home owner Archives - Page 11 of 15 - Real Estate News and Commentary

October 28, 2015October 20, 2020

Living with a ghost in your home

A recent Trulia poll (infographic at right) revealed how men and women differ about living in a home associated with the paranormal or macabre (Trulia’s House of Horrors; trulia.com; October 13, 2015). Respondents (45% of women and 36% of men) answered that they would prefer to be haunted by a “vengeful ghost” rather than a demon, evil leprechaun, or possessed doll. When asked, 59% of women respondents indicated that they would lose interest in the “perfect” home if they knew the home was a former crime scene; while 47% of men indicated the same. Additionally, 32% of women indicated that they would rule out an otherwise perfect home knowing that a person died there; while 23% of men indicated the same. Apparently, living next to a cemetery was not a detractor from purchasing an otherwise perfect home, according to 61% of the men and 50% of the women who responded.

Ghost or not, the “creep factor” is definitely an issue for many home buyers. So much so that home buyers are turning to services such as DiedInHouse.com to determine if a death occurred in a home they are considering buying. For a fee, DiedInHouse.com will provide a report indicating if a death has occurred and the cause, as well as other information about the home including any reported meth-lab related activity or fire incidents.

Although many alleged haunted homes are old and in many cases have historic significance, new homes can also have ghostly activity. Local historian, Karen Yaffe Lottes, re-tells this story on her blog Montgomery-Ghosts (montgomeryghosts.wordpress.com) about a modern Germantown home where a police officer lived. The officer reported that the house shook and he heard heavy footsteps on the stairs, when putting on “dress blues.” Apparently, the house was built on the site of the farm where Lincoln conspirator, George Atzerodt, was arrested by a uniformed Union soldier – the Union Army uniform was blue. Atzerodt, was subsequently jailed and hanged for his part in the conspiracy. Could Atzerodt still reside on the site where he was apprehended and sent to his demise?

Karen knows a thing or two about local haunted homes, and told me that she uses ghost stories as a medium to tell a history. Along with co-author Dorothy Pugh, years of stories from their “In Search of Ghosts (ISOG)” event at the Montgomery County Historical Society was published as In Search of Maryland Ghosts: Montgomery County (Schiffer Publishing, October 28, 2012).

When asked what to do if paranormal activity is suspected in a home, Karen explained that people try various methods to rid their home of ghosts; some work and some do not. She pointed out that not everyone is uncomfortable with the thought of living with apparitions. Some people actually welcome the spirit to stay; and in some cases ask the ghost to move with them to their next home.

By Dan Krell
©2015

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Disclaimer. This article is not intended to provide nor should it be relied upon for legal and financial advice. Readers should not rely solely on the information contained herein, as it does not purport to be comprehensive or render specific advice. Readers should consult with an attorney regarding local real estate laws and customs as they vary by state and jurisdiction. Using this article without permission is a violation of copyright laws.

August 7, 2015July 7, 2019

Radon is everywhere – not just in your home

A recent bill introduced in the County Council local to me reminded me of a column I wrote almost ten years ago about radon. In line with some other “consumer oriented” bills adding burdens on the home seller, Montgomery County Council Bill 31-15 has home sellers conducting radon tests and providing the results along with estimates to reduce actionable levels before entering into a sales contract.

According to the Montgomery County Department of Environmental Protection (montgomerycountymd.gov/dep): “Radon is an invisible, radioactive gas created during the natural breakdown of uranium in rocks and soils. It is found in nearly all soils. Radon typically moves up through the ground and into homes and buildings through cracks and other holes in the foundation, although there are other radon sources.” Radon is naturally occurring and everywhere; however, it becomes problematic when the gas builds up in enclosed areas. If your Montgomery County home was built after 1995, chances are that you already have a passive radon mitigation system built in, as required by code. However, a passive system may not be enough, and older active systems may need additional venting as radon concentrations may change over time. The only way to know if there is a radon problem in your home is to test for it.

In January 2005, then Surgeon General Richard Carmona issued a warning on radon (surgeongeneral.gov/news/2005), saying: “Indoor radon gas is the second-leading cause of lung cancer in the United States and breathing it over prolonged periods can present a significant health risk to families all over the country. It’s important to know that this threat is completely preventable. Radon can be detected with a simple test and fixed through well-established venting techniques.“

According to the Maryland Department of the Environment’s “Radon Gas” fact sheet (mde.maryland.gov), home owners in all counties and Baltimore City have reported high levels of radon in their home. Some have reported test results that indicated levels of 200 picocuries per liter, which is 50 times the EPA action level. The risk of lung cancer spending a lifetime in a home where the radon level is 10 picocuries/liter is similar to smoking a pack of cigarettes per day.

The U.S. Environmental Protection Agency offers a “Home Buyer’s and Seller’s Guide to Radon” (epa.gov/radon/pubs/hmbyguid.html). Testing is relatively easy. There are two types of tests: Passive testing devices are not powered and are sent to a lab for analysis after exposure (these devices can be purchased at most hardware stores); Active testing devices are powered and continuously measure and record the amount of radon decay in the air (these devices can detect test interference). The EPA recommends taking action when existing radon levels are at 4 picocuries per liter or higher; however, exiting levels between 2 to 4 picocuries per liter may still pose a risk.

Although most warnings we hear about radon refers to our homes, actionable levels of radon can exist in any building – public or private. According to the EPA, a nationwide survey of radon levels in schools revealed that 1 in 5 has at least one schoolroom in use with radon above the action level of 4 picocuries per liter (epa.gov/radon/pubs/schoolrn.html). Former National PTA President Kathryn Whitfill was quoted to say, “EPA’s national survey of schools produced some alarming results about concentrations in our children’s classrooms. Public awareness must be raised about the hazards of radon…All schools must be tested to determine if there is a problem, and schools must inform parents of the results. We cannot ignore this problem.”

By Dan Krell
Copyright © 2015

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June 25, 2015November 23, 2021

EMP’s, solar flares and your home – are you prepared

Your home takes on different functions at various times. Maybe you think of your home as place of relaxation and entertainment, or maybe it’s where you create gourmet meals. And although much of the living you anticipate in your home may be for enjoyment – will your home be a suitable shelter to protect you and your family?

To bring attention to preparedness, the Centers for Disease Control (cdc.gov) played on pop-culture in a 2011 posting of a tongue in cheek account of preparing for the Zombie Apocalypse. The result of this and other efforts increased awareness of planning for emergencies and severe weather. As a severe weather event might inconvenience you for as much as a day or two, preparedness experts have since turned to preparing for and the aftermath of Katrina-like events, or worse – the takedown of the electric grid.

Preparedness experts have recently brought attention to the electric grid’s vulnerabilities with reports of hacking and alleged terrorist activity. However, one weakness that has been talked about in recent years, although has been known since the cold war, is the electromagnetic pulse (EMP). R. James Woolsey and Peter Vincent Pry, in their August 12, 2014 Wall Street Journal article (The Growing Threat From an EMP Attack; wsj.com), describe EMP’s, the aftermath, and preparedness. Woolsey and Pry quoted a 2008 EMP Commission report that estimated “within 12 months of a nationwide blackout, up to 90% of the U.S. population could possibly perish from starvation, disease and societal breakdown.”

Alternatively, the effect of a direct hit of a coronal mass ejection (CME) would be very similar to an EMP; causing “widespread power blackouts, disabling everything that plugs into a wall socket…” Although 1859 was the last time a CME hit the Earth (when most of daily life did not depend on electricity), a CME barley missed the Earth (by several days) during July 2012. Scientists estimate a 12% chance of being hit by a CME in the next ten years (Near Miss: The Solar Superstorm of July 2012; science.nasa.gov; July 23, 2014).

Although discussions about EMP’s and CME’s seem extreme; it should make you think about your preparedness level. If you don’t yet have (or need to update) a plan, preparedness information is available through government agencies such as the Federal Emergency Management Agency (ready.gov). FEMA’s “Are You Ready? An In-depth Guide to Citizen Preparedness” interactive course is “a training program designed to help the citizens of this nation learn how to protect themselves and their families against all types of hazards…” and is a comprehensive source on individual, family and community preparedness (www.ready.gov/are-you-ready-guide).

Locally, the Montgomery County Office of Emergency Management and Homeland Security offers a resource library of information to prepare for and the aftermath of emergencies (montgomerycountymd.gov/oemhs/).

In addition to having an emergency plan, experts recommend reviewing your homeowners’ insurance policy to ensure of adequate coverage as well as compiling an inventory of your home’s contents; this is supposed to help you recover quicker from disaster. Additional recommendations include (but are not limited to) mitigating weather related damage: making sure your home’s doors and windows are secure and impermeable to weather, and also ensuring your roof and gutter system is well maintained (draining water at least five feet from your home); as well as removing debris and dead trees/shrubs from the home’s perimeter.

By Dan Krell
Copyright © 2015

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February 18, 2015October 5, 2019

New rules in Real Estate

Real estate canon used to be straight forward and for the most part consistent. For instance, if you planned a sale, you would target spring time because that was generally accepted as the time when home buyer activity was the greatest; or buying a home was a rite of passage. But since 2008, what was generally accepted has been persistently challenged; home buyers and sellers have shifted into a new paradigm with new rules.

It is no coincidence that Zillow Talk: The New Rules of Real Estate (by Zillow CEO Spencer Rascoff and Chief Economist Stan Humphries, Ph.D.) comes at a time when significant changes in consumer beliefs and expectations about real estate have become widely recognized. The book is described by Zillow as “…poised to be the real estate almanac for the next generation.” And looking at the table of contents, you might think that the highly acclaimed tome is just another book about the buying and selling process; yet it seems to discuss practical aspects about buying and selling a home, as well as possibly confronting real estate myths.

It will remain to be seen how influential the work will become, as research has indicated that home buyers are typically well informed and out in front of housing trends.

A 2012 study by Karl Case, Robert Shiller, & Anne Thompson (What have they been thinking? homebuyer behavior in hot and cold markets. Brookings Papers on Economic Activity, 265-315) revealed perceptions and expectations of homebuyers from four metropolitan markets over a 25 year period. The authors concluded that the surveyed home buyers were well informed and very much aware of home price trends prior to their purchase. Data suggested that home buyer opinions (beliefs) fluctuated over time; there was more agreement among respondents during strong markets, and increased doubt during times of market uncertainty. There was also a strong correlation between price perceptions and actual movement in prices. Although home buyers were “out in front” of short term market movements, their short term expectations “underreacted” to actual home price changes; while long term expectations were persistently “more optimistic.”

Suggesting a set of “guidelines” for real estate is a trap that implies that the housing market is straightforward and static; where personal and regional differences don’t matter and the market doesn’t change. However, David Wyman, Elaine Worzala, and Maury Seldin raise the question about becoming complacent with trends and models. In a 2013 exploratory paper (Hidden complexity in housing markets: a case for alternative models and techniques, International Journal of Housing Markets and Analysis, 6:4, 383 – 404) they discuss how rigid market models may lead to rules where buyers and sellers could make poor decisions.

The authors’ discussion of “complexity theory” in real estate in not unlike the application of “chaos theory,” which focuses on letting go of assumptions upon which rules are definitive; and view housing as a dynamic and changing environment. Citing incidents leading up to the financial crisis, the authors make a case for understanding the market as complex and using common sense before making (buying and selling) decisions.

So as we begin to understand the new real estate dogma, it is likely that the new rules will most likely change along with the market. And much like the housing market, consumer beliefs are also dynamic – which seem to be ahead of the industry experts.

February 11, 2015September 21, 2019

Protect your identity when buying a home

Last year, hackers targeted a number of retailers to compromise shoppers’ financial and personal information. A recent hack of a health insurer possibly jeopardized policy holder data. And Krebbs Security (krebsonsecurity.com) reported on February 15th about an investigation being conducted by the Defense Contract Management Agency of a possible hacking.

Surely the reports of stolen data by hackers have made you more aware of protecting your credit cards when shopping. But how protective are you about handing over personal information to mortgage lenders, real estate brokers/agents, and title companies? If not managed or disposed of properly, your sensitive personal information could be at risk of being stolen – an identity thief only needs a few pieces of personal information to access bank accounts, credit card accounts, health record/insurance, etc.

When buying a home, your information is “out there;” and you are trusting those who have it to protect it. If you want to obtain a mortgage, you must complete a mortgage application; which requires a social security number, date of birth, address, employment, and other information. Mortgage lenders also collect financial documents (such as w-2’s, tax returns, and bank statements) to verify income and asset information on your application.

Additionally, your real estate agent may ask you to complete a financial information sheet to demonstrate to the seller your ability to purchase the home. And as a means of record keeping, transaction files maintained by brokers and agents may also contain copies of deposit checks, credit card information, and other financial instruments.

Renters may be required to submit personal information too. A rental application is a lot like a mortgage application, asking social security number, date of birth, address, employment, and other information.

The National Association of Realtors® (nar.realtor) Data Security and Privacy Toolkit states that although there is no federal law specifically applicable to real estate brokers, the Gramm-Leach-Bliley Financial Modernization Act applies to businesses that qualify as financial institutions; which may subject brokers to comply with “Red Flag Rules” (and other rules), and require policies and procedures to protect against identity theft.

States have also implemented laws to protect consumers from identity theft. For example, the Maryland Personal Information Protection Act (MD Code Commercial Law § 14-3501) describes personal information as an individual’s first name or first initial and last name in combination with any one or more of the following: Social Security number; driver’s license number; financial account number (including credit cards); and/or an Individual Taxpayer Identification Number. Additionally, the law requires a business to take reasonable steps to protect against unauthorized access to or use of the personal information when destroying a customer’s records that contain personal information.

When choosing a mortgage lender and real estate agent, you might consider asking about the company policy on protecting personal information. Some questions about personal data might be: what types of information will be collected; what is it used for; who has access; when transmitted, is it encrypted; how long will the information be retained; and how will the information be disposed? Besides the management of your personal data, you should ask about procedures in case there is a suspected data breach.

To learn more about protecting your personal information and protecting yourself from identity theft, visit these consumer websites: FTC (consumer.ftc.gov/features/feature-0014-identity-theft) and the FDIC (fdic.gov/consumers/privacy).

By Dan Krell
© 2015