Paul Lorenzetti

Associate Broker

PA License # AB066326

RE/MAX of Lebanon County

1518 Cumberland Street

Lebanon, PA 17042

Office: (717) 270-8808

Cell: (717) 304-9524

Direct: (717) 270-2897

FAX: (888) 568-5444

Serving lebanon pa real estate, palmyra pa real estate, annville pa real estate, cleona pa real estate, cornwall pa real estate, lancaster pa real estate, myerstown pa real estate and hershey pa real estate needs

Paul's Blog

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April 10, 2012

10 home maintenance tips for spring

When was the last time you checked your foundation vents?

By Paul Bianchina
Inman News®

The sun is peeking out and the plants are starting to blossom, so it must be about time for spring chores again. Here's my annual spring checklist of important issues to tend to around the house.

1. Roofing repairs: If you suspect winter storms may have damaged your roof, it needs to be inspected. (If you're not comfortable with the height or steepness of your roof, hire a licensed roofing contractor for the inspection.) Look for missing or loose shingles, including ridge-cap shingles.

Examine the condition of the flashings around chimneys, flue pipes, vent caps, and anyplace where the roof and walls intersect. Look for overhanging trees that could damage the roof in a wind storm, as well as buildups of leaves and other debris.

If you have roof damage in a number of areas, or if older shingles makes patching impractical, consider having the entire roof redone. Also, remember that if the shingles have been damaged by wind or by impact from falling tree limbs, the damage may be covered by your homeowners insurance.

2. Check gutters and downspouts: Look for areas where the fasteners may have pulled loose, and for any sags in the gutter run. Also, check for water stains that may indicate joints that have worked loose and are leaking. Clean leaves and debris to be ready for spring and summer rains.

3. Fences and gates: Fence posts are especially susceptible to groundwater saturation, and will loosen up and tilt if the soil around them gets soaked too deeply. Check fence posts in various areas by wiggling them to see how solidly embedded they are.

If any are loose, wait until the surrounding soil has dried out, then excavate around the bottom of the posts and pour additional concrete to stabilize them. Replace any posts that have rotted.

4. Clear yard debris: Inspect landscaping for damage, especially trees. If you see any cracked, leaning or otherwise dangerous conditions with any of your trees, have a licensed, insured tree company inspect and trim or remove them as needed.

Clean up leaves, needles, small limbs and other material that has accumulated. Do any spring pruning that's necessary. Remove and dispose of all dead plant material so it won't become a fire hazard as it dries.

5. Fans and air conditioners: Clean and check the operation of cooling fans, air conditioners and whole-house fans. Shut the power to the fan, remove the cover and wash with mild soapy water, then clean out dust from inside the fan with a shop vacuum -- do not operate the fan with the cover removed.

Check outdoor central air conditioning units for damage or debris buildup, and clean or replace any filters. Check the roof or wall caps where the fan ducts terminate to make sure they are undamaged and well sealed. Check dampers for smooth operation.

6. Check and adjust sprinklers: Run each set of in-ground sprinklers through a cycle, and watch how and where the water is hitting. Adjust or replace any sprinklers that are hitting your siding, washing out loose soil areas, spraying over foundation vents, or in any other way wetting areas on and around your house that shouldn't be getting wet.

7. Check vent blocks and faucet covers: As soon as you're comfortable that the danger of winter freezing is over, remove foundation vent blocks or open vent covers to allow air circulation in the crawl space.

While removing the vent covers, check the grade level around the foundation vents. Winter weather can move soil and create buildups or grade problems that will allow groundwater to drain through the vents into the crawl space, so regrade as necessary. Remove outdoor faucet covers. Turn on the water supply to outdoor faucets if it's been shut off.

8. Prepare yard tools: Replace broken or damaged handles, and clean and condition metal parts. Tighten fittings and fasteners, sharpen cutting tools and mower blades, and service engines and belts in lawn mowers and other power equipment.

9. Change furnace filters: Now is the time to replace furnace filters that have become choked with dust from the winter heating season. This is especially important if you have central air conditioning, or if you utilize your heating system's fan to circulate air during the summer.

10. Check smoke detectors: Daylight Savings Time snuck up early again this year, and that's usually the semi-annual reminder to check your smoke alarms. So if you haven't already done it, now's the time. Replace the batteries, clean the covers, and test the detector's operation before it's too late.

If you have gas-fired appliances in the house, add a carbon monoxide detector as well (or check the operation of your existing one). CO2 detectors are inexpensive and easy to install, and are available at most home centers and other retailers of electrical parts and supplies.

Remodeling and repair questions? Email Paul at paulbianchina@inman.com. All product reviews are based on the author's actual testing of free review samples provided by the manufacturers.

01/24/2012

Housing Crisis to End in 2012 as Banks Loosen Credit Standards

By: Krista Franks Brock

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.

The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.

Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.

However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.

Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.

Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”

In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.

While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.

Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generate actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.

2/29/2012

NAR: Pending real estate sales jump in January

Existing-home sales expected to rise 6.8% this year

By Inman News
Inman News®

More homes went under contract in January compared to December and a year ago, according to an index released today from the National Association of REALTORS® that tracks pending sales of existing U.S. homes.

NAR's Pending Home Sales Index, which is based on purchase contracts signed but not yet closed, rose 8 percent from January 2011 and 2 percent from a downwardly revised 95.1 percent in December, to 97. According to revised figures, that's the highest index score since April 2010, just before the deadline for a federal homebuyer tax credit program, when the index was at 111.3.

Lawrence Yun, NAR's chief economist, said in a statement that "the trend in contract activity implies we are on track for a more meaningful sales gain this year."

"Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery," Yun added.

The index typically represents about 20 percent of all existing-home transactions nationally. An index score of 100 is equal to the average level of sales contract activity in 2001, which was the first year examined by the trade group and a robust year for existing-home sales. The national index has not been above 100 since April 2010.

The index rose year over year in all four U.S. regions with the Midwest seeing the highest increase. That region saw a 10.8 percent jump, to 88.1, though the index fell 3.8 percent compared to December.

The South experienced a similar yearly increase in January, 10.5 percent, and the largest monthly increase, 7.7 percent, to 109.1 -- the highest index score among the regions.

The index rose 9.8 percent year over year and 7.6 percent month to month in the Northeast, to 78.2 -- the lowest index score among the four regions.

Pending sales in the West remained nearly flat in January, with the index rising a slight 0.7 percent on a yearly basis last month, to 101.9. The index fell 4.4 percent from December.

In its latest economic outlook, also out today, NAR projects existing-home sales will rise 6.8 percent to 4.55 million units in 2012, from 4.26 million units in 2011. In 2013, sales are expected to rise 3.3 percent to 4.7 million.

The trade group expects the median price for existing homes to rise a slight 1.1 percent this year, to $168,000, with a subsequent 2.4 percent rise in 2013 to $172,000.

NAR predicts rents will rise 3.3 percent this year, followed by a 3.8 percent increase in 2013.

The forecast also anticipates new-home sales will rise 21.3 percent in 2012 to 370,000, and jump 37.8 percent in 2013 to 510,000. New-home sales fell 5 percent in 2011 to 305,000.

NAR estimates this year's median price for new-home sales will be $228,000, a 2.1 percent rise from 2011. NAR expects the median will rise 3.5 percent to $236,000 in 2013.

The trade group expects this year's real gross domestic product growth rate to be 2.4 percent, followed by a rate of 3.1 percent in 2013, up from 1.7 percent in 2011.

NAR expects this year's unemployment rate to average 8.3 percent, down from 9 percent in 2011, and projects a drop to 7.7 percent in 2013.

The 30-year fixed mortgage rate averaged 4.5 percent in 2011 and will fall to 4.2 percent in 2012 before rising to 4.9 percent in 2013, according to NAR's projections.

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