House-hunting in Pennsylvania: Things to consider

Pennsylvania is the sixth most populous state in the US and is home to many tourist attractions, professional sports teams, and food manufacturers. It is also known as “The Coal State” and “The Steel State” because of the booming coal and steel industries. As one of the 13 original founding states of the US, Pennsylvania also has a vast history.

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These have made Pennsylvania an attractive place for people who are looking for a new place to live in. Those who are interested in moving to Pennsylvania may consider these couple of factors:

The lifestyle

Since Pennsylvania has both urban and mountainous areas, home buyers should consider the usual activities in the neighborhood when buying a new house.

Those who have corporate jobs may look for houses in the state’s urban manufacturing centers, such as Philadelphia, Pittsburgh, and Erie. Those who are involved in agriculture may find homes in rural areas, like the borough of Kenneth Square and the North Coventry. House prices are also governed by the economy in a particular area. Considering that there are more jobs in state’s urban centers, the houses are also pricier compared to those located in the suburban and rural areas.

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Real estate agents and contract home builders can help buyers look for a house that suits their lifestyle and fits their budget. Pennsylvania home builders, like Bob Poole and Jeff Rutt, usually provide community maps for buyers so they can easily choose from variety of houses in various locations.

The real estate laws

Since real estate laws vary from state to state, it is best to consult with a local real estate lawyer who can guide home buyers through the process.

Making an offer to purchase a house in Pennsylvania requires a purchasing agreement and a deposit that usually makes up to 10 percent of the total price. Once the agreement becomes a binding contract, buyers can apply for a mortgage loan, title insurance, and appropriate property insurance.

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Those buying a foreclosure home in Pennsylvania should make sure that the house was put up for sale after the 30-day notice of foreclosure to the prior owner and was advertised for sale weekly for three weeks in a local newspaper. This is to ensure that the redemption period after the sale for prior homeowners to reclaim the property is over.

To calculate house payment and accompanying expenses when buying a house, go to this website.

Best Home Buying, Selling Markets

This article was written by Broderick Perkins and was taken from Realty Times.  Click here to read full article.

The recovering housing market is shaping out region-by-region and city-by-city with both buyers and sellers as both haves-and-haves-not.

When Zillow looked at buyers' markets vs. sellers' markets it found wide geographic variations with buyers ruling the roost in some markets and sellers at the top of the pecking order in others.

It's a real mixed bag.

"As most housing markets continue to improve nationwide, the relative position of buyers and sellers continues to vary considerably by geography," said Zillow Chief Economist Stan Humphries.

Humphries adds, "In some markets, buyers are finding themselves in strong bargaining positions relative to sellers, confidently offering less than the asking price on a home they had months to consider. In other areas, it's sellers that are squarely in the driver's seat with their homes selling within days of listing, often after bidding wars that increase the sale price above the asking price."

Zillow's index, which indexes the relative bargaining power of a buyer or seller within a given market, comes up with these general findings:

Regional

• California and metros in the Southwest yielded the strongest sellers markets.
• The Midwest and Mid-Atlantic metros proved best for buyers.

City

• San Francisco, San Jose and Sacramento, topped the sellers' markets list.
• Chicago, IL; Cleveland, OH, and Philadelphia, PA topped the buyers' markets list.

What's the difference?

Zillow defined a sellers' market as one in which home sellers are in a position of power relative to homebuyers. Homes are on the market for a shorter time, price cuts occur less frequently and homes are sold at prices very close to, or greater than, the listing price.

Zillow defined a buyers' market as one where homebuyers are in a position of power relative to home sellers. Homes languish for sale longer, price cuts occur more frequently and homes are generally sold for less than the listing price.

The index considers the sale-to-list price ratio, the percentage of homes that have been subject to a price cut and the time on market as measured as days on Zillow.

Check Zillow for scatter plots that illustrate the relationship between these measures.

The measures are converted into percentile rank, averaged together and divided by 10 to generate an index ranging from 0 (the strongest sellers' market) to 10 (the strongest buyers' market).

At the metro level, percentiles are computed according to all other metropolitan regions, allowing the comparison between the major metros across the U.S. Zillow excludes short sales and foreclosures.

Behold, the ultimate safe houses

The devastation that super storm Sandy brought to the East Coast has stepped up disaster preparation efforts from all sectors, including homebuilding. In fact, even before Sandy barreled its way to residential areas in the East Coast, some owners were fortifying their homes against possible calamities, from hurricanes to nuclear attack, reports The Wall Street Journal. These homeowners are testing materials and technology that could change how home building is being done by the likes of Jeff Rutt.

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An example of this, as shown in the article mentioned, is the Hollywood Hills home of the Corbi family. The house may look like any modern home in the area, but it has been built to withstand nearly every type of disaster imaginable, from storms to high-magnitude earthquakes and wildfires. The wine cellar in the basement doubles as an underground bunker, while the rooftop helipad allows for a last-ditch emergency exit if all security measures fail.

Then there’s also the “hurricane-resistant home” in South Florida, which is outfitted with 12-inch thick reinforced concrete walls covered by a rubberized material for added waterproofing and clad in 2-inch stone.

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Meanwhile, a 70,000-square-foot chateau-style home in Christian County, Missouri, is being touted as the ultimate tornado-proof home. It has 12-inch thick walls and ballistic-proof windows that have been tested to resist the equivalent of a two-by-four board traveling at 40 miles an hour, which is roughly the speed at which debris can be hurtled during a big storm.

Indeed, some homeowners are splurging on materials and technologies to make their homes ready for any disaster. After all, a house is a great deal of investment, and for some homeowners, such investment should be safeguarded at all times.

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Visit this website to know more about the latest in homebuilding in Central Pennsylvania.

In the Rockies, a Resort—and Refuge

Sharing an article about real estate developments in the Rockies, written by Alyssa Abkowitz for the The Wall Street Journal:


In the resort town of Vail, Colo., real-estate professionals are stepping up efforts to court an increasingly important group of luxury ski-home shoppers: wealthy buyers from Mexico.

Slifer Smith & Frampton, a brokerage based in Avon, Colo., recently unveiled a Latin American division and now makes several trips to Mexico City to host dinners and cocktail parties for potential homeowners. On a jaunt in late October, the firm co-sponsored a dinner at the home of a well-known Mexican television executive for 60 guests, who ate ceviche and sipped Champagne. "Several of the attendees are already looking," says Beatriz Martinez, the head of the new division. And this winter, the firm is printing its first buying guide in Spanish and working with local banks and title companies with personnel who speak Spanish.

The firm has also partnered with Glika International, a boutique real-estate firm in Mexico City, and Ski Madness, a real-estate and ski company, offering them 50% of the commission—much larger than a typical referral fee—for sending high-net-worth Mexicans interested in Vail to their agency. In turn, Glika and Ski Madness help sponsor various local events, such as a VIP dinner Ski Madness co-sponsored in late October. Currently, Slifer Smith & Frampton says it has 50% market share in Vail, a market where prices are still down 30% from their peak in 2008.

While Vail has long been popular among wealthy Mexican families, a recent real-estate spree has been fueled, in some cases, by a desire for security. "Safety is a huge issue for many of these families," says Julie Bergsten, vice president of Slifer Smith & Frampton. "We've even seen some families move here full-time."

PLANTING NEW ROOTS | Alejandro Marti, the CEO of a Mexican sporting-goods store, bought the bankrupt Vail Plaza hotel and remodeled it into the Sebastian, an upscale, hotel-condo development.



Mexican buyers have been behind a number of big-ticket sales in Vail this year. At the Four Seasons Residences, a three-bedroom, three-bathroom home sold for $4.2 million over the summer to a business executive from Mexico City. In the spring, a Mexican buyer bought a $7.5 million home on Gore Creek Place, a desirable street overlooking Vail Mountain. And two out of the last three sales at the Solaris, one of the newest developments in Vail Village, sold to Mexican families this year with price tags around $6 million each.

FirstBank, a regional bank, has made loans to more than a dozen Mexican buyers in the past year, up from only "two or three a year" five years ago, says James Wilkins, senior vice president. "They've been a strength in the last couple of years, when there was a dearth of high-end buyers."

Mexico's economy has weathered the global financial turmoil, but well-financed drug cartels continue to place growing pressure on the country to deal with rising violence. Earlier this year, the Mexican government released data that showed crime-related deaths increased 11% in the first nine months of 2011 compared with the same period in 2010. That has spurred Mexican business people with families to spend more time outside of Mexico, real-estate agents say.

Alejandro Marti, the CEO of a Mexican sporting-goods store, moved his family to Vail permanently after a crime-related family tragedy. In 2009, Mr. Marti bought the bankrupt Vail Plaza hotel and remodeled it into the Sebastian, an upscale hotel-condo development aimed at providing a hub for Mexican culture and art. "Everything in Vail is European-oriented," Mr. Marti says. The Sebastian opened at the end of 2011, and in the past year, three families from Mexico each purchased eight-week memberships, or fractionals, for $580,000 a pop; one family purchased multiple weeks at the Sebastian for a total of $1.1 million.

Alex Martinez, a lawyer from Mexico City, purchased a $390,000 fractional ownership at the Sebastian that allows him to use the property for four weeks a year. He bought earlier this year after hearing that Mr. Marti owned the development. "He's a very well-known businessman, and whatever he does he puts his heart into it," Mr. Martinez says. In all, about 40% of the Sebastian's condo buyers are from Mexico.

At the Solaris, a trendy upscale residential complex in Vail Village, Latin Americans have bought 60% of the units that have sold for more than $12 million, with Mexicans making up the majority of those buyers.

"If a certain group selects a place, it's likely others will follow," says Johannes Faessler, a longtime Vail resident and proprietor of the Sonnenalp, a European-style hotel in town.

Part of the lure is Vail's focus on family-oriented activities. For example, the Solaris has a 70,000-square-foot complex with a bowling alley, a movie theater, an ice-skating rink and a shopping center. During peak vacation weeks, retailers in Vail will set up extra playrooms for the barrage of children and nannies or add kid-friendly food to menus.

The biggest concern that can trip up real-estate deals for many Mexican buyers is security. Many of the buyers in Vail are so private that it has been difficult to process loans, since the buyers are reluctant to turn over tax returns or financial statements. Mr. Wilkins, the FirstBank executive, notes that acquiring private loans along family lines is still prevalent in Mexico.

"Sometimes it comes down to, 'If you want this property, we need a complete financial picture,' " he says.

The Mexican real-estate rush has also started a new campaign to bring a direct flight from Mexico City to Eagle County airport, which is about 30 miles away from Vail compared with Denver's 120-mile trek. Says Kent Myers, an airline consultant who's leading the effort to woo Eagle County officials to expand its air service: "That could really move the dial."

Jeff Rutt: Making a difference in people's lives through CSR projects that make sense

Jeff Rutt, the founder of HOPE International, maintains that companies should take time to fully develop their plans if they hope to make a difference in the lives of their targeted beneficiaries through a corporate social responsibility initiative.

Jeff Rutt Image Credit: hopeinternational.org

Without a doubt, many business owners start off with good intentions when they decide to take on a CSR project that is in line with their company goals. They may have ideas on the outcomes they want and how to best achieve their aim of providing relief for the recipients. However, haphazardly going about this matter and misunderstanding the needs of the beneficiary may actually end up doing more harm than good.

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Jeff Rutt notes that lasting change needs continuous and timely effort. There’s an appropriate response for varying needs, and companies with CSR projects cannot stick with just one approach if they plan on making a difference to the community they’re setting out to help. Providing for the immediate needs of the people is necessary in times of emergencies. After that, however, going for long term development goals is the next best course of action to take.

Likewise, making the project mean more to the company’s stakeholders is also important to its long term existence and success. Companies should aim for a worthy cause and utilize a methodology that allows the participants to make use of their skills and passions to make a difference in a natural way.

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Additional information about Jeff Rutt and Homes for Hope can be found at www.homes4hope.org.

Jeff Rutt shares good news on the housing market

Hi everyone, this is Jeff Rutt with some good news on the housing market. This week home sales continued to increase signaling that the housing recovery is in full swing. The apparent recovery in the housing market has not only been good news for builders and homebuyers looking to find great deals, it has also had a positive impact on other parts of the economy as well. Building supplies retailers such as Home Depot and Lowes reported increased sales. Likewise, more consumers are finding that their home values are beginning to increase once again allowing them to reclaim some of their lost equity. Let’s hope that these rebounds in the housing industry continue to have a positive impact on the economy into the fall!

Many Blessings,

Jeff Rutt


Housing market recovery helping bolster U.S. expansion

Sept. 19 (Bloomberg) -- Sales of previously owned homes and work on single-family projects climbed in August to the highest levels in two years, signaling the residential real-estate market is contributing to the U.S. economic recovery.

Purchases of existing houses increased 7.8 percent to a 4.82 million annual rate, the most since May 2010, figures from the National Association of Realtors showed today in Washington. The median forecast of 78 economists surveyed by Bloomberg called for sales to increase to a 4.56 million pace. Commerce Department data showed builders began work on the most one- family homes since April 2010.

The U.S. economy shows signs of finally bottoming out as Americans are ready to take a chance with college or the job market.

A new report has found the U.S. government may have paid hundreds of millions of dollars in mortgage aid to struggling homeowners who did not qualify for that help. Record-low mortgage rates, more affordable properties and limited supply of new homes are driving orders at builders such as Toll Brothers Inc. and Hovnanian Enterprises Inc. In addition, sales of distressed properties are starting to account for a smaller share of the market, leading to gains in home values that are laying the groundwork for a sustained economic expansion as household sentiment and finances improve.

“The nascent housing recovery has deepened,” said Ellen Zentner, a senior U.S. economist at Nomura Securities International Inc. in New York, who projected existing-home sales would climb to a 4.85 million rate. “Ultimately, this improvement will lead to a rise in residential wealth, which tends to lift consumer confidence and spending.”



The Standard & Poor’s Supercomposite Homebuilders Index rose 3.8 percent at 12:56 p.m. in New York, while the S&P 500 gained 0.3 percent. The pickup in housing helps explain why the index of builder shares, including PulteGroup Inc. and D.R. Horton Inc., has surged 77 percent this year through yesterday, outpacing a 16 percent gain in the broader S&P 500.



Builder Shares



Construction of single-family houses climbed 5.5 percent to a 535,000 rate, the fastest since April 2010, after a 4.5 percent decrease, the Commerce Department said today in Washington. Permits for the building of one-family homes increased 0.2 percent to a 512,000 annual pace, the highest since March 2010.

Beginning construction of all homes rose 2.3 percent to a 750,000 annual rate in August, less than forecast and restrained by a decrease in starts of multifamily dwellings that are volatile month to month.

Work on apartments and other multifamily homes dropped 4.9 percent to an annual rate of 215,000.



Beyond Builders


The housing rebound extends beyond builders -- from home- furnishings retailers like Lowe’s Cos. and Home Depot Inc. to building materials supplies such as gypsum wallboard-maker USG Corp.

Existing-home sales have improved after reaching a low of a 3.39 million annual rate in July 2010. In the buildup to the subprime lending collapse and recession, purchases reached a peak of 7.25 million in September 2005.

Estimates in the Bloomberg survey for August ranged from 4.45 million to 4.85 million. Compared with a year earlier, purchases increased 11 percent in August, today’s report showed.

The median price of an existing home climbed 9.5 percent to $187,400 from $171,200 in August 2011. Prices have increased in each of the past six months on a year-to-year basis, the best performance since early 2006.

The increase in prices reflects both a reduction in distressed sales and a “genuine” appreciation in property values, Lawrence Yun, NAR chief economist, said in a news conference today as the figures were released.

A published report says Bank of America is accelerating its cost-cutting plan. A new report has found the U.S. government may have paid hundreds of millions of dollars in mortgage aid to struggling homeowners who did not qualify for that help.

The gain in home values may induce potential buyers and sellers to enter the market. Prices last quarter posted their first year-over-year gain since 2007, according to Zillow Inc., the Seattle-based operator of the largest real-estate information website.

Higher real estate values also helped more than 1.3 million homeowners regain equity in the first six months of 2012, according to CoreLogic. About 22.3 percent of homeowners with a mortgage owed more than their homes were worth at the end of June, down from 23.7 percent three months earlier.

Even with pricier real estate, homes remain affordable. The average rate on a 30-year fixed mortgage was at 3.55 percent in the week ended Sept. 13, near 3.49 percent, the lowest since records began in 1971, Freddie Mac data show.

The Federal Reserve has also committed to purchasing $40 billion of mortgage debt a month to lower borrowing costs, helping the housing market that Chairman Ben S. Bernanke called “one of the missing pistons in the engine.”



Fed’s Bernanke


“Our mortgage-backed securities purchases ought to drive down mortgage rates and put downward pressure on mortgage rates and create more demand for homes and more refinancing,” Bernanke said in a Sept. 13 press conference after the central bank announced the debt-buying plans.

Homebuilders such as Red Bank, New Jersey-based Hovnanian Enterprises Inc. and Toll Brothers are seeing increased demand.

“Due to the industry’s rebound and our increase in sales pace, our communities are selling out more quickly and literally caught us without being able to replenish as fast as we’d like,” Ara K. Hovnanian, the company’s chairman, president and chief executive officer, said on a Sept. 6 earnings call.

Toll Brothers, the largest U.S. luxury-home builder, reported a better-than-estimated profit and an increase in revenue for its third quarter ended July 31. The average price of the homes that the Horsham, Pennsylvania-based company delivered in the quarter climbed to $576,000 from $557,000 in the previous three months.

“The housing recovery is being driven by pent-up demand, very low interest rates and attractively priced homes,” Chief Executive Officer Douglas Yearley Jr. said on an Aug. 22 conference call with investors. “With an industry wide shortage of inventory in many markets, we are enjoying some pricing power.”



Posted on http://www.washingtonpost.com/business/housing-market-recovery-helping-bolster-us-expansion-economy/2012/09/19/00dbb1be-027d-11e2-9132-f2750cd65f97_story_1.html.



Stay tuned for more articles and comments-Jeff Rutt

Jeff Rutt: Material quality and the integrity of your home

Much like how a delectable dish is made of the right ingredients, a house must be built with the right materials. For leading homebuilders like Jeff Rutt, quality can spell the difference between a home that would last a lifetime and a shoddily built shack that might as well topple over.

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Building a quality home might appear to be expensive at first, but this would ultimately be a sound investment in part for the homebuilder and, eventually, the homeowner. Quality building materials and fixtures, when combined with sound building techniques and proper planning, help create a structure that would be less difficult to maintain, saving the homeowner time and money in the long run.

One does not become a leading nationwide homebuilder without investing in quality products and services. Jeff Rutt of Keystone Custom Homes ensures that the companies he keeps are known for high standards of quality.

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Cutting corners in quality might appear to save money, but its resulting cost may prove to be much more expensive in the long run. Materials may decay quickly, threatening the integrity of the structure, or contain toxic substances that may threaten the health of the home’s inhabitants. Moreover, mounting repair costs may end up being more expensive than the house itself.

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The building materials for one’s home are an investment that would pay for itself in the long run. Choosing quality in this stage can make all the difference.

More information on Jeff Rutt and his company can be accessed on this website.