Housing heats up in booming growth cities

By Lisa Gibbs and Amanda Gengler   @Money April 3, 2014: 3:58 PM ET

NEW YORK (Money Magazine)

To sort out what you can expect in real estate this year, MONEY zeroed in on four markets: upscale neighborhoods, new investor favorites, booming growth cities, and once-busy areas that have quieted down. Whether your local real estate market is heating up or cooling off, here's what you need to know about buying, selling or renovating your home.

BOOMING GROWTH CITIES

Where employment -- and prices -- will rise

Markets with good job growth will top average housing appreciation.

Metro area	Est. 2014 job growth	Est. 2014 price gain
Fort Worth	2.7%	8.9%
Baltimore	2.4%	8%
Salt Lake City	2.4%	6.3%
Tampa	2.3%	8%
Indianapolis	2.2%	6.6%
National average	1.8%	4.2%

NOTES: All projected price increase data throughout the story for Q3 2013 through Q3 2014. Job growth for 2014. Unemployment as of Dec. 2013. SOURCES: CoreLogic, Moody's Analytics, BLS

Areas with strong job growth and swelling populations should post big gains this year, says CoreLogic chief economist David Stiff. This may sound like common sense, but it hasn't always been the case: In 2013 the largest price increases were in places that attracted investor buyers, who were drawn by good deals, not good jobs.
For sellers living near major employment hubs or in mushrooming technology hotspots, 2014 is shaping up to be a good year. Buyers, though, will face higher prices and fewer available homes, due in part to competition from relocating workers. In job-creation juggernaut Fort Worth, for instance, there's now just a three-month supply of homes on the market (in January the U.S. average was nearly five months).
How you'll know: Check local stats at bls.gov/eag. Look for upward trends in the number of new jobs and a falling unemployment rate that's lower than the national average (6.6% in January). To see if your town is headed the way of Fort Worth, compare your area's "median age of inventory" numbers on Realtor.com's Trends page with the U.S. average (115 days in January). A lower number is a sign of a tight market.
BUYERS
Be a creative shopper. Sign up for immediate new-listing alerts from your multiple-listing service, realtor, and sites like Zillow, which includes for-sale-by-owner houses that may not show up elsewhere. Zillow also has Make Me Move listings: homes that aren't currently for sale, but where owners have posted a price they'd consider.
Related: 10 fastest growing cities
Can you afford a premium of 10% to 15% over an existing house? You may also be able to dodge competition by shopping for a new home. A caveat: Most builders are postponing construction until they have a buyer, so you won't be able to move in for at least four to six months, says Stephen Melman of the National Association of Home Builders.
Be mindful of rates. The average interest rate on a 30-year fixed loan is predicted to climb from the current 4.4% to 5.3% by the 2015 spring buying season, according to Freddie Mac. For a $250,000 loan, that means that a borrower who waits would pay $136 more per month and an additional $49,090 in interest over the life of the loan. Will you need a big loan? Better to act soon before rates tick up.
Calculator: How much house can you afford?
Go beyond a pre-approval. Stand out by collecting all your paperwork and going through underwriting before you shop. "That's almost as good as cash," says Betty Taisch of the San Francisco Association of Realtors. After you make an offer, ask your lender to call the listing agent to confirm you're ready to go.
Don't give up if you lose a bidding war. Deals can fall apart, so check in with the listing agent weekly until the sale closes. "It is a great way to sneak in with little competition," says Taisch.

 

What's your dream home?

SELLERS
Don't get greedy. Better to price low and receive multiple bids than aim too high and have to cut. Use the past three months of sales data to find a good number.
Multiple bids? To increase chances of a smooth sale, you or your listing agent should call each buyer's lender to verify that he has been vetted and can move quickly. With inventory tight, you may also want to negotiate to stay in the home for a month or two until you've found a new place.
OWNERS
Price a remodel. Like your neighborhood but ready for an upgrade? Look into renovating before you consider a move. Get bids from at least three contractors to assess the cost of improving your current home. Then compare that figure with the price of relocating. Selling a $350,000 home, for instance, you'd pay $21,000 (or 6%) to your agent -- and that's before closing and moving costs. For that, you could redo a master bath or upgrade a kitchen.

Send a letter to the editor about this story to money_letters@moneymail.com.

First Published: April 2, 2014: 9:23 AM ET

Mother's Day Luncheon

City Events

View List By: Printable Version:

Mother's Day Luncheon Parks and Recreation Programs - Programs  Location:  601 Chestnut Street, San Carlos May Flowers Mother's Day Luncheon $12 - advanced ticket sales $14 - if purchased week of luncheon (Must purchase tickets in advance at the ACC Front Desk) Doors Open at 11:15AM ~ Lunch will be served at 11:30AM Menu - Caesar Salad, Chicken Parmesan, Baked Ziti Pasta, Creamed Spinach, Strawberry Cheesecake, Glass of Wine or Cider, Coffee or Tea Entertainment provided by:  Rick Slyter & Nate Ginsberg Sponsored by:  Friends of Adult Community Center Vegetarian meals available upon request with 3-day advance notice for Friday luncheons only. All meals subject to change without notice. Click Here for more Info Date:  5/9/2014 Time:  11:30 AM Contact: ACC @ 650-802-4384 Add to my Outlook Calendar:

City Events

City Events View List By: Printable Version:   Hot Harvest Night City of San Carlos Events - Annual Events  Location:  700 Block of Laurel Street. Downtown San Carlos Sponsored by the San Carlos Chamber of Commerce, Hot Harvest Nights features certified produce and specialty foods, musical entertainment and walk-away food. Stores throughout San Carlos' acclaimed downtown will be open for your exploration and enjoyment. Bring the entire family to enjoy this popular annual event. Date:  5/8/2014 Time:  4:00 PM - 8:00 PM Contact: Wendy Schettino @ (650) 593-1068 Add to my Outlook Calendar:

Results of Community Survey

4/9/2014

The City of San Carlos conducted a Community Satisfaction Survey in January 2014 and the results are now available to the community. A formal presentation before Council is scheduled for Tuesday, May 27, 2014.

The goals of the survey were to provide the City with a statistically reliable understanding of community satisfaction, priorities and concerns as they relate to services and facilities provided by our City government. The survey included:

- assessing perceptions of the quality of life in San Carlos
- identifying important issues and services
- measuring resident satisfaction overall and in specific service areas
- gathering opinions on topics such as parks, traffic circulation, parking and public safety
- evaluating perceptions of local government and customer service
- determining the effectiveness of communication with the City

5 Simple Water Saving Tips for California’s Drought

Across social media platforms, California has been dubbed the “LOL” state of the country, referring to our perpetually perfect weather, while the rest of the United States grapples with snow storms and Polar Vortexes. Our more-than-sunny disposition, however, is no laughing matter for the Golden State. (Although it’s difficult to avoid chuckling at hashtags like #SolarVortex in reference to our state’s uncharacteristic 70-degree weather this January). 2013 was the driest year on record in California, motivating Gov. Jerry Brown to declare a statewide drought emergency last week. And that means Californians are now being asked to voluntarily cut our water usage by 20%. Coldwell Banker Residential Brokerage in California pulled together a few simple steps we can take, right now, to aid in the preservation of the precious and limited reserves we have during this time of crisis. Here are some indoor tips provided by the Metropolitan Water District of Southern California and the Family of Southern California Water Agencies: 1. Wash only full loads of laundry and dishes. Instituting this very simple policy of half-full-dishwashers-no-more can lead to water savings of up to 50 gallons per week. Makes sense. 2. Fix household leaks promptly. On average, homes across America can create water waste of up to 10,000 gallons a year due to dripping faucets, running toilets and other types of leaks. Many public water utility agencies offer free in-home analysis of leak detection and water-saving equipment, including low-flow shower heads and faucet aerators, as an initiative to help residents in water conservation efforts. Check with your local water authority for information and opportunities to become water-wise. 3. Spend only five minutes in the shower. This may be one of the easiest yet challenging methods of conserving our precious resource of water. That long, hot, steamy shower can cost you up to eight gallons! In addition to installing a low-flow showerhead, there is also help for trimming the length of a shower to five minutes-the shower timer! Many products are out there on the market to choose-from the very basic to more elaborately designed models, literally, with bells and whistles. No quarters necessary. 4. Turn off the water while brushing your teeth. Tick-tock-tick-tock-approximately 2.5 gallons per minute are circling the drain while you’re scrubbing your pearly whites. A matter of mindfulness and creating a new habit. They say that only takes 21 days-consider a note on the bathroom mirror until the practice “sinks in.” 5. Install the latest water-saving equipment, like high-efficiency toilets and clothes washers. There may be a rebate program in effect to offset the cost of purchase, so check with the public water authority in your area. It’s worth a look.

3 Questions to Ask Before Buying a Home

by The KCM Crew on January 20, 2014 in For Buyers 1.20 VisualIf you are thinking about purchasing a home right now, you are surely getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is currently happening in real estate. Let’s look at whether or not now is actually a good time for you to buy a home. There are three questions you should ask before purchasing in today’s market: 1. Why am I buying a home in the first place? This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with finances. A study by the Joint Center for Housing Studies at Harvard University reveals that the four major reasons people buy a home have nothing to do with money: A good place to raise children and for them to get a good education A place where you and your family feel safe More space for you and your family Control of the space What non-financial benefits will you and your family derive from owning a home? The answer to that question should be the biggest reason you decide to purchase or not. 2. Where are home values headed? When looking at future housing values, we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number. Here is what the experts projected in the latest survey: Home values will appreciate by 4.3% in 2014. The cumulative appreciation will be 28% by 2018. Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of over 16.8% by 2018. 3. Where are mortgage interest rates headed? A buyer must be concerned about more than just prices. The ‘long term cost’ of a home can be dramatically impacted by an increase in mortgage rates. The Mortgage Bankers Association (MBA), the National Association of Realtors, Fannie Mae and Freddie Mac have all projected that mortgage interest rates will increase by approximately one full percentage over the next twelve months. Bottom Line Only you and your family can know for certain the right time to purchase a home. Answering these questions will help you make that decision.

How to Dry Concrete Floors

by Kristy Robinson, Demand Media Use a propane torch to dry garage or patio floors quickly. Concrete slab floors take up to 90 days to fully cure, or harden and dry. Unfortunately, that means waiting to install a new, more attractive floor, which is not what most builders or homeowners want. Moisture in the floor, even if there’s no standing water, interferes with the adhesion of glue and mortar products. Luckily, there are things you can do to speed up the process. These same techniques work well if you’ve had a flood or moisture seeping into a basement and want to prevent mold from developing. 1. Sweep the floor to remove all dust and debris where no standing water is present. Scrape up excess adhesive or other matter on the floor that can hold moisture or catch fire. 2. Vacuum up standing water from the floor with a wet vac. Empty the wet vac before it becomes full to prevent the water from coming back out or the machine becoming too heavy to lift. Dump the water away from the foundation of your home so that it doesn’t seep back in. 3. Raise the temperature in the room as high as possible. A temperature of 90 degrees is preferred to add energy to the excess water in the slab enabling faster curing. Place a humidifier in the room and set it to lower the humidity to 10 percent. 4. Tape a piece of plastic sheeting to the floor tightly. Leave the room closed off for three days, and then come back and test underneath the plastic with a dew point hygrometer. This tool tells you the humidity level of the concrete. Compare the humidity level with the tile or carpet adhesive manufacturers’ guidelines to determine if the moisture level is low enough for installation of the product. 5. Put on long pants, a long sleeve shirt and heat-resistant gloves. Remove all flammable obstacles from the room. 6. Assemble the propane torch parts, inspecting each to make sure there is no damage and no o-rings are missing. Connect the torch assembly to a 20-pound propane tank according to manufacturers’ directions. Place the propane tank in the center of the room for maximum mobility. 7. Test the torch for any leaks by shutting off the torch adjustment valve and opening the supply valve on the tank. Tighten or replace any parts of the torch assembly where there is a leak. Close the shut-off valve on the tank and open the torch adjustment valve after testing to release any gas in the torch. 8. Close the torch adjustment valve and leave it for 30 seconds. Open the shut-off valve on the tank slowly. Point the torch away from the tank and turn the adjustment valve just until you hear gas escaping. Hold the igniter near the end of the torch and strike it to light the torch. 9. Hold the torch so that the flame is 6-inches off the concrete floor. Wave the torch from left to right slowly over a small area. Keep the torch moving and walk slowly to a new area as you complete one portion of the floor. 10. Shut off the tank supply valve. Disconnect the torch assembly from the tank and leave it to cool before storing. Things You Will Need Broom Scraper Wet vac Humidifier Long pants Long sleeve shirt Heat-resistant gloves Propane torch 20-pound propane tank Tips Only use a propane torch approved for indoor operation. Warnings Propane torches provide up to 3000 degrees of instant heat. Use extreme caution when working with the torch and follow all manufacturers’ safety guidelines to avoid injury. Propane torches are not recommended for use in enclosed spaces due to the inability of the propane tank to withstand temperatures above 120. The heat from the torch raises the temperature in the room above that level quickly.