A home is not an island.

The surrounding neighborhood is just as important because it can have a big impact on your lifestyle — safety, available amenities, and convenience all play their part, according to the National Association of Realtors (NAR).

NAR also says you can keep your home value buoyed if you find the right neighborhood.

And you can find the right neighborhood by getting information direct from the best sources — rather than from second hand and often incomplete data bases professing to offer you one stop shopping for all your neighborhood checking needs.

• Make a list of the activities — movies, health clubs, churches — you engage in regularly and stores you visit frequently. See how far you would have to travel from each neighborhood you’re considering to engage in your most common activities.

• Check out the school district. The education department in your town can provide information on test scores, class size, percentage of students who attend college, and special enrichment programs. Even if you don’t have children, a house in a good school district will be easier to sell in the future.

• Check crime. Ask the police department for neighborhood crime statistics — not only the level of crime, but also the type — burglaries, armed robberies — any trends of increasing or decreasing crime and the location of crime.

• Look for economic stability. Your local city or county economic development office can tell you if income and property values in a neighborhood are stable, rising or falling, the percentage of homes to apartments. Apartments don’t necessarily diminish value, but they can indicate transient populations. Check for vacant or blighted businesses or homes.

• Consider resale value. A local real estate agent or trade association can give you information about price trends, inventories, selling times and other information that can indicate how well your home’s value will hold up.

• Hit the streets. Narrow your focus to several neighborhoods and do a “walk-through” of each. Pick a warm day when people are out and available for chatting. Look for tidy, well maintained homes, quiet streets and other indicators of neighborhood stability.

B. Perkins

The National Association of Realtors is reporting that the national media existing single-family home price was $169,000 in the first quarter 2009 — down 13.8 percent from the first quarter of 2008.

Dr. Lawrence Yun, chief economist for the NAR, said some areas showed dramatic drops in home prices. “In areas with the biggest price declines, we also see much higher levels of distressed sales which are distorting the data,” Yun said. “We are very much in a bifurcated market with sharp differences between foreclosures and short sales on one hand, and traditional homes on the other. In many cases homes are selling below replacement construction costs, which speaks to great value in the current market.”

The bright spots in the market were found in Nevada, California, Arizona, and Florida. All of these areas saw increases by 25 percent or more. Nevada led that pack at 116.8 percent.

Golf great Greg Norman was keynote speaker at the unveiling of 52 private villas that will act as the cornerstone of a $1 billion development in the island country of Dominican Republic in April. Known as “The Great White Shark,” Norman greeted an international press corps to show off his latest golf course development at Costa Blanca’s two-day kickoff.

Costa Blanca’s plans are enormous; spread over 300 acres in the town of Juan Dolio and incorporating 10 towers with 52 private villas. The condominium project is the latest of condo developer Group Metro. The Caribbean development will play host to a mega-yacht marina, as well as the usual accoutrements of a luxury condo development – “a tennis village, clubhouses for both tennis and golf, a secured, private beach, and the first signature Greg Norman PGA golf course in the country,” according to www.NewCondosOnline.com.

“The highly-anticipated development will set new standards of luxury in the area, and will bring forth a modern spin on private, high-end communities…Residents will find villas with open-air spacing to showcase their wrap-around pools, condos where every owner is afforded unobstructed water-front views, and an assurance that every aspect and step of the project is environmentally sound and positively affects the region,” according to a press release on the web site.

The Dominican Republic tourist industry has continued its growth trend even through the latest world-wide economic downturn with a 4.5 percent increase in 2008. Meanwhile, capital investment growth was up more than 20 percent according to www.GoPuntacanaRealEstate.com, a site that tracks local real estate trends in the DR.

M. Anthony Carr

Home builders and Realtors cheered in Washington last week when HUD Secretary Shaun Donovan announced that FHA will allow lenders and government agencies to “monetize” the $8,000 federal homebuyer tax credit, providing purchasers with downpayment cash upfront, available at closing, rather than waiting for the IRS to mail them a tax credit check.

Speaking at the mid-year conference of the National Association of Realtors, Donovan said HUD supports “bridge loan” programs designed to help first-time buyers come up with needed cash.

Under the bridge loan concept, an FHA-approved private lender, a state or local housing agency, or an FHA-approved nonprofit organization could advance as much as $8,000 for downpayment and closing costs — in anticipation of receipt of the $8,000 credit months or weeks down the road.

Sanctioning bridge loans could improve the effectiveness of the federal credit program significantly, said Joe Robson, president of the National Association of Home Builders.

Bill Riley, incoming president of the Washington State Realtors Association, estimates that half of all would-be first-time buyers lack the downpayment resources needed to complete a purchase, and therefore aren’t making use of the credit.

Donovan said technical instructions to lenders for the bridge loan program would be provided by FHA shortly.

In the meantime, 10 state housing finance agencies already run credit monetization programs on their own. They include the states of Missouri, Colorado, Delaware, New Jersey, Tennessee, Idaho, Ohio, Pennsylvania, New Mexico and Washington.

Most of the programs provide second liens with no interest charges for a period of months, with the expectation they’ll be paid off immediately after the homebuyers receive their IRS credit checks.

In some cases the liens turn into second mortgages with 10 year terms and floating interest rates if the buyers choose not to repay the advance with the tax credit check.

In the wake of Donovan’s announcement, major mortgage lenders are likely to gear up their own programs, bringing bridge loans for first time buyers to all 50 states, not just the ten that pioneered the idea.

However, anyone who wants to take advantage of all this needs to move fast. Under the federal tax credit rules set by Congress, purchasers must close no later than November 30 to be eligible. They must not have owned a principal residence at any time during the three years preceding their purchase. Buyers can claim the 2009 credit against their 2008 federal tax returns – they just need to file an amendment – or can wait and file next April.

K. Harney

When the sunshine starts to warm the air (and melt the snow, depending on where you live), many of us homeowners start to think about making some outdoor improvements. That can be a very good decision especially if selling is in the near future.

According to Angie’s List, a Web site where thousands of consumers share their ratings and reviews on local service providers in more than 425 different categories, well-designed landscaping can increase the value of your home by 7 percent to 14 percent.

I’ve written a lot about the importance of curb appeal and, well, let’s face it, curb appeal is similar to meeting someone for the first time — a good first impression is likely to increase the chances of a second meeting — so, too, for a home on the market.

With still so much inventory for sale, buyers simply can’t be bothered with homes that don’t dazzle them from the get-go. Buyers will look at many homes online; only the ones that entice, invite, and attract with curb appeal are likely to get a second look — this time in person.

Ken Andersen, VP of Walter Andersen Nursery says improving landscape makes the home not only more aesthetically appealing but it also can help save you money. “One of the things that you can do to help save money on your landscaping is making sure that you’re watering efficiently. One of the ways that you can save water in a landscape is by mulching the landscape.”

He says placing a two-inch layer of mulch in your yard helps keep the soil from drying out and therefore it needs less water. “It also adds organic material to the soil as the mulch breaks down and gets incorporated into the soil. So that’s always a benefit to the plants,” says Andersen.

Andersen says mulch has improved over the years. “There are a lot of decorative [mulches] that will turn what would have been a bare patch of dirt into a nice manicured area of your landscape—just a little bit of mulch or bark down in an area like that can really make a dramatic difference in the look of the landscape and it’s very cost effective,” says Andersen.

Rubber mulch is another alternative that some homeowners like to use in playground areas. You can learn more about mulch and other landscaping tips by reading my article .

If you’re going to add mulch to your landscape, Angie’s List suggests this money-saving tip: get a couple of neighbors on the block to purchase it with you so that you can buy it in bulk to save money. Here are a few more things Angie’s List says to consider:

• Think about how much work you actually want to do. You may want to hire someone only to deliver the mulch, or you may want to hire someone to spread the mulch.
• Does the company deliver the mulch or are you responsible for pick-up? How is the delivery charge calculated? Is it by material, weight, or location distance? Request a delivery quote in writing.
• If you want it delivered, it’s a good idea to be present during delivery of the materials. If you can’t be there, be clear and detailed on the place in your yard where you would like the mulch dumped.
• Compare prices. Call around to three other mulch companies to compare rates.

Of course, landscaping involves more than just laying down mulch and that means the cost of sprucing up your yard can vary greatly. Andersen recommends having 10 percent of the cost of the home reserved for spending on landscape—that doesn’t include any hardscape such as a patio floor, walkways, or a pool. But for existing homes, depending on the current condition of the landscape, improving it can be done very cost effectively.

Whether it’s new or existing landscape, Andersen recommends seeking professional help. While do-it-yourself homeowners may be eager to pick out the plants they like and then promptly put them in soil, Andersen says check with the pros first or you could end up with plants not surviving due to outgrowing the space or being placed in poor locations such as next to the wrong plants with different sun and water needs.

“Don’t be afraid to ask for help. Go into a local nursery or garden center and ask for local advice as to what you can put into your yard so that you’ll be successful. If you put something in and it dies and you have to take it out and go get another one — even if it’s under a warranty — it’s not an efficient use of your time,” says Andersen.

He adds, “You really want to make sure that what you put in your yard is going to give you the most value for your investment because landscaping really is an investment in your home.”

P. Chongchua