Refrigerator coil cleaning a simple green solution

The simple job of cleaning  your refrigerator coil is an easy way to make sure you are not wasting energy in the kitchen.  Refrigerators are energy hogs that can use up to 15% of your total energy consumption.  For those who can’t afford to upgrade to a newer energy efficient model. cleaning the coil regularly can help keep energy waste to a minimum.  Women, you may be thinking that this is one of those “guy” jobs but I speak from experience, this is easy.

I was recently faced with a refrigerator that was running but not cooling.  As I watched the ice and all the contents of my freezer begin to thaw, I was faced with a dilimma; do I try to find a place to put everything and wait for an appliance repair service call or do I try to resolve this problem on my own.  As I looked at the stuff in my fridge, I decided to try to fix it on my own.

I googled, refrigerator that runs but doesn’t cool and cleaning the coil was over an over the recommended trouble shooting.  So, here is what I did:

1. Pulled the fridge away from the wall and unplugged it.
2. Removed the cover plate across the bottom to expose the coils.
3. Removed all debris from the coils with a brush, then vaccuumed the coils until they were clean.
4. Replaced the cover plate which just was snap on clips.
5. Plugged in the refrigerator.
6. To my astonishment, it began cooling immediately so I pushed it back into place.

Older refrigerators may have the coils located in the back instead of the bottom.  If you can not move your built in appliance, turn off the breaker before proceeding. 

In five minutes I saved the $80 I would have paid for someone to come to my home to do the same thing.  I also probably helped my fridge to run more efficiently and use less energy.  The coils function to dissipate the heat produced in cooling.  I must admit that I had great satisfaction in the cheap thrill of fixing my refrigerator and I was unaware that I was also taking an energy saving measure.  Refrigerator coil brush…..hmmmm, stocking stuffer?

Chatham County museum all about the regulator movement

The Chatham County Historical Musem opened yesterday.  The exhibit is located in the historic Pittsboro courthouse, at the town center.  The display is centered around the “regulator movement of 1767″.  At that time in history,  local small farmers joined together to try to restore law and order and establish institutions to the county.  Back country settlers, growing tired of roving bandits and a lack of organized goverment, formed the movement and utlimately were successful in affecting change. 

At the time of the movement, William Hooper, a signer of the Declaration of Independence, was serving as county clerk of courts.  An original NC land grant signed by Hooper is one of the items on display.  For now, the museum is only open on Wednesday afternoons.  Pittsboro is a little slice of history;  home to small farmers, artists, potters,  museums and environmentalists.  The town is full of great local restaurants, vintage/resale shops, antique stores and now a little museum.

Chapel Hill development projects move forward

The Chapel Hill town website has added a new search feature to the public website that publishes new development activity.  One look at the website and you will wonder if Chapel Hill has been affected much by the recession.  There are several mixed use/major luxury condo projects under construction at Greenbridge, 54 East and  Woodmont.  Another project is in the planning stage at I40 West.  Additional commercial spaces are approved, the library is expanding, churches are adding to their buildings, and the list goes on.

As a resident, buyer or investor, it is reassuring to see that Chapel Hill continues to grow, in the controlled and restrained way that is the essence of Chapel Hill.  If you want to monitor the development approval process, just book mark this link: http://www.townofchapelhill.org/index.aspx?page=589

Building equity takes thought and planning

Building equity should be part of any buyer’s decision.  The reason so many people are upside down on their mortgage right now, is because their motivation was getting the best house possible when they made their purchase.  You shouldn’t expect that a no down payment, thirty year term will be a good investment, unless you can stay in the home for ten years or more.

If you want your home purchase to pay back as a good investment, you  must be mindful of just a few decisions: 

Choose location over bling.  Location will always build equity while upgrades will eventually look dated.

Try to put as much money down as possible.  Consider delaying your purchase and downsize all of your living expenses to build up your savings.

Play with your numbers before you begin your home search.  Choosing the shortest term will build equity the quickest.  It might be advisable to downsize the price range you search.

Plan to make an extra principle only payment every year with your bonus, tax return, etc.  Making an extra payment consistently will take 10 years or more off a 30 year term.

Choose a home that will meet your needs.  If you expect to be short term, buy the home with the biggest resale potential.  If you expect to live there forever, get the floor plan and square footage you will need in the coming years.

Explore different loan products and get a second opinion on your mortgage before you commit to anyone. 

For anyone who would like to explore equity building, please visit my website, “resources” section.  You can play with the finance tools, search price ranges and locations, compare school districts and compare cost of living among areas.  Also, I am not a lender, and this post is just a result of my personal history with my own mortgages.  I can recommend a reputable lender who can help you explore all your options.

 

Interest rates may have bottomed

Mortgage experts say interest rates are predicted to rise about 1% in 2010.   It wasn’t too long ago that FHA loans accounted for just 3% of mortgages in the US.  Recent history in the banking industry has caused a shift and FHA loans accounted for about 30% of the new mortgages in 2009.

The big change is that HUD is out of money.  You heard me correctly; they have no more money to loan.  Experts are predicting that mortgages will be funded by foreign investors in the coming year which will likely result in a rise in interest rates.  It is a simple, supply and demand problem.

Foreclosures have a new face

Foreclosures and the causes of foreclosure are evolving. Three years ago, I didn’t even know what a short sale was.  Foreclosures were the results of some family catastrophe or misfortune that could not be predicted.  But foreclosures and short sales are not only a household word now, they happen in just about every neighborhood.

The first wave of foreclosures that we saw over the past two years were primarily the result of the housing bubble.  A brisk seller’s market caused a spike in home prices.   As home prices fell, homeowners who wanted to sell, couldn’t. Others just walked, realizing they owed way more than the home was worth.  We are now experiencing a second wave of short sales and foreclosures, largely due to unemployment.  As more workers lose their jobs, the trend could continue.

You can search foreclosures in the triangle at my website: www.mariescheuring.com.

 

 

 

Triangle home prices are down about 6%?

Raleigh, Durham and Chapel Hill area home prices have fallen in 2009 around 6%, as heard on the news today.  We have all heard it before, “show me a statistician and I will show you a liar”.  This year, more than ever, I believe the stats may not be all they seem.  The 2009 market data is available and most counties in our MLS are showing a significant difference between the average home price and median sales price.  I think that this is a year that median sales price changes are a more reliable indicator of the market trend.  The market this year was uniquely dominated by first time home purchasers due to the $8000 tax credit.  We also saw new construction dominate the upper range, which typically is a higher price/sf than resale purchases.  The Chapel Hill market had a significant number of transactions in the luxury, high end, “green” condo market, that surprised us all; with price/sf exceeding anything in history. Dare we say, we have even seen foreclosures and short sales throughout the triangle.

All of these out of the ordinary trends can make the average a less reliable indicator.  With the median price marking the exact middle, with the same number of sales below as above, a clearer picture of the market is represented.  For example, the 2007 Wake County average sales price was $254,000 in 07 and 227,000 in 09.  The 2009 median price was $206,000 with a median of $195,000 in 09.  These stats are showing an 11% drop in average price that is not really representative of that market.  The 5% drop in median is more reflective of what you get now versus two years ago.

Orange County trends showed the average price down 7% from $322,000 to $299,000 with median home price up 6% at $258,000 from 243,000 two years prior.  Durham sellers saw the least fluctuation with median home price remaining unchanged over the past two years at $170,000.

No matter what you glean from the data, one thing is for sure, we continue to have a more stable real estate market than most major cities.  Homes are still relatively affordable to the average buyer and the triangle will continue to grow as one of the best places to live for so many reasons.

6500 ways to cash in for the not so first time buyers

Sellers who couldn’t sell their home in 2009 should be feeling a little  lucky.  The housing stimulus bill that Congress just passed will undoubtedly put a silver lining on some of your clouds.  The newly expanded housing stimulus offers tax incentives to all buyers provided they meet eligibility. 

A $6500 tax credit will be available to buyers who have lived in their home for five consecutive years within the past eight years.  You must have a signed valid contract by April 30, 2010 and settlement (closing) must take place before July1.  The income restriction has been expanded to singles earning up to $125,000/year and couples with a combined income not exceeding $225,000.  The cap on the purchase price is $800,000; homes sold at even a dollar above will not be eligible. 

I am not sure this will have a huge impact on the $800,000 housing market.  Most buyers in this price range will not be swayed by less than one percent incentive.  The luxury home market faired a bit better in 2009 as people with cash stores took advantage of discounted properties.  I expect the mid range $300,000 to $600,000 sellers will benefit from this program through spring.  This offer will surely be beneficial to buyers as well as sellers who have had to sit on the sidelines waiting for a better market.  More importantly, we can remian optimistic that this may provide relief for sellers who are trying to avoid foreclosure.

$8000 home buyer tax credit extended and expanded

Not just for the first time home buyer anymore!  The oh so popular $8000 first time buyer tax credit will be extended and expanded officially at any moment.  Congress has passed a bill to extend the original Dec 1, 2009 deadline to include buyers who are under contract by April 30th and closed no later than end of June 2010.  This is great news for first time buyers who just couldn’t get it together or find the right home by now.

The bill will also allow all buyers to cash in, provided they have been in their home for at least five years and they are purchasing a primary residence.  Even more exciting is that the income limit has been increased from $75,000 annual salary for singles and $150,000 for couples.  The new income limit is $125,000 for singles and $225,000 for couples. 

The new policy will be official as soon as Obama signs the bill and shortly after the official website should be updated with the details.  www.federalhousingtaxcredit.com  Lawmakers are hoping that the extension will get the real estate industry through the difficult winter months and jumpstart the spring market while being short enough to be fiscally responsible.

Briar Chapel; artsy and green development

Briar Chapel has dominated sales in the Chatham County market this season.  The new construction homes are green, affordable and beautiful.  It is always interesting to me to see the public’s perception.  I was recently at a small party and a woman was describing the community as “artsy”.  I didn’t know what neighborhood she was talking about until she explained more about the community and the location.  I hadn’t thought about the artsy part.

The community entrance has a stone wall and metal sculpture and artfully placed huge pottery vases here and there in the landscaping.  She told me that she rides her bike there and there is art sculpture and stylized gardens throughout the common areas.  She also said that it is a great place to ride due to the low traffic.  I am usually very observant, especially with regard to art and gardens but on this instance, I missed it.

I am not surprised that the community has done so well…buyers love new construction.  The homes offer stylish details, lots of upgrades, use of sustainable materials and building practices and great floor plans.  What you won’t get is a yard.  You will trade off having your own space and privacy for the use of the beautiful community amenities and common areas.  The homes may seem like a great value and they are if you are not planning to move in the next 5 or more years.  Buyers should know that this is an enormous development, construction will be ongoing.  When it is time to sell, you will have to beat the builders and have your home show in new condition in order to compete.  Remember that the buyers who will be looking at your home in 5 years will be thinking the same way you did when you purchased your home.

Last note, I advise anyone who is planning to purchase new construction to bring their own buyer’s agent to represent their interest in the transaction.  On site agents work for the builder and represent the builder’s interest.  In NC, you have the right to have a buyer’s agent represent your interest in the purchase of a home.  I think buyers often make the mistake thinking they will get a better deal if the builder doesn’t have to pay their agent.  The reality is that the builder will pay the same commission and usually the seller’s agent will net commission from both sides when buyers are unrepresented.  Be sure to read the NC Working with Real Estate Agents Brochure,  which should be provided by your agent, and ask questions if you don’t understand it.