble but don´t knock it just yet. People in their twenties have been affected little in their pocket books by the slide in the stock market last year, as they may not have any investments to speak of. The job market is tightening and your earnings power may be lower as more people in their sixties are maintaining jobs. But that can only last a short time.
According to the Times, don´t get yourself into too much debt, pay off your student loans, pay your savings account first before you pay the bills, and don´t wait! Time is on your side. You have a better chance of meeting your retirement goals if you start young then some who don´t start planning until they are 40. Twenty years of savings and planning could mean hundreds of thousands of dollars!
I have a wonderful investment banker if you are considering planning your retirment. Please let me know if I can get you in touch with her Kathi
TheAnchorage Daily Newsreported this morning one of Anchorage´s local architects received the American Institute of Architects Northwest and Pacific Region´s Medal of Honor. Edwin Crittenden has received this high honor for his work in Anchorage after the1964 earthquake. Crittenden´s firm was fundamental to planning and reconstructing Anchorage after the quake.
Edwin was born in New Haven, Connecticut in 1915 and moved to Alaska in 1943. He served 4 years in the U.S. Coast Guard during World War II. Having served on the Alaska Housing Authority, Anchorage Planning Commission, and the Anchorage Platting Board, Mr. Crittenden has certainly influenced the city I love. Many of the neighborhoods I have lived and worked in were no doubt either developed or planned by this incredible citizen of Anchorage.
He still practices his trade and has made great contributions to theUniversity of Alaska Anchoragearchitectural department with his innovative ideas about construction in Anchorage, including how to build in permafrost and how to make building in Alaska more cost effective.
