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Real Estate Advisor Guide for September

Real Estate Advisor: September

Kitchen Appliance Buying Guide

New space-aged appliances have the American kitchen looking more and more like the bridge of a science-fiction spaceship. High tech innovations, upgrades to energy efficiency, sleek style enhancements and lowering prices all make new kitchen appliances appealing to a number of different types of consumers.

Home owners: Revitalizing your kitchen doesn't necessarily require an expensive, full-scale remodeling project. Upgrading individual kitchen appliances can help refresh the style of the entire room while also enhancing your cooking experience. Obtaining financing on individual appliances is also easier than getting a home equity line of credit or other loan for a full-on remodeling project.

Sellers: In a slower housing market, making cost-conscious home improvements increases the likelihood of selling at or near your asking price. Which appliance is oldest or showing its age the most? Are there any common appliances that your kitchen lacks, such as a dishwasher? By focusing your spending on one major item of need, your home just might appeal to a wider range of buyers.

Buyers: When considering two otherwise comparable homes, typically the one with new kitchen appliances and furnishings will carry the higher asking price. You can certainly choose the newer kitchen, but you will essentially be paying part or all of the cost of that remodel, a remodel that may include stylistic touches you don't care for and furnishings or appliances that are now available at cheaper market prices. As an alternative, buyers should consider the possibility of buying an older kitchen and upgrading some or all of the kitchen appliances with brand new models. Whether you're looking to upgrade one appliance or re-do a whole kitchen's worth of equipment, this buying guide will serve as an excellent primer.

Dishwashers
Of all kitchen appliances, dishwashers take more than their fair share of abuse. A new replacement dishwasher is welcome upgrade for almost any kitchen. If you are currently sink-and-sponging all of your dishes clean, you'll find that a new dishwasher is time-saving and environmentally friendly (modern dishwashers use less water to clean dishes than hand-washing).

Style/Capacity: Dishwashers come in a number of different alignments and capacities. The right dishwasher for your kitchen will depend on the space you have available, the load needs for your household and the individual style of your kitchen.

  • 24" Built-In - The most common installation, the 24" fits under a kitchen counter and has space for 10-16 place settings. Washers in this size have the widest range of features, options and prices.
  • Compact 18" Built-In - These smaller-capacity models are ideal for smaller kitchens or households with 1 to 2 occupants. The smaller capacity results in more efficient loads.
  • Portable - Portable dishwashers connect to the kitchen faucet, and can be stored out of the way when not in use. Available in both 18" and 24" configurations, they have the benefits of standard dishwashers with portable flexibility.
  • Two-Drawer Washers - Two-drawer setups allow for increased efficiency and flexibility. Each drawer can be operated separately, or they can be run simultaneously. The ability to run two different cycles at once allows for fle, while single-drawer usage allows for increased efficiency when washing smaller loads.

Energy efficiency: The overall efficiency of dishwashers has been greatly improved over the last decade. New dishwashers use less energy and water, saving you money in the long run. Models with the ENERGY STAR label exceed federal energy standards by 25% or more.

Stationary vs. adjustable racks: While most dishwashers have preset rack spaces, those with adjustable configurations allow provide greater flexibility when loading large or irregularly shaped dishes.

Delayed start: Many models allow you to set a delay on the load start time. By running the dishwasher during off-peak hours, you can take advantage of cheaper utility periods. Such units also allow you to maintain a quieter kitchen during the day.

Noise insulation: More insulation around the tub will reduce dishwasher noise, so check for units with thicker insulation.

Built-in food disposers: Many newer models feature food disposers that grind up food particles and flush them out with waste water, preventing food specks from being re-deposited on your dishes.

Cleaning Capabilities: Wash arms with smaller spray holes provide more scrubbing power. In addition, many dishwashers are equipped with multiple tiers and washer arms to better dislodge caked-on food.

Cycle types: in addition to regular wash cycles, many dishwashers allow specialty cycles designed to tackle specific dishes such as pots and pans, crystal, and fine china.

Finish and style: Dishwashers now come in a wide variety of materials, colors and finishes to better match your kitchen décor. Some unites come with fitted wood paneling to perfectly match your cabinetry, while others accommodate fully customizable front panels for an even more unique look.

Ranges and Ovens
Today's range and oven combinations help can help everyone from the novice cook to the amateur chef create amazing meals in shorter times and with easier cleanup. When shopping for ranges and ovens, you should consider the size and design of your kitchen, the types of foods you most commonly cook, and the kinds of features that could make food preparation in your home easier.

Installation Type: Three basic styles of ranges are available. The range that best suits your kitchen will depend both on the kitchen design and the space/location available for the range unit itself.

  • Freestanding - Ranges with finished sides and a backsplash. Electric freestanding units typically have controls located on the backsplash, while gas models will have the controls located on the front.
  • Slide-in - These ranges have a built-in look with no backsplash, and controls located in front.
  • Drop-in - Drop-in models also blend seamlessly with the existing cabinetry, and may require custom cabinet modification for a tight fit.

Power Source: Aside from some exotic specialty models, most range and oven combo units fall into one of three power sources:

  • Natural Gas - Gas ranges provide a wide range of cooking power and precise cooktop heat controls.
  • Electricity - Electric ranges are energy efficient, and electric ovens are known for even, high quality cooking.
  • Dual-Fuel - These models feature a gas cooktop with electric oven. Such units require a higher initial investment, but combine the heating power of gas cooktops with the even cooking of electric ovens.

Cooking Surface: Both gas and electric range tops are available in a variety of cooking surfaces, including:

  • Coil - A common burner type in electric ranges that provides economical heat.
  • Ceramic-glass cook tops- Use radiant heat and are available in electric and some high-end gas ranges.
  • Open Burner - Common standard amongst gas ranges.
  • Sealed burner - An advanced gas range cooktop, sealed burners with upswept surfaces make cleaning easy.

Electric Range Features:

  • Energy efficient burners with selectable sizes.
  • Warming zones to keep food hot and fresh
  • "Hot surface" safety indicator lights

Gas Range Features:

  • Simmer and high-output burners
  • Pilotless ignition
  • Re-igniting burners
  • Dedicated griddle space

Ventilation options: Most ranges come equipped with standard overhead or "hood" ventilation, but some units utilize downdraft exhaust, eliminating the need for overhead ventilation equipment.

Oven Heating Type: New innovative heating systems have dramatically changed the cooking options available to consumers.

  • Conventional - Operating on either electricity or gas, conventional ovens feature one heating element for baking and roasting, and another for broiling.
  • Convection/European Convection - In addition to the standard bake and broil elements in the oven, a third heating element is located in the back of the oven near the fan.
  • Trivection - These ovens combine conventional, convection and microwave heating to create optimum cooking results in minimal time.

Oven Features: Some of the most popular oven features available today include

  • Self cleaning cycle.
  • Adjustable oven racks
  • Electronic controls and "auto-off" functionality.
  • Large display windows and strong interior lights
  • Warming drawers to keep food hot and fresh.

Refrigerators
Usually the largest appliance in the kitchen, the refrigerator plays a central role in day to day cooking and kitchen use. Finding the right model for your household is a matter of evaluating space needs, style preferences and desired functionality.

Capacity/Size: Full-size refrigerators come in a wide variety of capacities. Large, family-sized units can feature upwards of 26 cubic feet of space. Two people generally need eight to ten cubic feet of fresh food storage. For each additional member of the household, add an extra foot to foot and a half of storage space

Configuration: Several different refrigerator designs are available, each of which offer their own advantages.

  • Top Mount -The freezer compartment is on top with the refrigerator located below. This is the most common design, and provides a spacious interior.
  • Bottom Mount - The freezer compartment is located underneath the refrigerator, often in a slide-out drawer. Commonly-used fridge items are easier to access without bending down. The refrigerator compartment may use either a single door or French door design.
  • Side by Side - The refrigerator and freezer compartments are adjacent. Both frozen and refrigerated foods are within easy reach, but the design may not accommodate larger items such as frozen pizzas or turkeys.
  • Compact Models - Scaled-down versions designed to fit into tight spaces or underneath counters. Though they have smaller capacities, they are ideal for dorm rooms, basements, offices or family rooms

Energy efficiency: Refrigerator units manufactured in the last few years are vastly more efficient than older models. Energy-efficient models help reduce utility bills. Models with electronic controls and digital displays make setting precise temperatures even easier, and many refrigerators feature advanced temperature regulation systems.

Adjustable shelves: The adjustability of shelving varies from model to model. Some allow you to move shelves up or down without being removed, while others provide the flexibility to adjust both the height and depth of any shelf.

Icemakers/ water dispensers: Icemakers have become a common feature, and the best are those that are integral to the door, leaving more space in the main freezer compartment for food. Many water dispensers also incorporate a water filtration unit.

Individual storage bins/crispers controls: Many fridges now allow you to customize the humidity and temperature settings for each storage and crisper bin, ideal for those who purchase a lot of fresh fruits and vegetables.

Reversible doors: Refrigerators with reversible doors allow customization for right-or-left handed access. These can also be useful for kitchens where the fridge area is tight against a wall or cabinet.

Style and finish: Ideally your refrigerator will be with you for many years, so it is important to pick a style that will match your kitchen design and compliment your changing tastes. Stainless-steel finishes are very popular, albeit slightly more expensive. Black, white, and bisque are the most common refrigerator colors, and trim kits are available that can make a freestanding unit appear more like a built-in model.

Microwave Ovens

If you use your microwave for more than just preheating or thawing, it might be time to upgrade your current model. Today's latest versions come with a wide variety of settings and features that can let you cook entire meals in mere minutes.

Size: Microwaves now come in a variety of sizes and power levels. Choose a size that best fits both your counter/cabinet space and the sizes of cookware that you typically use in the microwave.

  • Compact - 18" wide x 12" high x 14" deep (less than .8 cubic feet capacity), 500-800 watts power;
  • Midsize - 20" wide x 12" high x 14"deep (.8 - 1.2 cubic feet capacity), 800-1000 watts power;
  • Large/full-size - are 20" wide x 12" high x 20" deep (.8 - 1.2 cubic feet capacity), over 1000 watts power

Built-in microwave spaces: Over-the range models are full size ovens designed to be placed above the stovetop, including a vent feature. These microwaves free up counter space and place the microwave at a convenient eye level. If your kitchen features a built-in microwave area for, make sure to accurately measure the space when comparing models, including some buffer room.

Convection: New combination microwave/convection ovens let you cook in either microwave only, convection only, or combination convection/microwave mode. The convection feature crisps and browns foods in ways that microwave cooking alone cannot.

Turntable: Turntables rotate food for more even cooking, and can be removed for easy cleanup.

Noise: If possible, test out the noise output of several models. Some powerful models can be fairly loud.

Decision Time Draws Near for First Time Buyer's Credit

Decision Time Draws Near for First Time Buyer's Credit

While the economy continues to show signs of improvement and many housing markets are beginning to heat up, scores of would-be buyers are still waiting on the sidelines for further positive housing trends. But for first-time buyers, time is running short on the federal government's $8,000 tax credit.

Though the official expiration date of the credit is December 1, in reality on-the-fence buyers will need to make a decision one way or the other fairly soon. The reason: in order to qualify for the credit, the home purchase must close by December 1st. Merely having loan approval, an accepted offer or a signed contract won't be enough to qualify for the Housing and Economic Recovery Act.

Decision-Making Timeline - While each transaction is unique, closing a real estate deal is no speedy matter. On average, closing takes place 45 to 60 days after the date that the contract is signed. In order to meet the December 1st deadline, this would mean having a signing date in late September or early October. Those who consider the tax credit an important incentive but are still unsure about entering the market will need to make a decision one way or another before many more summer days pass.

To have any chance at finding a home and having an offer accepted by early October, buyers will want to wade into the home buying process right away. The immediate steps include making a final list of desired home attributes, scouting favorite neighborhoods and areas, starting the mortgage pre-approval process and beginning the home search process online.

Potential for Delays - Buying a home is a complicated process, and it is not unusual for purchases involving first-time buyers to take slightly longer than those involving experienced buyers. Some of the delays that first-time buyers may face over the coming months:

Competition with Other Buyers
While home may be selling at a lower rate than in years past, in many areas changes in inventory have created extremely competitive buying environments. Foreclosures or other homes with greatly lowered asking prices are particularly sought after, and in many cases investors are very active in the marketplace.

Disclosures & Contingencies
The seller is obligated to disclose any material facts about the property, including any property defects or any lawsuits regarding claim to ownership on the property. Disclosures can stall negotiations and delay the contract signing depending on their nature and severity. Contingencies (written clauses in the sales contract that give protection to both the buyer and the seller of a home) can also result in some delay in negotiation, particularly if the contingency requires the seller to make specific repairs.

Appraisal
The lender will arrange for appraisal of the property, which will include a thorough inspection of the home's interior and exterior. The appraiser's report will describe the physical characteristics of the property and comparable property values will be used to determine the value of the property. If the appraisal of the home's value is lower than the agreed upon sales price, the buyer's chance of loan approval can be in jeopardy. In addition, recently added rules for appraisers have been causing some delays based upon anecdotal evidence.

Loan Approval
While interest rates remain advantageous for buyers, lenders are being much more fastidious during the approval process. Obtaining pre-approval can help prevent many delays.

The Holiday Season
Buyers who submit an offer in mid-fall may likely run into another roadblock to a pre-December 1st closing date: the approaching holiday season. Closing a real estate sale requires the work and attention of a number of professionals; from real estate agents to attorneys to bankers. Like many Americans, it is not uncommon for individuals in these fields to use up vacation time in the last few weeks of November. Securing a closing date during Thanksgiving week may be something approaching miraculous.

Additional Delays for Short Sales and Foreclosures
Buyers who make an offer on a short sale property or bank-owned foreclosure may find that it takes a significantly longer time to receive a reply than expected. Overall, buying these types of properties is a longer process than buying homes listed on the market by individual owners.

Key Elements of the First-Time Home Buyer Tax Credit:

  1. The tax credit only applies to first-time home buyers. The law defines a "first-time" buyer as any buyer who has not owned a home within the previous three tax years. For married couples, the homeownership history of both individuals must meet this qualification.
  2. The tax credit is only available for homes purchased between Jan. 1, 2009, and Dec. 1, 2009. For the purposes of this credit, the purchase date is the date when closing occurs and the title to the property transfers to the new home owner.
  3. As long as the property is purchased by a qualified buyer for use as a principal residence, any type of home, including single-family detached homes, townhouses, condominiums and manufactured homes can qualify for the credit.
  4. The tax credit does not have to be repaid provided that the buyers use the home as their principal residence for at least three years.
  5. The full tax credit is only available for individuals with an adjusted gross income of up to $75,000 and for married couples with a combined adjusted gross income of up to $150,000. The tax credit phases out for anyone above those income thresholds.
  6. The tax credit applies for up to 10 percent of the home's purchase price, with a maximum of $8,000. For example, a first-time buyer of a $50,000 home would be eligible for a tax credit of $5,000 while a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000.

Patricia " PATTIE" Romano
REALTOR® Associate
RE/MAX
At Barnegat Bay
31 North Main Street ( RT 9 )
Manahawkin,NJ 08050
www.soldbypattie.com
609-978-4046
Direct cell-609-312-9043
eve: 609-978-5985 - till midnight

The Romano Team
Buyers Agent-
Janis Olson
REALTOR® Associate
609-276-1741

Sales Assistant
Beatrice Ogule
732-261-1570

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Ocean County New Jersey-Tips for Today's Buyer

Real Estate Advisor: july

Something Old, Something New: Tips for Today's Buyer

With the recent shakeup in real estate markets across the country comes a new world - one that includes fewer exotic home loans, greater regulation, new pricing and different expectations of home appreciation. Ironically enough, the freshest advice for today's potential home buyers lies in sound fundamentals their grandparents may have used when purchasing their own homes decades ago.

Below are time-honored home buying essentials that apply now more than ever (with a new-school tip thrown in for good measure):

Save Up to Pay Down - The tradition of the down-payment is almost as old as real-estate itself, yet home loans with no money or very little money down became increasingly popular during the start of the decade. Changes in the credit market have made such arrangements all but nonexistent today, and in many cases buyers won't be considered for a loan without at least a 10% down payment waiting in the wings.

In reality, buyers who invest at least a 15% to 20% down payment will be rewarded as markets re-stabilize. A larger down payment provides the buyer with a lower interest rate, lower payments, higher equity and a stronger negotiating position when it comes to refinancing.

Borrow Smarter - Lenders will employ a variety of different metrics to determine how large of a loan and monthly payment you qualify for, but ultimately you must determine a realistic monthly budget. Qualifying for a home doesn't necessarily mean that you can truly afford the payments in the real world. Start the home buying process off right by determining exactly what kind of mortgage payment you can afford, leaving yourself enough buffer to deal with life's little surprises.

Focus on Your Market - It's easy to be distracted by national housing headlines, but real estate has always been centered on very specific local market conditions. What is true in one area is not the case in another, sometimes down to the street level. Rather than paying too much attention to trends in distant cities and markets, keep your eyes squarely on the dynamics close to home: local sales prices, average number of days on market, foreclosure rates, and the relative health of the job market in the area.

Buy the Home That Fits Your Life (Not Someone Else's) - It may seem rudimentary, but the purchase of a house is first and foremost a very personal process of choosing the place that you will call home. The unsustainable appreciation in previous years has caused many to focus on real estate as an investment, a commodity that must be purchased with an eye primarily on resale value. Put simply, we have collectively developed the mentality of "the flip."

The truth is that the home you buy is much more than an asset with four walls and a breakfast nook. There is no guarantee in any market that you will be able to turn around and sell your house for a handsome profit. By remembering that you are buying for your family and not the buyer three or five or seven years from now, you ensure that you end up with your home, not just a residence.

Make the Internet Work for You - Information has always been tantamount to power, but today information moves at a faster speed than ever before. If you aren't using the Internet as a major part of your buying strategy, you're already at a disadvantage to shrewd home buyers who use the power of the web to research and compare listings. Setting up online home searches, saved favorites or new listing email updates is easy, regardless of your computer know-how. The more knowledge you have at your fingertips, the better prepared you will be moving forward.

April Newsletter

Planning a Vegetable Garden

During World War II, Americans responded to pressure on the public food supply by growing fruits and vegetables at home. These "Victory Gardens" were planted in backyards and on apartment rooftops, in big cities and small rural towns, and in every corner of the country. A homespun solution to a national problem, Victory Gardens came to be a part of everyday life in America.

Today, some people are re-purposing this wartime effort on the home front into a modern strategy to combat rising grocery bills, economic uncertainty and global warming.

Why Garden at Home?

Having a vegetable patch right outside your door has many benefits. Most notably, growing your own vegetables is an easy way to save money on groceries. A small investment in seeds and supplies combined with just a little sweat equity can reap pounds of fruits and vegetables over one season. Canning or jarring the surplus from each crop allows you to enjoy the bounty of your harvest throughout the year.

In addition to the economic benefit, home-grown vegetables are fresher and often more flavorful than grocery store produce. By taking charge of your own greens, you needn't be concerned about unknown chemical pesticides affecting the vegetables you eat.

Gardening can have intangible benefits as well. Many amateur horticulturists use time in the garden as a stress reliever - a chance for alone time and peaceful reflection. Gardening doesn't have to be a solitary activity, however: growing vegetables can be a great outdoor activity for families and a fun way for children to help the household. Local gardens also help fight global warming, they eliminate the need for fuel to transport food thousands of miles from farm to table.

Where Will Your Garden Grow?

You don't need to have a large available space at home in order to start a vegetable garden. A well-tended smaller garden will actually yield more vegetables than a larger counterpart that is ill-managed. If you live in an apartment or if space is very limited, you can choose to grow in containers housed on a deck or balcony.

Regardless of your garden's size, there are some key requirements for successful growing:

  1. Sunlight - Most vegetables require anywhere from six to eight hours of direct sunlight each day. Plants that don't get enough light typically bear less and are more susceptible to attacks from diseases or pests. Leafy vegetables such as spinach and lettuce can be grown in the shade if you don't have access to a spot in full sunlight. Cool-season varieties such as peas can also be grown in partial shade.
  2. Water - Most vegetables require regular water in order to survive. While a full-scale irrigation system isn't necessary, the closer your garden is to a water source the easier time you will have keeping vegetables well-watered.
  3. Soil - Plants tend to thrive in moist, well-drained soil rich in organic nutrients. When using containers to grow vegetables, make sure to use a potting mix designed for containers (most contain equal parts clean sand, perlite, vermiculite, potting soil and peat moss).
  4. Convenience - Many home gardeners like to locate their vegetable patch close to the kitchen, making it easier to harvest fresh produce while cooking. If your only suitable growing spots aren't conveniently located, consider keeping a few favorite potted veggies on handy indoor counters.

What to Plant?

The next step is to determine what you'll be growing in your garden. Begin by examining the types of vegetables your family eats throughout the year. First time gardeners have been known to plant more than they either need or can manage. To begin, follow the old adage that "less is more." Seed catalogs can help you narrow down your choices, or you may seek help at your local home and garden store.

Remember that certain types of vegetables such as peppers and tomatoes produce throughout the year, while others such as carrots or corn produce only once. You may need to plant more of the latter as a result. During your first growing season, you may want to plant several varieties of each vegetable to determine which will grow best in your garden.

Row Cropping Vs. Intensive Cropping

Home gardens typically adhere to two basic designs:

Row Cropping - vegetables are planted in single file rows with a walking path between each row. This layout is especially effective for larger gardens, and allows space to use mechanical tillers and for weed control. The drawback of row cropping is that fewer vegetables are planted in a given area, making it less suitable for small gardens.

Intensive Cropping - vegetables are planted in wide bands from one to four feet across. The closer spacing of the plants usually necessitates hand weeding. Because of this, the width of the bands should not exceed easy reach. Intensive cropping allows for more flexible garden layouts. Many gardeners will leave certain areas unplanted initially, allowing additional crops to be planted and harvested later in the season.

Upkeep

Vegetables generally require a steady supply of water. If you have indoor/covered plant containers or if rain isn't plentiful, you'll need to handle watering detail. Always water when the topmost inch of soil is dry. In-ground crops may require watering once or twice a week, while faster-draining raised beds or containers will likely require watering every other day.

For maximum results, consider applying a packaged vegetable fertilizer. Always follow the provided instructions and avoid applying more than the recommended amount. If you are planning an organic garden, you'll want to dig in high quality compost during the initial planting. Organic fertilizers may also be used if desired.

Weeds are the bane of every gardener: they compete with your vegetables for nutrients and water. Discourage weed settings by using a hoe or hand fork to regularly stir the top inch of soil (this is known as cultivation).