Lower energy costs, healthier living and improved indoor and outdoor environments are increasingly demanded by and available to home buyers at all income levels, according to preliminary findings from a survey released by the U.S. Green Building Council (USGBC) and McGraw-Hill Construction.

Families and individual homeowners with the lowest incomes are overwhelmingly satisfied with their green home, more likely to recommend a green home to family and friends, and strongly prefer green homes as a purchasing option. The survey found that 78 percent of homeowners earning less than $50,000 per year say they would be more inclined to purchase a green home.

* Full Story: Available on eMediaWire

House prices are falling at the steepest rate on record, but for some buyers, the attraction of a home is overcoming the anxiety of buying a depreciating asset.

From October through April, North County homes lost about 3 percent in equity —- per month. Right in the middle of that slide, which some analysts expect to continue through the year, Steve and Shelby Nowak pooled their savings and made the biggest purchase of their lives, a $447,000 house.

The Nowaks are among a growing group of people buying houses who say they believe they not only got a good deal but also believe their dwelling ultimately will grow in value.

* Full Story: Available on iStockAnalysis

Even as a huge bipartisan majority in the Senate voted Saturday to send a sprawling housing bill to the White House, economists, consumer advocates and other analysts said the package of programs for cash-strapped homeowners and shaken mortgage lenders is unlikely to relieve the foreclosure crisis that is driving the nation toward recession.”This is not the end of the housing crunch,” said Jared Bernstein, an economist at the Economic Policy Institute. “Housing prices have already fallen 15 percent and they need to fall 10 percent more. This bill isn’t going to change that.”

Full Story: Available on Chron.com

This is an excerpt from the book “How to Buy Your First Home” by Diana Brodman Summers

Features
The features or the interior layout and amenities of a home are usually what a person is mainly concerned with. Do you dream of a winding staircase that your children will scramble down on Christmas morning? Do you dream of a private bath in the master bedroom suite for relaxing after a hard day? Do you need a handicapped accessible kitchen or a home with ramps? How much property or lawn do you want?

You need to decide what you want in a home; how important each feature is to you; and, what is absolutely necessary. This is the time to be realistic. If you always wanted an indoor pool, but can barely afford more than two bedrooms, save that pool dream for a future home. There is nothing to stop a person from buying a home with more features in the future, as his or her income increases.

Essentials
Essentials is another word for features, but these are the features that you absolutely MUST have. A lot of essentials vary from area to area. For example, in Southern California, an in-ground pool is an essential (in my mind). In Chicago, an in-ground pool, unless it has a building around it, will cause the home to decrease in value.

Most areas have their own essentials: air conditioning in Las Vegas, heated garage in Minnesota, and so on. Learn about the area to determine what are essentials. If you are moving in from another state, look at the real estate ads to see what features are advertised as part of the homes for sale. What is an essential feature in one state, may be a major problem in another.

As with anything else with your home, you must decide what is important to you, and then determine if that will work in the area you want to live.

Handy-Man’s Special or Fixer-Upper
If you have been reading the real estate ads, you will see these two terms. The real estate industry has no set definition for what constitutes a handy-man’s special or a fixer-upper. It depends a lot on the area of the country and what the seller thinks can actually be fixed. In reality, these structures range from “an amateur can fix” to “must hire professional contractors” to “should be leveled.”

The price on one of these homes can be much less than the surrounding area. If you have decided that the neighborhood you want to live in is generally above your price range, this may be one way that you can get into that neighborhood. But realize that this type of home takes a lot of work, and you will either have to do it yourself or have to pay someone to do the work. The big question is the quality of the structure of the house. If the structure is poor, then renovations will be more expensive.

If you are like me and picked the old stately neighborhood with large older homes, you may already be preparing to rehab your home. Be sure that you know what you are getting into. Doit-yourself remodeling requires an infinite amount of patience with construction rubble, a large amount of time and commitment, and the physical ability to do the work.

Several years ago there was a movie, “The Money Pit,” about problems and expenses in rehabbing a home. While some of the things that happened to these fictional characters were a bit extreme, (the characters seem to have an unlimited amount of money), the movie is still worth seeing for any potential rehabber.

Before you decide to look for a “needs work” home, honestly asses your abilities to do the work. Take a field trip to one of your local home repair superstores. That will give you some idea of the expenses that even do-it-yourselfers face. Many of the home repair superstores provide free classes and literature on do-it-yourself projects.

As I have mentioned throughout this book, I chose a “needs work” Victorian home in a perfect suburb. My husband, Jim, assured me that he was able to do the repairs since he and his dad had built a family room in his parent’s home. However, after we had moved in my mother-in-law told me that my husband’s help consisted of going for lunch and passing tools.

The bottom line is that you need to really know your limitations and be willing to learn new trades. Maybe you cannot rewire the house, but you might be a wizard at putting up wallpaper. Over the years Jim has even surprised himself at what he has been able to do. However, he has also learned when to call a professional.

Spring has always seemed the fresh time of year to me. It’s a rebirth of sorts; a harbinger of the growth season ahead. As spring time foliage bursts forth and shows its vivid array of colors, we yearn to be outdoors.

Spring is also a time when people think about a fresh start. And what could be any fresher than a new home? If you’re one in this season’s legion of potential home buyers, you’ve probably already seen the “For Sale” signs popping up on lawns all over the area.

* Full story: Available on Herald Dispatch

Painting, cleaning and remodeling the kitchen are some of the projects self-proclaimed handyman Kevin Garvey is ready to delve into now that he has a home of his own.

After he had browsed more than 30 houses in Northern Virginia, the price and location of the single-family house off Liberia Lane made the first-time home buyer move to Manassas.

* Full story: Available on Washington Post

Matt Schuetze knew right away the brick home for sale in North Temple would be perfect for his wife and 2-year-old son. But there were two problems: red carpet and money for a down payment.

Under the Homes for Texas Heroes program, Schuetze’s job as Temple College police officer enabled him to get a grant that he could use for the down payment.

“It got us in here,” said the 22-year-old, first-time homeowner. “I knew something was out there like that, but I didn’t know what it was.”

In the aftermath of the subprime mortgage meltdown, local mortgage companies are using programs like these to help first-time buyers cross the threshold into a home of their own.

* Full story: Available on Temple Daily

Home sellers, brace for some grim news. The spring home-buying season now underway is widely expected to be the worst since the 1980s.
Many would-be buyers lack strong enough credit to get a mortgage. Home values are sinking. And in front yards around the country, “For Sale” signs are as ubiquitous as garden weeds.

The median price of an existing home in March was 7.7% less than it was a year ago, the National Association of Realtors reported this week. “Sellers are having to capitulate,” says Mark Zandi, chief economist for Moody’s Economy.com. “If you’re a seller, it is the worst season since the early 1980s.”

Yet, what’s bad for sellers is good for buyers — at least those blessed with excellent credit and enough money for a sizable down payment. They can enjoy lots of homes to choose among, time to browse, and typically, the advantage in negotiations.

* Full Story: Available on USA Today

Miami-area home sellers looking to unload their properties might want to make sure they have comfortable couches.

It looks like they’re going to be there a while.

That’s because Miami tops our list of the nation’s most sedentary housing markets. These 10 spots feature a potent mix of dropping prices and sluggish sales rates. Also on the list: Denver; San Diego; Baltimore; Washington, D.C.; Los Angeles; Tampa, Fla.; Phoenix; Orlando, Fla.; and Chicago.

* Full Story: Available on Forbes

Today might be an ideal time to buy a home. Bill Basic has seen this time come around maybe three times in the past 25 years. The long time homebuilder and president of the SouthWest Suburban Homebuilders Association ticks off the key points:

* Interest rates are at historic lows.

* Mortgage money is available to qualified buyers.

* Rising rents are roughly equal to monthly mortgage payments.

* Prices are stable.

* Builders are holding off price increases even though their own costs are still rising.

* Many are offering incentives such as free upgrades on inventory homes they need to sell.

It is THE single biggest wish in the American dream of home ownership: the “buyer’s market.”

Full Story: Available on Search Chicago