Thirdhand Smoke and Its Effects on Buyers and Sellers

We all know what secondhand smoke is. But thirdhand? It is the newest emerging concern in the ever-distressing discovery of the ills of smoking. Thirdhand smoke refers to the carcinogenic chemicals that linger in the walls, flooring, railings and dust in a home well after the smokers have moved out. The harmful residue can be ingested by new occupants, particularly children and pets, and lead to health problems.

Before you rent or buy a home, try to find out if the previous occupants smoked. Owners are not required to disclose this information, but not knowing could be very bad for your health. And if the owner won't tell you, rely on your senses. Does the house smell of smoke? That smell means that you are breathing in carcinogens. Is there yellowing on the walls or ceilings? New paint, new carpets or flooring and a serious cleaning will help, but your best bet is to wait as long as possible before moving in so that the deadly chemicals have time to dissipate.

And for the smokers out there? My advice to you is to stop smoking in your home. As this information becomes commonly known, potential buyers will offer less for your house because of the health risks they face from your smoking and they will expect remediation at your cost. Plainly put, your smoking is decreasing the value of your home.

For more information on thirdhand smoke, click on the link.

http://www.signonsandiego.com/news/2010/dec/16/smokers-move-out-tobacco-related-carcinogens-remai/

What's Going on in Park Lake/Highland?

The Park Lake/Highland neighborhood is a gorgeous neighborhood right on Lake Highland. Since June 1, 2010, there have been eight homes sold in the neighborhood, with an average sales price of $267,875 and 143 average days on the market (note that Coldwell Banker's average days on market is lower at 130!). There are currently 14 single-family homes for sale, ranging from $112,000-$1,390,000. 894 Kenilworth Terrace has been on the market for 592 days. Priced at $1,385,000, it is not yet completed.

Has the Recession Changed the American Dream?

The recession has powerfully impacted consumers' decisions and behavior, but only in the short term. The American Dream still includes home ownership for most Americans. Currently 89% of homeowners believe that they are better off owning their homes. So 'home sweet home' still means home sweet homeownership.

Mortgage Rates Increasing

If you were waiting for the perfect moment when housing prices and mortgage rates were at their absolute lowest, you may have missed your chance. Rates have begun to increase from their lows close to 4 percent. Freddie Mac noted that average rates on 15- and 30-year fixed loans increased sharply from two weeks ago. It was the fourth straight weekly rise. Fixed rates had been the lowest in decades.

So if you are looking to strike while the iron is hot, you should know that the iron has cooled a bit. Time to get busy buying your dream home.

Sold Homes in Colonialtown

The following homes sold in Colonialtown between Oct. 1, 2010 and Dec. 2, 2010.

1313 Belgrade Ave. 2 bedrooms, 1 bathroom. $76,000.
1600 Oregon St. 2 bedrooms, 1 bathroom. $131,000.
1910 Illinois St. 3 bedrooms, 1 bathroom. $110,000.
1812 Garvin St. 2 bedrooms, 2 bathrooms. $150,000.
1208 Portland Ave. 3 bedrooms, 2 bathrooms. $217,000.
1915 E. Livingston St. 4 bedrooms, 3 bathroom. $215,000.
1720 Virginia Dr. 3 bedrooms, 3 bathrooms. $254,500.

Price Reduction

Price Reduction:
1801 Woodward St. 3 bedrooms, 2.5 bathrooms. $177,900 (previously $185,900).

Testing, Testing, Testing

Orlando, San Diego and Detroit are the lucky cities that get to test Fannie Mae's new pilot program for submitting offers on foreclosed properties. In an effort to increase transparency and efficiency, HomePath Online Offers requires all offers to be submitted through Homepath.com by licensed real estate agents. The buyers' agents will be able to track the progress of their offers, see offer confirmations and see all other offers on the properties.

Dare we say that the foreclosure process is about to get easier?

Homes Sales Up in October

A whopping 143,398 single-family homes were sold from October 2009-October 2010, a year-to-date seven percent gain for single-family home sales. Condominium sales were up an impressive 33%, with 59,966 units sold.