Get paid for Energy Efficiency
As ironic as it may seem, energy companies are working hard to have consumers use less energy or at least use it more efficiently. Existing grid systems are straining at capacity during the summer cooling seasons. Coupled with the high cost of building new generating plants and the occasional need to use rolling blackouts to manage loads, promoting conservation is key to controlling costs and avoiding prolonged outages.
Locally, Duke Energy has several incentives for making energy smart improvements to your home. These include the "Smart $aver" program that will provide a rebate for installing high-efficiency heating and cooling equipment and the "Power Manager" program that provides a credit for installation of power load management equipment. For specific details about these programs, visit the Duke Energy Savings Programs website.
Additionally, many improvements are eligible for tax rebates and other incentives. Check the 2005 Energy Policy Act summary for a list of eligible improvements. (NOTE - many of these have ended as of 2008. Stay tuned to see if Congress will extend the credits into future years.)
Want to go in the deep end of the pool? Cincinnati is on the leading edge with its tax abatement policy enacted last year for LEED-certified development. (LEED is the US Green Building Council's "Leadership in Energy and Environmental Design" standards.) Homes meeting the necessary certification can be free from property taxes for 10 years (for rehabs) or 15 years (for new construction). For more see the City of Cincinnati announcement. A summary of the policy can be found on the Database of State Incentives website.
Sunday, June 1, 2008
Thursday, May 1, 2008
May Energy Smart Tip
Prepare your home for cooling season
Warm weather inevitably means we'll be hearing the hum of those AC compressors soon.
To get the most from your air conditioning, make sure your air filter is kept clean. Keeping the filter clean can lower your air conditioner's energy consumption by 5%-15%. Cleaning the evaporator and condensor coils is also a must to ensure that the unit can absorb heat efficiently and should be checked on a yearly basis. See the Energy Star checklist for a full list of actions to keep your system running its best.
If your heating and cooling system is over 10 years old, Energy Star recommends evaluating whether you should replace it with a new high efficiency system. A new system could save you up to 20% on your utility costs. (An energy rater can help determine whether this will be effective and what the "payback" period would be. Check my Website for local references.)
Warm weather inevitably means we'll be hearing the hum of those AC compressors soon.
To get the most from your air conditioning, make sure your air filter is kept clean. Keeping the filter clean can lower your air conditioner's energy consumption by 5%-15%. Cleaning the evaporator and condensor coils is also a must to ensure that the unit can absorb heat efficiently and should be checked on a yearly basis. See the Energy Star checklist for a full list of actions to keep your system running its best.
If your heating and cooling system is over 10 years old, Energy Star recommends evaluating whether you should replace it with a new high efficiency system. A new system could save you up to 20% on your utility costs. (An energy rater can help determine whether this will be effective and what the "payback" period would be. Check my Website for local references.)
May Market Watch
Have we peaked?
March saw a year over year drop of 27% in the number of new homes coming on the market in the Cincinnati MLS. The January to March quarter had a 10% drop from 2007 to 2008 and it's the first drop in March inventory since the year 2000.
The high inventory of homes has been a significant factor in creating the "buyers market" we've experienced since 2006. Getting a reduction in inventory is a first step in moving us back to a balanced market and achieving price stabilization. Expect this metric to be watched closely over the next few months to see if we get a corresponding reduction in the time homes spend on the market.
March saw a year over year drop of 27% in the number of new homes coming on the market in the Cincinnati MLS. The January to March quarter had a 10% drop from 2007 to 2008 and it's the first drop in March inventory since the year 2000.
The high inventory of homes has been a significant factor in creating the "buyers market" we've experienced since 2006. Getting a reduction in inventory is a first step in moving us back to a balanced market and achieving price stabilization. Expect this metric to be watched closely over the next few months to see if we get a corresponding reduction in the time homes spend on the market.
May Finance Corner
FHA Mortgages Storm Back
As the credit crunch continues to play out, our old friend, the FHA (Federal Housing Administration) mortgage, has re-emerged and is playing a significant role in the current housing market. And, as the saying goes, this ain't your father's FHA.
To begin with, the limits for the Cincinnati area (including Hamilton, Butler, Clermont, and Warren counties) have been raised to a whopping $337,500! That's quite a bit of house in our market. Some lenders are seeing more than 50% of home purchases now using some type of FHA financing.
To make them even more attractive, the 3% down payment equity and closing costs can be addressed in a number of different ways including seller concessions and grant funds. FHA loans also come in a variety of flavors that will even help you as a homeowner make improvements when you purchase a home or refinance your current home.
But wait! There's more. FHA loans are even assumable. That means your home could become a very attractive buy if interest rates were to rise and you need to sell your home. An assumable, fixed rate FHA mortgage could be just the thing that distinguishes your home from others on the market.
I've only scratched the surface of FHA loans in today's market. To learn more contact me for assistance in finding a lender that can help identify the right program for you. You can also find additional information at the FHA website.
As the credit crunch continues to play out, our old friend, the FHA (Federal Housing Administration) mortgage, has re-emerged and is playing a significant role in the current housing market. And, as the saying goes, this ain't your father's FHA.
To begin with, the limits for the Cincinnati area (including Hamilton, Butler, Clermont, and Warren counties) have been raised to a whopping $337,500! That's quite a bit of house in our market. Some lenders are seeing more than 50% of home purchases now using some type of FHA financing.
To make them even more attractive, the 3% down payment equity and closing costs can be addressed in a number of different ways including seller concessions and grant funds. FHA loans also come in a variety of flavors that will even help you as a homeowner make improvements when you purchase a home or refinance your current home.
But wait! There's more. FHA loans are even assumable. That means your home could become a very attractive buy if interest rates were to rise and you need to sell your home. An assumable, fixed rate FHA mortgage could be just the thing that distinguishes your home from others on the market.
I've only scratched the surface of FHA loans in today's market. To learn more contact me for assistance in finding a lender that can help identify the right program for you. You can also find additional information at the FHA website.
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