This Week's Supreme Court Ruling on ObamaCare Affects the Real Estate Market, too.

Watch the news this week, and keep tabs on the Supreme Court Ruling, especially if you are planning on selling your home and closing after January 1, 2013.
 
 "Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income, including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income.

In February 2010, 5.02 million homes were sold, according to the National Association of Realtors. On any given day, the sale of a house, townhome, condominium, co-op, or income from a rental property can push middle-income families over the $250,000 threshold and slam them with a new tax they can’t afford.

This new ObamaCare tax is the first time the government will apply a 3.8 percent tax on unearned income. This new tax on home sales and unearned income and other Medicare taxes raise taxes more than $210 billion to pay for ObamaCare. The National Association of Realtors called this new Medicare tax on unearned income “destructive” and “ill-advised” and warned it would hurt job creation. "

source: http:www//reflector.com

Buying or Selling a Home in Fairfield County? We'd love to represent you.

Feel free to email us here or visit our main  site at

www.CThomesAndRealEstate.com

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

The Importance of Bathroom Fans and Ducts

Bathroom ventilation systems are designed to exhaust odors and moist air to the home's exterior. Typical systems consist of a ceiling fan unit connected to a duct that terminates at the roof.

 

Fan Function  

 

 The fan may be controlled in one of several ways:

• Most are controlled by a conventional wall switch. 
• A timer switch may be mounted on the wall.
• A wall-mounted humidistat can be pre-set to turn the fan on and off based on different levels of relative humidity.

Newer fans may be very quiet but work just fine. Older fans may be very noisy or very quiet. If an older fan is quiet, it may not be working well. Inspectors can test for adequate fan airflow with a chemical smoke pencil or a powder puff bottle, but such tests exceed InterNACHI's Standards of Practice.

Bathroom ventilation fans should be inspected for dust buildup that can impede air flow. Particles of moisture-laden animal dander and lint are attracted to the fan because of its static charge. Inspectors should comment on dirty fan covers.

 

Ventilation systems should be installed in all bathrooms. This includes bathrooms with windows, since windows will not be opened during the winter in cold climates.

 

Defects

 

The following conditions indicate insufficient bathroom ventilation:

• moisture stains on walls or ceilings;
• corrosion of metal;
• visible mold on walls or ceilings;
• peeling paint or wallpaper;
• frost on windows; and
• high levels of humidity.

The most common defect related to bathroom ventilation systems is improper termination of the duct. Vents must terminate at the home exterior.

  

The most common improper terminations locations are:

• mid-level in the attic. These are easy to spot;
• beneath the insulation. You need to remember to look. The duct may terminate beneath the insulation or there may be no duct installed; and 
• under attic vents. The duct must terminate at the home exterior, not just under it.

Improperly terminated ventilation systems may appear to work fine from inside the bathroom, so the inspector may have to look in the attic or on the roof. Sometimes, poorly installed ducts will loosen or become disconnected at joints or connections.

 

Ducts that leak or terminate in attics can cause problems from condensation. Warm, moist air will condense on cold attic framing, insulation and other materials. This condition has the potential to cause health and/or decay problems from mold, or damage to building materials, such as drywall. Moisture also reduces the effectiveness of thermal insulation.

Mold

 

Perhaps the most serious consequence of an improper ventilation setup is the potential accumulation of mold in attics or crawlspaces. Mold may appear as a fuzzy, thread-like, cobwebby fungus, although it can never be identified with certainty without being lab-tested. Health problems caused by mold are related to high concentrations of spores in indoor air.  Spores are like microscopic seeds, released by mold fungi when they reproduce. Every home has mold. Moisture levels of about 20% in materials will cause mold colonies to grow. Inhaling mold spores can cause health problems in those with asthma or allergies, and can cause serious or fatal fungal infections in those with lung disease or compromised immune systems.

Mold is impossible to identify visually and must be tested by a lab in order to be confidently labeled. Inspectors should refrain from calling anything “mold” but should refer to anything that appears as mold as a material that “appears to be microbial growth.” Inspectors should include in their report, and in the inspection agreement signed by the client, a disclaimer clearly stating that the General Home Inspection is an inspection for safety and system defects, not a mold inspection.

Decay, which is rot, is also caused by fungi. Incipient or early decay cannot be seen. By the time decay becomes visible, affected wood may have lost up to 50% of its strength.

In order to grow, mold fungi require the following conditions to be present:

• oxygen;
• temperatures between approximately 45° F and 85° F;
• food. This includes a wider variety of materials found in homes; and
• moisture.

If insufficient levels of any of these requirements exist, all mold growth will stop and fungi will go dormant. Most are difficult to actually kill.

Even though mold growth may take place in the attic, mold spores can be sucked into the living areas of a residence by low air pressure. Low air pressure is usually created by the expulsion of household air from exhaust fans in bathrooms, dryers, kitchens and heating equipment.

Improper Ventilation  

 

Ventilation ducts must be made from appropriate materials and oriented effectively in order to ensure that stale air is properly exhausted.

 

Ventilation ducts must:

• terminate outdoors. Ducts should never terminate within the building envelope;
• contain a screen or louvered (angled) slats at its termination to prevent bird, rodent and insect entry;
• be as short and straight as possible and avoid turns. Longer ducts allow more time for vapor to condense and also force the exhaust fan to work harder;
• be insulated, especially in cooler climates. Cold ducts encourage condensation;
• protrude at least several inches from the roof;
• be equipped with a roof termination cap that protects the duct from the elements; and 
• be installed according to the manufacturer's recommendations.
  

The following tips are helpful, although not required. Ventilation ducts should:

• be made from inflexible metal, PVC, or other rigid material. Unlike dryer exhaust vents, they should not droop; and 
• have smooth interiors. Ridges will encourage vapor to condense, allowing water to back-flow into the exhaust fan or leak through joints onto vulnerable surfaces.

Above all else, a bathroom ventilation fan should be connected to a duct capable of venting water vapor and odors into the outdoors. Mold growth within the bathroom or attic is a clear indication of improper ventilation that must be corrected in order to avoid structural decay and respiratory health issues.

by Nick Gromicko, Rob London and Kenton Shepard

Nick Gromicko, FOUNDER. http://www.nachi.org
International Association of Certified Home Inspectors (InterNACHI) is the world's most elite, non-profit inspection association.
President, ComInspect, www.cominspect.com
Director, Master Inspector Certification Board, www.certifiedmasterinspector.org
Author, 15 books and Co-Host of  http://www.NACHI.TV

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And a note From Judy: If you have a question about buying or selling a home in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

$599,500 Easton- REDUCED OVER 50K for Quick Sale- Open 6/24/12

OPEN HOUSE Sunday June 24, 2012  from 1-3:30PM at 125 Mile Common Road in Easton, CT

WOW! PRICED WELL BELOW MARKET VALUE. Don't miss this completely remodeled 2800 SF+ home! There's 4-5 bedrooms,  3 full baths, a 1350 SF deck, and this home is  on 3+ acres in the sought after Aspetuck area of Easton.

For more information, visit this home's website
125 Mile Common Road, Easton CT 06612

If you would like a private showing, or more information, please call or text Exclusive Listing Agent Judy Szablak at (203)257-5892 or just send us an email

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Buying or Selling a Home in Easton? We'd love to represent you.

Please visit our main  site at

www.CThomesAndRealEstate.com

If you have a question about buying or selling Real Estate in  Easton, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Connecticut Financing Update and Today's Mortgage Rates 6/22/12

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending June 8 rose 18%, the highest level since May 2009. Refinancing applications increased 19%, the highest level in more than a year. Purchase volume rose 13%, the highest level in six months.

Today's Mortgage Rates

Conventional 30 year fixed          3.625%                  APR 3.782%

Conventional 15 year fixed          2.875%                  APR 3.183%

Conventional 5/1 ARM                  2.625%                  APR 3.261%

Conventional 7/1 ARM                  2.75%                    APR 3.233%

The above rates are based on a loan amount of $417,000 for a single family home, a borrower’s middle credit score of 740 and a 20% down payment.

This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under any applicable law.

 

As a lending professional, Nima Rezvan meets a wide range of real estate lending needs, whether it be a first time purchase, second home purchase, or refinance. He welcomes the opportunity to serve your needs with quick and accurate real estate financing advice. With his expertise and knowledge, he will make sure you understand the features associated with the loan program you choose and that it meets your unique financial situation.

With more than 10 years of mortgage lending experience, Nima specializes in  Conventional Mortgages,  Jumbo Loan Financing, Refinance, First Time Home Buyers and Federal Housing Administration/Veterans' Administration (FHA/VA)

 NMLS #110681

send Nima an email

Mobile: 203-913-6016
Fax: 877-804-5752

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Buying or Selling a Home in Fairfield County? We'd love to represent you.

Feel free to email us here or visit our main  site at

www.CThomesAndRealEstate.com

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Home Insurance: Replacement Cost vs. Market Value

When you purchase a home, and get a homeowners insurance policy, you’ll make a number of decisions about your coverage. One of the most important is whether to insure your home for its replacement cost or its market value. Understanding each option will help you make an informed choice that safeguards your home and your family’s financial future.

What Is Replacement Cost?

Replacement cost is the cost necessary to repair or replace your entire home. When you insure your home for its replacement value, your insurer will reimburse you for the cost of rebuilding or repairing your home, based on the size and structure of the home that was lost or damaged.

The most accurate way to determine the replacement cost of your home is to hire a building contractor or other building professional to produce a detailed estimate. Only the cost of the property’s structure and its associated systems, fixtures, and finishes will be included in the estimate; land value is included in a home’s market value but should not be included in the amount of insurance you buy.

Benefits

In the event of a loss, replacement cost coverage will help your family return to their home and usual quality of life with minimal financial interruption. For the best protection, experts recommend that you insure your home for at least 100 percent of its replacement cost.

Risks

Replacement value can change over time, so you should review your policy annually to make sure its coverage meets your needs. Inform your insurer if you have upgraded or improved your home, because these alterations may increase your home’s estimated replacement cost. Also, you’ll want to stay informed about changing market conditions in your area. Rising labor, materials, and transportation costs can directly affect your home’s replacement value. For maximum protection, consider a policy that includes an inflation clause that automatically adjusts coverage and premiums to account for changes in construction costs.

What Is Market Value?

Market value is the amount that a buyer would pay to purchase your home and its land in its current condition. Unlike your home’s replacement value, its market value is influenced by factors beyond the material and labor costs of repairs or reconstruction, such as proximity to good schools, local crime statistics, and the availability of similar homes. Also, the land itself will be included in the home’s market value, although it will not be covered by the homeowners policy.

Benefits

In some cases, market value coverage may be the most practical option. Take the example of an ornate older home. In today’s market, the cost of rebuilding or restoring artisanal woodwork, masonry, and plastering to their original condition may be much higher than the home’s purchase price. Therefore, the replacement policy premiums for the home would be high. (Special policies are available for some historic homes, but these also come at a higher price.) For a cash-strapped homeowner, buying a policy based on market value offers the best chance to recoup at least partial expenses after a loss.

Risks

When you insure a typical home for its market value, you are at risk of having incomplete coverage. For example, imagine that a family buys a home for $175,000 and takes out a homeowner’s policy for the same amount. The replacement cost for the home, though, is $225,000. If a fire or other insured event destroys the house, the insurance settlement would be $50,000 less than the actual replacement cost of the home. The family would either have to make up the difference themselves or build a new, less expensive home.

Article submitted by Brennan Purdy of State Farm Insurance

My vision is to be an insurance professional whose actions are driven by keeping the customer's best interest as my primary goal. My staff will treat all my customers in a caring, friendly, and professional manner. My office will provide warm, efficient, and seamless services to our customers at all times. I expect my business to be comprised of knowledgeable, multiple-line customers who see my office as their first and best choice for all their insurance and financial service needs

For more information on these and other home safety tips, stop by my office or visit www.brennanpurdy.com. My office is conveniently located in downtown Bethel. 203-798-7300.                   211 Greenwood Avenue , Bethel, CT 06801

 And a note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.