With the NATIONAL ASSOCIATION OF REALTORS® estimating that over 1 million homes will end up in foreclosure during the next couple of years, prospective buyers might view the situation as a means of snapping up a residence at a bargain price.

However, experts note that foreclosure sales can be dicey, with the riskiest deals involving homes purchased at auction. While this format offers the greatest chance of a deep discount, buyers must provide payment at the time of the sale, making a deal without having the property inspected or an assurance that the current residents will vacate the premises. Read more

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In March, I indicated that the assessment issue is almost impossible to handle in one column. Since this issue has become the hot-button issue of the year, I felt that a follow-up column was needed. In appealing our most recent assessment, I received a call from the Richmond city assessor’s office asking if I was willing to have the assessor visit our house for a walk-through. There is a risk in saying yes, since there is no obligation on the part of a property owner to allow the assessor to enter the property, and you never know how it will turn out. I haven’t heard the results of the assessor’s visit yet, but I have some ideas for future appeals if they become necessary. Here are some strategies to keep in mind: Read more

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If you’re among the many homeowners now straining under the weight of a too-big housing payment, you’re not doing yourself any favors by ignoring the problem. “If you are shortchanging other goals, such as saving for retirement, that’s a sign it might be time to rethink what you are doing,” says Bobbie Munroe, a financial planner in Atlanta. Instead, try the following strategies to avoid having your home wreck your finances: Read more

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His and Her bedrooms are the hot new trend in custom homes.

In a February survey by the National Association of Home Builders, builders and architects predicted that more than 60 percent of custom houses would have dual master bedrooms by 2015, according to Gopal Ahluwalia, staff vice president of research at the builders association.
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Whether the sellers have already moved out of their home, or if they’re just on a spring break vacation, it’s always smart to make a vacant home look like it’s lived-in. After all, empty homes are easy targets for theives and other criminals.

The Florida Association of REALTORS® offers this advice for making a home look like it’s occupied:

• Install timers on interior lights so they turn on and off periodically. Many timers cost less than $25. Some more costly products are capable of varying the time that your lights turn on. Also consider leaving your radio on and tuned to an all-news or talk show station.

• Install exterior lights that are controlled by motion sensors to make the home a more difficult target for prowlers. Read more

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The slowdown in the housing market hasn’t curbed consumers’ desire for upscale kitchens and baths, says American Institute of Architects Chief Economist Kermit Baker.

“Households continue to emphasize size, features, and high-end products used in their kitchens and baths even as the overall housing slowdown has encouraged many to scale back on their overall housing investment,” he says.

No longer just a place to cook, the kitchen has evolved into the most popular room in the house. “There’s a strong desire to integrate the kitchen with living space that allows for a more open home environment with the ability to converse and access entertainment options while in the kitchen,” says Baker.

In the most recent AIA design trends survey, 40 percent of architects report a trend toward larger kitchens. Almost one-third see separate kitchen facilities (other than the main kitchen) or secondary food preparation or food storage areas as also increasingly appearing in homes.

Kitchens also are an area where owners are likely to upgrade. “Upper-end appliances are becoming more popular, even for homes that aren’t at the upper end of a price range,” says Baker. Read more

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