Green Homes Pittsburgh

If you are looking for a great value on a home in the city, consider a URA-sponsored house. If you are not familiar with the URA (Urban Redevelopment Authority), it is the City of Pittsburgh’s economic development agency. Its goals are to create jobs, increase the city’s tax base, and improve the vitality of businesses, neighborhoods, and the City’s livability as a whole.

One of their more popular programs is the Neighborhood Housing Program, which sponsors the construction or rehabilitation of single family homes and then supplies interest-free, deferred, second mortgage financing to qualified buyers. The homes are built in neighborhoods all around the city including the Northside, East Liberty, Lawrenceville and others. Many of these homes also offer 3-year or 10-year tax abatements from the city. For buyers these incentives mean BIG savings on a very nice new home.

For example, I am selling three URA-sponsored homes in Fineview called the Nunnery Hill Overlook Homes. The homes start at $180,000. These brand new, ENERGY STAR, 3 bed, 1.5 bath, single garage homes are within walking distance of Downtown Pittsburgh and the North Shore attractions. The homes are located in a quiet hilltop neighborhood with amazing views of the city. It would be almost impossible to buy a brand new home of this size and quality anywhere in the area for the same price, but the real value is when you start to add up what you will save from the incentives.

The second mortgage from the URA is based on your income. For the Nunnery Hill Overlook Homes, if you are a single person and make less than $43,750 you may qualify for a $35,000 second mortgage from the URA. If you make between $43,750 and $71,900, you may qualify for a $25,000 second mortgage.(Qualification is based on verified income and an application process through the URA. Complete information and the application are available on the URA website.)

On these second mortgages you make no payments, pay no interest and will not have to pay back the second mortgage amount until you sell the property. If you live in the home at least 5 years, repayment begins after you have paid off your first mortgage, have recovered your downpayment and the money spent on payments while living in the home. Then, any additional proceeds are divided 75% to the URA payback and 25% in your pocket until the outstanding balance on the second mortgage is paid back, or there are no proceeds left, at which point the remaining balance is forgiven.

The Fineview homes have a 10-year tax abatement on city and school taxes and a 3-year tax abatement on county taxes. In the first year, the tax on the homes is estimated at only $227 a year. That compares to the $5,294 that would be due on a comparable home without the tax abatement. Since taxes are collected as a portion of your mortgage payment, the savings is equal to a reduction of $422 a month over a similar home without the abatement.

When you factor in a $35,000 second mortgage and the 10-year tax abatement on a 30 year mortgage at 5.5% interest with a 10% downpayment, you end up with a monthly mortgage payment of about $858. That’s almost the same as buying a home priced under $100,000 without these incentives – and there is no way you’ll get a comparable brand new home for under $100,000.

Another benefit these homes offer is their energy efficiency. The Nunnery Hill Overlook Homes are ENERGY STAR qualified homes. They are built to have lower utility bills by incorporating high-efficiency heating, cooling, tankless water heaters and state-of-the art insulation techniques. The total utility bills are estimated to be only $151/month, on average. An average comparable home would run you $195/month or more. That’s a savings of $528 a year, good news for your wallet and the environment.

So, let’s see how much money you can save in just 5 years by buying one of the Nunnery Hill Overlook Homes in Fineview vs. another home, without the incentives, elsewhere in the city:*

Of course, the numbers above are what you save while living in the home. It is also helpful to look at what would happen should you decide to sell your home. Let’s say you sell the home, after 5 years, for the exact same price of $180,000 that you bought it for.

You still need to pay back the URA second mortgage at this point, but not before you get your downpayment and equity from payments back. There is no such guarantee on a comparable home, so even if the real estate market is seeing little or no growth, you still can profit. With the comparable home, your downpayment and equity are pretty much gone.

When you add it up, you saved $39,540 on your payments and got back $29,311 at the time of sale for a grand total of $68,851 – and lived in a very nice home for 5 years.

Add on the $8,000 tax credit for first time homebuyers under contract by April 2010 (or $6,500 for those that owned for at least 3 of the last 5 years) and the total savings climbs to $76,851, even without considering the other financial benefits to owning a home.

Want to find out more about how the Nunnery Hill Overlook Homes can be a great place to call home and a terrific investment? Contact Christa Ross, RE/MAX Select Realty at (724) 933-6300 x214 or direct at (724) 779-1437. Email me at christa@greenhomespgh.com or visit www.fineviewhomes.com.

THE DISCLAIMER: The details presented in this story are based on the Nunnery Hill Overlook Homes in Fineview, represented by Christa Ross, RE/MAX Select Realty. All figures presented are estimates. Details on other URA-sponsored homes may vary; speak to your real estate agent for exact details on any home you may be considering.

I got the opportunity to talk to a reporter from the Associated Press this week who was writing a story on Northeast home sales. She was interested in finding out what was going on in the Pittsburgh market and I was happy to oblige. As I told her, Pittsburgh has done very well compared to other areas of the country. One thing that seems to be driving our resilience is the low cost of living and low cost of homes.

You can read a few of the stories, that feature a quote from me , at the links below. Such Good news is a Great way to start the New Year!

Northeast home sales climb 55 percent in November

Buyers snap up homes in Nov.

Start your New Year with a New Home in the Pittsburgh area! Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-779-1437 (direct) or visit my website at www.greenhomespgh.com.

Getting a home energy assessment is one of the best ways to save money on your utility bills and improve the comfort of your home. Energy assessments come in several different varieties that will achieve different goals. A few of your options include:

Online Energy Assessment – These are online tools, like The ENERGY STAR Home Energy Yardstick,  that allow you to enter your utility usage, cost and home description. The tool will then let you compare your energy usage to others around the country. It also provides general ideas of how you might be able to lower your energy usage.

In-Home Energy Assessment – Usually costing between $75 and $175 dollars. A representative of the assessment company will come to your home, review your utility bills, do a visual inspection and make suggestions that can improve energy usage and comfort. You can expect to receive some general advice and several specific suggestions for your home, based upon the visual inspection. These professionals will usually safety test your furnace and leave you with a list of improvements. This is a good option if you are looking for a low cost way to start your weatherization plan and want expert advice on how to get started.

Whole Home Diagnostic Energy Assessment – Commonly called an energy audit, this service includes diagnostic testing of your home with a blower-door, and sometimes includes and infrared camera and duct-blaster. It is used to positively identify air leaks in your home, resulting in a detailed plan for air-sealing and insulation. It should also include testing of your combustion appliances to verify the are operating efficiently and safely. The result is detailed information on your energy usage and a road map that can save you 25-40% or more. Providers of this type of service need to be certified through RESNET and BPI. The service will range between $300 and $500 dollars depending on the tests performed and size of your home.

Whole Home Performance Energy Assessment with Computer Modeling – This audit is similar to the service listed above but includes computerized modeling of your home that pinpoints current energy usage and estimated the savings from proposed upgrades and their payback periods. This ENERGY STAR program returns the report required for homeowners that want to apply for low interest Keystone Help loans which help pay for energy related improvements and for West Penn Power customers that want to take advantage of rebate programs. It is also a necessary step to applying for Energy Efficient Mortgages as part of the sales process.

If you are looking for an energy audit in Allegheny or Westmoreland counties, contact New Leaf Home Energy, a PA Home Energy Service Provider to schedule your energy assessments.

And if you are looking to purchase an energy efficient home, or improve an older home as part of the sales process, in Allegheny or Westmoreland county call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-779-1437 (direct) or visit my website at www.greenhomespgh.com.

There’s an old joke here in Pittsburgh that when the world ends we’ll still have 7 years left. I’ve even heard people talk about how the recession really hasn’t hit Pittsburgh yet. I don’t agree.

In my opinion, Pittsburgh has been able to weather the downturn because it is a stable, down-to-earth city that already went through the bad times. It was able to diversify it’s economy and attract new investment. Like the rest of the country we saw a decline in home prices but nothing like the huge drops that were happening in other areas, just a few percentage points. Even better, last week’s report showed gains over a year ago.

Then we get some really good news, According to Forbes Magazine, Pittsburgh is one of the cities leading the country out of the recession. As the 4th Fastest-Recovering City in the U.S., Pittsburgh is showing how a mid-sized, northeastern city can chart a course to recovery.

Five categories were used to determine rank, unemployment rate, GMP (a measure of the size of a city’s economy), foreclosures, home prices and sales rates. Pittsburgh scores best in the housing categories. Of the largest 100 cities in the study, Pittsburgh was ranked 2nd for home price, 5th for sales rank and 12th for foreclosure rank.

Read the entire story here.

Now is a great time to buy a home in Pittsburgh! Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-779-1437 (direct) or visit my website at www.greenhomespgh.com.

If you are planning to upgrade to a flat panel TV, a new computer monitor or even something smaller this year, take your old one with you to Best Buy. Their recycling program takes all sorts of electronics that can then be turned into new gadgets and gizmos. There is a $10 charge for monitors, laptops and CRTs but they give you a $10 gift card in return. You can find out more information on their website.

Find out more about living green in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, your certified green agent and RE/MAX green specialist at 724-933-6300 x214 or visit my website at www.greenhomespgh.com.

It’s not uncommon to be asked how the real estate market is, and the good news is that it’s getting better. But depending on which side of the equation you are on, the answer really is “It’s great”.

Investing 101 will tell you to “buy low and sell high” but reality tells us that most people do the exact opposite. When the market (real estate or stock) is booming, everyone wants to get in, so they buy, which drives the market higher, which makes more people want to get in, and drives the market higher and so on. But what those people really did was to buy at the top of the market, when prices are high. Then when the bust came, everyone wanted out so they sold, low. And the worse it gets, the more they want to sell and the lower the prices go.

I don’t claim to be able to tell the future but since we are sitting at what many people believe to be the bottom of the real estate downturn, or hopefully the very beginning of an upturn, if your goal is to buy low, now would be that time.

Of course, there are many reasons that people are not scrambling to buy. They could be dealing with unemployment, concerned about the security of their job, trying to save money or pay off bills. All very valid reasons not to buy a home right now. But if you are not in that situation, now could be your time.

Interest rates are low, the tax credit has been expanded and home prices have come down. If you are a seller this isn’t exactly good news, but for buyer’s it is great.

Last week it was announced that home sales in Pittsburgh increased 7.4 percent, median price rose by 3.4 percent, and foreclosures are down for October 2009 vs. October 2008. That’s good news. Hopefully it means that a recovery is on its way, but it also means that prices are starting to creep up. So if your goal is to get a great deal then now may be the best time to buy a home!

Now is a great time to buy a home in Pittsburgh! Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-779-1437 (direct) or visit my website at www.greenhomespgh.com.

Ready to sell your home? Be sure your agent gets your home sold and seen online. Here are a few facts to consider:

• 87% of all buyers used the Internet as part of their home search
• 94% of 25-44 years old buyers used the Internet as part of their home search
• 33% of all buyers looked on-line for property as the first step in the home buying process
• 99% of buyers found the Internet “Useful” or Very Useful”
• 98% found their agent “Useful” or “Very Useful”
• 29% found newspaper or magazine ads “Very Useful”
• 34% of buyers found the home they purchased through an agent
• 32% found the home they purchased through the Internet
• ONLY 4% visited an open house first
• ONLY 3% found the home they purchased through a newspaper or magazine ad

Ask your agent:

• What sites will my home be seen on?
• How will my home be found on those sites?
• Do you use showcase or featured property upgrades on REALTOR.com?
• What social networking channels do you use to market my home?
• Do you have your own website?
• Will my home have photos posted online? How many?
• Will my my home have a virtual tour posted online?
• Do you write blogs? Twitter? Facebook?

With so many people starting their search online you can’t afford to work with an agent that isn’t getting your home seen.

List your home in Pittsburgh with a real estate agent who knows how to get your home found online! Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-779-1437 (direct) or visit my website at www.greenhomespgh.com.

Home sales in Pittsburgh region up 7.4 percent in October – Pittsburgh Tribune-Review.

Join me tonight at 1611 Meadville Street in Fineview for an amazing view of the city and a look at these great ENERGY STAR homes!

Fineview City View from the Overlook

Open from 5 to 7 and then you can head down to the Roberto Clemente bridge for the Light Up Night Bridge Party and fireworks at 8:30pm.

For more information go to
www.fineviewhomes.com

or Contact Christa Ross, RE/MAX Select Realty, 724-933-6300 x214 or direct at 724-309-1758.

Home Green Home Newsletter Christa Ross, RE/MAX Select Realty

I am excited to announce the launch of my newsletter, Home Green Home, News for buying, selling and living green in Pittsburgh. Check it out and if you like it be sure to subscribe by going to my website and filling out the contact form.