Beginning March 1st, Fannie Mae and Freddie Mac will begin the process of allowing some home owners to cancel their underwater mortgage debt using a deed in lieu foreclosure alternative. If you are wondering how and if this applies to your home, read on.

If you have needed to move for job relocation, status changes, or reasons relating to illness or because of needs relating to military service, but couldn’t because of the inability to sell your home, you can benefit from this change. Deed-in-lieu transactions are being offered to struggling home owners who are current on their mortgage or less than 90 days late on their payments, although there are rules and consequences.

To qualify to turn over your home without penalty, you must have house payments that equate to equal or more than 55 percent of your monthly income and be able to show documented “hardship.” Your home must also be in good shape, meaning not damaged and relatively clean. The benefits of this option are that the decision making process can progress more quickly and simply, and that properties will remain in good condition helping neighborhoods improve, and in some cases, borrowers may even receive financial relocation assistance.

While this solution does not fit everyone’s needs (since it could require use of retirement funds to pay part of the loan balance) and is only valid for use on primary morgages, it definitely will be of help to some. Up to $6,000 can be used by mortgage lenders to negotiate loan release for borrowers. Find out more by clicking here.

In the last six years the housing market and mortgage lending professions have seen a lot of change. Click here to view Best Intentions: The Highs and Lows of the Home Affordable Modification Program, a report which outlines these historical events in the real estate market produced by the Consumer Federation of America.

The Super Bowl is almost here. Have you planned for a party in your home to watch the match up of the Baltimore Ravens and the San Francisco 49ers? According to the recent Big Game Survey conducted by Century 21, 84 percent of Super Bowl viewers will be watching the big game in a home, either their own or the home of a close friend this year! Maybe even YOUR home!

What can you do to plan for a great experience?

Review the ten tips below to see if you can incorporate a few of the ideas and host a winning Game Day in your home.

1. Food - Finger foods and plenty of drinks are necessities to this event. Place some near viewing areas and have other eating and drinking areas so guests can mingle away from the game, too.
2. Seating - Make sure you have enough chairs. You could even host a bring your own chair decorating contest to ensure that both teams are represented at the party.
3. Sound System - Test it out first keeping in my mind that as the game progresses, your guests’ cheers may get louder.
4. Big Screen - Have you set up multiple viewing areas or is your television screen large enough to accomodate those you’ve invited?
5. Friends - Mix it up – invite neighbors, co-workers, new friends and old stand-bys. Everyone loves a good game!
6. Set Up a Serious Watching Vs. a General Watching Station - Not everyone like the noise of a group when watching the game.
7. Decorations - Spruce Up your home with flags or balloons in team colors and other assorted favors. Make it fun! You could even cut out flags for your guests to throw throughout the game, too!
8. Kids? & Activities - Plan activities and babysitters for kids that will have them enjoying Game Day, as well. Perhaps enlist them in creating their own half-time game show to be seen after the game? Make score cards for rating the best Super Bowl commercial and pass them out as guests arrive and have them guess the score and winner as they walk through your door.
9. Parking - Warn neighbors about potential parking issues and let guests know where to park, too.
10. Reminders/Invites - Send out invitations and last minute reminders to ensure that your party is well attended and the talk of the town!

In an effort to be in the know about trends relating to your home, I consider it a good business practice to follow real estate news. When coursing through headlines, I came across one that captured my attention. “Architect to build home using 3-D printer” it read.

I pondered it for a second and then clicked through to read the article.

The article was a curious piece, but the reality that my clients are not likely to spend $5-6 million dollars on a paper house began to become clear and I moved on to the next piece of news.

I kept thinking about it, though, wondering how many of you (my clients) dream of building your home?

In case any of you do, I wanted to share some tips learned from the Association of Home Builders (NAHB) when they recently presented their 2012 Best in American Living Awards (BALA).  A quick look through the home designs and features points out emerging trends, giving you something to think and dream about should you want to build or even consider upgrades to your home.

Review the list below to see if your home thoughts are in line with the award winners.

• Pay Attention – Architectural features in everything from molding to cabinetry and flooring need to be in harmony with the flow and integrity of your home.
• Natural Lights Work – Using light tubes, skylights, window additions, and additional light fixtures, you can really change the look of your home.
• Make Mealtime Prep Areas Worthwhile – Common kitchen trends involve the use of Carrara marble and “islands” where you and your guests can create meals or socialize together in a less formal setting.
• Customize Your Home – Specifically consider adding outdoor entertainment areas and cooking spaces, pet-friendly spaces and wine rooms.
• Look Up! – Color and texture on ceilings is a changing trend, too.
• Plan for the (Un)Expected – When building or remodeling your home, keep in mind that flexibility is important. As the Greek philosopher Heraclitus noted, “Nothing endures but change.” Make plans in your home design that can expand to fit your needs now AND years into the future.

To see a clear idea of these principles in action, click here.

No matter where you live, outdoor entertaining at your home increases in importance as the weather warms. Adding a patio or balcony to your home can allow a quick escape from the daily cares of life and also is a way to truly enjoy your outdoor landscaping and available sunshine!

Besides being a great way to increase the usable space of your home, the addition of pavers, walkways, or textiles and out of doors furniture can really enhance your home satisfaction.

But the years of cutting photos from magazines, evaluating work samples, and “trying” to convey your ideas to a contractor are waning quickly. Traditional methods are evolving as more consumers seek home improvement ideas online and even on their phones! According to Houzz, a top online resource for home remodeling, 40 percent of their users are utilizing mobile devices to remodel their homes!

As you consider home additions, improvements, and landscaping for your home, where do you turn and what do you use for research? Houzz reports that 65 percent of their mobile audience uses iPads and 18 percent are Android users. The ability to show images, color palettes, materials and finishes directly with contractors and designers brings home remodeling to a new level.

Of course, consulting with your favorite realtors to discover recent trends and the improvements that will contribute the most to your home value is always helpful, too. Call me to discuss your home and what you can and “should” do to improve it and your outdoor landscaping.

Seasoned home buyers and first time home buyers have something in common. It may take a while to find your home.

In fact it could take months. According to the 2012 Profile of Home Buyers and Sellers, a report compiled by the National Association of Realtors® (NAR), the average home buyer spends twelve weeks or almost three months in their home search and considered ten homes.

While that may seem like a short length of time to some, most home buyers are anxious to move the process along. Working with a seasoned, local real estate agent can help you to do just that.

The benefits of using your neighborhood agent as a resource are multiple and many are outlined below.

• A local agent knows neighborhoods.
• A local agent has MLS access, but often has tips on preview properties that are not yet listed.
• A local agent has already toured area homes and can lead to you to the one that best suits you.
• A local agent canvasses community homes and may know of homeowners who are considering selling their home and need a reason, YOU.
• A local agent understands your neighborhood market AND current pricing trends.
• A local agent has a wealth of community resources and contacts.
• A local agent is easy to find and review online, making it easy to ask others about how quickly they found their home and how hard their agent worked to get it.
• A local agent is easy to meet so you can get your questions answered.

Click here to read other tips suggested by the Federal Trade Commission on how to select a real estate professional to represent you and your home needs and then call us.  Our team of local agents can find you new your home.

If you thought you no longer qualified for tax savings on improvements done in 2011 or 2012, you’ve had a reprieve. The American Taxpayer Relief Act of 2012 extended residential energy tax credits for existing energy efficient homes retroactively, meaning that certain improvements made on your home since the former expiration date of 2011 now can be applied.

In fact, the extension actually gives you an extra year if you are still working on a project or would like to start one, since the wording has been changed requiring that the improvement must be started by December, 31, 2013 to qualify.  Not all energy-efficient measures and appliances are approved, so if you installed or are thinking of installing a biomass stove, HVAC system, insulation or roofing, non-solar water heater, or windows, doors, and skylights in your home in 2011, 2012, or 2013, you should take a more detailed look at the credit outlined in the Taxpayer Relief Act.

Residential tax credit information is found on the Internal Revenue Service form 5695 relating to items that qualify for a 10% credit of up to a lifetime limit of $500. Please note that window replacement in your home can only represent up to $200 of that credit. If you purchase or purchased a geothermal heat pump, solar energy system, wind energy system, or fuel cell, you may be entitled to credits of up to 30% of their cost until 2016, as well.

In addition, the American Taxpayer Relief Act of 2012 also extended contractors of non-manufactured energy efficient new homes a $2,000 credit and a $1,000 credit for manufactured energy efficient new homes, providing incentive for more energy-efficient homes to continue to be built.

As always, please consult with a qualified tax consultant for details on how these extension can affect you and your home or visit energy.gov for updates.

If you have been considering a short sale for your home, you’ll be excited to know that the Mortgage Forgiveness Debt Relief Act of 2007 was extended through the end of 2013.

The Mortgage Forgiveness Debt Relief Act extends mortgage cancellation relief for home owners and sellers through disallowing taxes on the portion of their mortgage debt forgiven by their lender.

As short sales have represented a large sector in the housing market of late, the extension is seen by many as key to a continued recovering housing market. According to the U.S. Foreclosure & Short Sales Report™ complied by RealtyTrac, the last quarter of 2012, showed short sales as representing 19 percent of residential home sales in the United States. See the full report by clicking here.

According to RealtyTrac Vice President Daren Blomquist, the increase in short sales and distressed properties showed that “both lenders and at-risk homeowners are realizing that short sales are often a better alternative than foreclosure.” Blomquist went on to explain that had the Mortgage Forgiveness Debt Relief Act expired, homeowners would have seen their income tax increase since the unpaid loan balance created by the short sale would have been considered taxable income for many home sellers.

With this recent extension, if you are a home owner interested in a short sale for your home, you now have until December 31, 2013 to benefit from the reduced taxes provided by Mortgage Forgiveness Debt Relief Act.

A quick look over the last few years has more than a few homeowners concerned about natural disasters and power outages. With cold weather quickly approaching (and some predicting an impending end to the world), it is important to take steps to ensure your safety and the safety of your home, in any situation.

One way of doing so is to secure adequate power for your home in the event of an emergency. Purchasing a fixed or portable gas-powered generator can bring peace of mind for many of the instances mentioned above, and particularly so if you run a small business from your home.

When purchasing a generator for your home and home office, you’ll find many choices making a little research necessary. For example, pricing factors may have you decide to purchase an 8000 watt generator knowing that you’ll need to adjust breakers for certain appliances, rather than a 10,000 watt generator that could cover your full needs. Generators can cost anywhere between $300 and $2,000 (and more) so consider asking a professional for advice or installation on this project and following these guidelines from FEMA.  Also, be sure to check the manufacturer model number and date to avoid purchasing a recalled machine.

• First, Determine Your Needs – Evaluate what essential appliances and electronics you will need to run if power is lost. Likely you’ll need to consult with an expert to determine the wattage or amperage needed to keep you powered in style (or at least a state of survival), but you can also check online to find calculators to determine the wattage you need. In addition to the generator, you will need heavy-duty extension cords (not those seen with typical household use) or a special switch and backup panel that allows for power transfers.
• Next, Determine Storage & Use Location Near Your Home – Your generator should be kept between ten and fifteen feet from the house to reduce any risk of carbon monoxide poisoning, however zoning specific to your area and manufacturer warnings should be heeded, as well.   A generator should ALWAYS be used outdoors, away from enclosed areas or areas near home ventilation.
• Lastly, Don’t Wait to Test – Once you have set up your generator, make sure it works properly BEFORE an emergency. Try out various appliances and see how well your power lasts. Checking the generator beforehand should also give you an idea of how quickly it uses fuel, allowing you to plan accordingly for the needs of your home. Once you are sure it works correctly and that you understand how to use it, prepare your generator for storage using the manufacturer’s guidelines and place a calendar reminder so that you remember to test it on a regular basis.

Have you been wondering what changes and developments in the 2013 housing market will mean for your home? If so, you’re not alone.

A series of  predictions  published on December 10, 2012 by Frank Nothaft, Vice President and Chief Economist of Freddie Mac may provide some clarity.

Review the bullet points below or watch the video focusing on five housing features outlined by Mr. Nothaft on expectations Freddie Mac holds in regards to the housing market and your home in 2013.

5 Freddie Mac Expectations For Your Home in 2013

• Mortgage Rates – Freddie Mac expects to see rates below 4 percent throughout 2013, making purchasing your home easier for most buyers.
• Home Values – Freddie Mac believes there will be an average increase in the value of your home between 2.5 and 3 percent over 2013, with some neighborhoods outperforming this estimate and others underperforming, creating a national average increase.
• Growing Number of Households – Freddie Mac predicts that an additional 1.25 million households (net household formations) will be created in 2013, providing more demand for your home.
• Decreased Vacancy – As new households are formed, more properties will be filled, allowing for a natural decline in the vacancy rate.
• Less Refinancing for SFR – Though rates will continue to be low throughout 2013, Freddie Mac suggests that single family residences will be doing less of the refinancing while a substantial increase will be seen in multi-family lending, resulting from accelerated building of apartment and multi-family investment properties.

Headlines about the fiscal cliff may lead you to think that housing transactions are tapering off, yet according to the Fannie Mae National Housing Survey for November, that simply is not the case. In fact, Americans are displaying more confidence in the housing market and economy than previously shown, which is good news for your home!

Doug Duncan, senior vice president and chief economist of Fannie Mae stressed in a recent report that, “Consumer attitudes toward both the economy and the housing market continue to gather momentum, with many of our 11 key National Housing Survey indicators at or near their two-and-a-half-year highs.” He continued by concluding that “attitudes about the current selling environment continue to improve, with a significant increase in those saying it would be a good time to sell.”

Five percent more of the November survey respondents believe now is a good time to sell a home (shown at 23%) as compared to October, recording the highest percentage in over 17 months. Nearly 41 percent of those surveyed felt that mortgage rates will be increasing soon and 14 percent believed home prices will decrease in the next twelve months, while 37 percent believed home prices would increase. Respondents are confident on the ability to get a mortgage, with 51 percent believing in the possibility.

Forty-eight percent of those surveyed predicted increases in rental prices and 67 percent reported that they would purchase a home if the need to move arose, giving you more options should you decide it is time to sell your home. Click here to access the Fannie Mae November survey data and graphs.