"Unpacking the Hidden Costs of Moving"
Wall Street Journal (09/11/98) P. W4; Paik, Felicia

Many homeowners who have moved have experienced problems with movers, most of them stemming from costs higher than what they were told. Choosing the right mover can be a difficult process, because the estimates often vary greatly. The price of the move can be based on a number of factors, including hourly rates, cubic feet, possessions, and even guesses. For these reasons, families who are moving should at least know what their options are. Estimating the cost based on cubic feet may be the most effective, but if movers can afford it, they should work with a professional organizing company. There is no guarantee that estimates will not change, especially since few lenders are willing to give a binding estimate. Both personal and corporate moves have increased significantly in the past five years, according to the American Moving and Storage Association, and there is no specific agency that regulates the activities of moving companies. To know their rights, moving families can receive "Your Rights and Responsibilities When You Move," issued by the government to give consumers some protection.

"Elite Home Prices"
Wall Street Journal (09/11/98) P. F33/1

Claritas and First American RES recently teamed up to determine average home-sale prices in several of the nation's most upscale communities. Ranking first among those surveyed was Menlo Park, Calif., where the average sale price of home came to $1,493,328. Not far behind was Alpine, N.J., with a recent average sale price of $1,450,000. Most of the other neighborhoods studied, fell into a mid-pricing range of $450,000 to $700,000. They included: Mountain Lakes, N.J., $458,350; Lake Forest, Ill., $496,352; Great Falls, Va., $524,139; San Marino, Calif., $649,759; and Weston, Conn., $673,781.

"Builders Association Sponsors Homebuyer's Seminars"
PRNewswire (09/09/98)

Choosing the Right Builder for You, The Advantages of Living in a Townhome, and Mortgage Shopping: What to Consider will be among the home buying seminars offered during the Parade of Homes Fall Showcase of the Builders Association of the Twin Cities. The free seminars are scheduled to take place at the new offices of the builders association in Roseville, Minn., Saturday, Sept. 12, 19, and 26. For more information, visit http://www.paradeofhomes.org.

"How Teresita Hamman Bought Her Home"
Christian Science Monitor (09/09/98) P. B4; Holmstrom, David

Teresita Hamman of Santa Fe, N.M., is one of many local residents who have taken advantage of the Neighborhood Housing Services (NHS) program. Under the program, Hamman purchased a home for $110,000 and received an additional $15,000 in mortgage funds at no interest. If she sells the home, she will keep any remaining equity after paying the second mortgage. "It's important to know that young people can buy a house in Santa Fe and have a future," said Hamman.

"Bidding Wars"
Los Angeles Times--Washington Edition (09/06/98) P. K1; Geffner, Marcie

According to Los Angeles-based freelance writer Marcie Geffner, all it takes for a home that is in good condition to attract multiple offers on today's market is for the seller to put the residence up for sale at the right time and right price. Bob Stallings, a broker-owner of Long Beach, Calif.-based Re/Max Real Estate Specialists, agrees. "Sellers see [home prices] are going higher, so they want to go a little higher," says Stallings. Sometimes it works and sometimes it doesn't. You can end up having to wait for the market to catch up with you." Timing is just as important to expose the home to as many prospective buyers as possible. However, what sellers may not realize is that some real estate agents keep the home off the multiple listing service (MLS) for some time so that a buyer that the agent or the office represents has the opportunity to purchase the home. A listing agreement states that the home must be put on the MLS within 24 hours to ensure that the residence is on the market in time for large numbers of buyers to know that it is up for sale.

"A Call for Painted Ladies"
Baltimore Sun (09/08/98) P. 1B; Stiehm, Jamie

Residents of the neighborhood of Charles Village in North Baltimore are entering a contest funded by a grant from the Annie E. Casey Foundation that awards families who make their home facades more colorful and appealing. The theme of the contest follows the "painted ladies" trend that originated in San Francisco, where many homes featured colorful porches described by 19th century architect Andrew Jackson Downing as resembling facial features. But in Charles Village, aside from inspiring more colorful homes, the contest is also designed to make the neighborhood seem more pleasant and safer for children and new residents. The first prize in the contest is $3,000. Neighborhood residents Steven Rivelis and Dawna Cobb came up with the idea for the contest and felt it could help transform the neighborhood of Charles Village and other surrounding communities.

"Home Inspection Provides a Firm Foundation for Protecting Buyer and Seller"
Washington Post (09/05/98) P. E10; Kass, Benny L.

Every home buyer should have a potential property inspected by a professional inspector and should make the purchase contingent on a satisfactory inspection, according to real estate lawyer Benny Kass. Buyers often purchase their homes based on emotion rather than reality, and an inspection will make sure buyers know they are purchasing a home in good condition. It is also beneficial for home sellers to allow an inspection because, if the inspection reveals defects in the home, the buyer can get out of the contract earlier, rather than causing complications by backing out of the contract at the last minute or after the sale. A positive inspection will also give the buyer more confidence in the home. There are generally two types of inspections, one which gives the buyer the right to cancel the contract for any reason, and another which allows the seller to make some repairs before allowing the purchase. When looking for a home inspector, buyers should contact the American Society of Home Inspectors to make sure they find an inspector with a good reputation. Home buyers can also ask their real estate agent for recommendations, but they should ask for at least three names. Finally, buyers should also ask every possible inspector about their liability provisions.

"State Farm Will Restore Coverage--But Not Here"
Miami Herald (09/05/98) P. 1C; De Lollis, Barbara

Homeowners in Miami-Dade, Broward, Palm Beach, Hillsborough, and Pinellas counties will not have their hurricane coverage restored by State Farm. The policy changes--filed on Wednesday by the largest insurer in Florida to restore coverage--will not affect the South Florida counties. The coverage restriction "was one of the things we were trying to do to control our exposure to hurricane losses," said Tom Haggerty, spokesman for State Farm. He added that the company has lowered its exposure in 62 of the 67 counties to the point where it is able to remove the restrictions.

"Aging Housing Stock has Homeowners Hammering, Sawing, Demolishing, and Adding"
Chicago Tribune (09/06/98) P. 16-1; Beatty, Allison E.

A number of factors are causing a growing number of homeowners across the country to remodel their homes. Over the last five years, the remodeling industry has grown significantly and could reach $121 billion this year, according to the U.S. Census Bureau. One of the main factors is an aging housing stock, particularly in the Northeast and Midwest. "Houses designed and built 50 years ago don't work well with today's families," said Orren Pickell of Orren Pickell Builders Inc. In addition, many families are simply choosing to expand the size of their homes, and a strong economy and low interest rates are allowing them to do so. Another factor is the growing number of families that are moving, according to the National Association of Realtors. These families will often make improvements to their homes before selling them so they will be marketable. In other cases, families choose to remain in their homes and remodel them rather than going through the hassle of moving. The most common remodeling projects involve kitchens, bathrooms, and room additions. In Chicago, new construction has helped the building industry expand, with additional activity occurring in houses more than 15 years old.

"MCDA Has Expanded Mortgage Offerings"
Minneapolis Star Tribune (08/29/98) P. H2; Gendler, Neal

The Minneapolis Community Development Agency (MCDA) is making housing more affordable for middle-income families by offering qualified borrowers 30-year, fixed-rate mortgages at 6.4 percent, which is the lowest interest rate in history. Loans of up to $200,640 will be available to households earning as much as $106,400, and some loans of up to $267,520 will be available to households earning as much as $121,600. The mortgage offering is being backed by $20.5 million in city housing bonds by Fannie Mae. The mortgage program should bring more middle-class households to the city.

"Growth is Universal"
Illinois Real Estate Journal (08/17/98) Vol. 1, No. 17; P. 19

Development in Aurora, Ill., has spurred growth beyond simply residential real estate, stimulating the expansion and creation of additional retail, commercial, and entertainment-related businesses in the region. Within the past 15 years, Executive Director of the Aurora Economic Development Commission, Paul Borek estimates that about 20 million square feet of new growth and 10,000 new jobs have been created. Just over the past four years, upwards of 5,000 new homes have been constructed and the local population is expected to increase from 125,000 to 148,000 by 2010. In addition to its booming residential market, this so-called "self-contained community" has also sparked the development of three new golf centers, an indoor soccer facility, and two local water parks. As Borek explains, "All forms of commercial and residential development are interdependent. ... Aurora is a self-contained community, where business owners and new employees can live in the same neighborhoods."

"Sold"
Montgomery Business Gazette (09/98) Vol.3, No. 10; P. 28; Daniels, Alex

The housing market is finally growing in Montgomery County, despite better rate increases in new home sales in other counties surrounding Washington, D.C., like Fairfax, Va. Finally, after years of stagnation, Montgomery County housing prices are moving back toward the double-digit growth of the 1980s, though County developers know it will never be like those boom days. Remax Plus agent Jacques Bankier remarks, "People are more confident with the economy. The gates are opening and people are making their move." While building and sales figures indicate positive change, the rate of job growth and the volatile Dow make it too soon to tell if the 10 year crunch is lifting. As Stephen Eckert, president of the Classic Community Corporation of Bethesda, Md., notes, the market has at least improved since last year.

Published: September 11, 1998

Use of this article without permission is a violation of federal copyright laws.