ORLANDO, Fla. – July 29, 2008 – Property insurance can be expensive, and many homebuyers don’t fully understand what they’re buying or how they can save money. The general key: Pay for adequate coverage without being grossly underinsured.

Homebuyers and owners should consider the following when trying to save costs:

• Determine the limits you want on your homeowners insurance, what value you need to insure, get multiple quotes.

• Consider purchasing your homeowner, auto and umbrella insurance with the same company so a multi-coverage discount will apply.

• Having smoke, burglar alarms and a sprinkler system could mean bigger discounts.

• Get a quote for insurance that would pay to replace your belongings, rather than pay you based on their depreciated value.

• Ask your agent what documentation you need to substantiate a claim, in case of theft or fire. Make sure you videotape all of you personal properties including what is in the drawers and cabinets and send the tape to someone you trust for safekeeping.

• Make sure you carry enough liability coverage to protect you against a lawsuit if someone slips, trips or gets hurt on your property.

“Always read the policy when you receive it and ask your agent to slowly and carefully explain any provisions you don’t understand,” says insurance lawyer Frank N. Darras. “Finally, never buy insurance from a company you don’t recognize.”

ORLANDO, Fla., July 24, 2008 – Many Florida Realtors® statewide noted positive movement in their local housing markets in June, with an upswing in the statewide median price reported for both existing home sales and condominium sales over May 2008, according to the latest housing statistics released by the Florida Association of Realtors® (FAR).

The statewide existing-home median price in June was $205,500, up 1 percent from May’s median price of $203,300. The median price of an existing condo last month was $183,700, also up 1 percent from May’s figure of $181,800.

Nationally, existing home sales are expected to show some modest gains in the coming months, with a recovery predicted during the latter part of the year, according to the latest housing outlook from the National Association of Realtors® (NAR). “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half,” said NAR Chief Economist Lawrence Yun. “Price conditions vary tremendously, even within a locality.”

In the year-to-year comparison, a total of 11,700 existing homes sold statewide last month while 12,276 homes sold in June 2007 for a decrease of 5 percent, according to FAR. Florida’s median sales price for existing homes last month was $205,500; a year ago, it was $244,400 for a 16 percent decrease. But, looking back to June 2003, the statewide median sales price for single-family homes has increased 26.9 percent over the five-year-period, according to FAR records – at that time, the statewide existing-home median price was $161,900. The median is the midpoint; half the homes sold for more, half for less.

In a year-to-year comparison for condos, 3,628 units sold statewide compared to 3,851 in June 2007 for a 6 percent decline. The statewide existing-condo median sales price last month was $183,700; in June 2007 it was $212,400 for a 14 percent decrease. NAR reported the national median existing condo price was $223,400 in May 2008.

The national median sales price for existing single-family homes in May 2008 was $206,700, down 6.8 percent from a year earlier, according to NAR. In California, the statewide median resales price was $384,840 in May; in Massachusetts, it was $322,500; in Maryland, it was $294,244; and in New York, it was $210,000.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.32 percent, down from the average rate of 6.66 percent in June 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Several of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in June; a few MSAs also showed gains in condo sales. Realtors around the state reported heightened buyer interest in their markets, with a responding increase in telephone calls, home showings and other business activity.

Among the state’s larger markets, the Orlando MSA reported a total of 1,641 homes sold in June compared to 1,595 homes a year ago for a 3 percent increase. The existing home median sales price was $219,500; a year ago, it was $258,100 for a 15 percent decrease. A total of 172 existing condos sold in the MSA last month compared to 188 condos the previous June for a decrease of 9 percent. The market’s existing condo median price was $132,900; a year ago, it was $156,900 for a 15 percent decrease.

Two charts showing statistics for Florida and its 20 MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in June 2008 to June 2007 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices June 2008 to June 2007 based on Realtor transactions.

Single-Family pdf html

Condominium pdf html

The Florida Association of Realtors (FAR), the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its 125,000 members in 67 boards/associations

Clutter is an unloved side effect of modern life. Here’s how to find more room — and make peace with your stuff.

It’s hidden inside the walls, beneath the stairs, in places you’d never think to look. The solution to the great American storage crunch is all around us in the form of unused space — cavities and nooks ready to absorb clutter and help bring order to domestic chaos.

As a longtime carpenter and builder, and now the host of “Wasted Spaces,” a show on the DIY Network, I’ve specialized in finding quick and efficient ways to make use of these little-used storage resources.

One of my favorite tricks is building drawers and shelves beneath a staircase. Plenty more storage solutions can be found throughout the typical house. With a little creativity and basic carpentry skills, any homeowner can win the space race. Here’s how to start — without getting into trouble.

1. Be ruthless
First, move everything that’s cluttering a room into another area. Organize it into three piles: everyday must-haves, items for long-term storage and stuff you can give away. Pile the long-term storage items into plastic tubs, give away the donation pile, and place the day-to-day necessities back where you got them.

2. Get creative
Now, take a fresh look around. In a typical house, there’s space waiting to be tapped behind knee walls where a roof cuts through a room, above appliances and underneath cathedral ceilings. Even a standard stud cavity inside a wall is 3.5 inches deep — enough space for toiletries, canned goods and some office supplies.

3. Avoid wiring and pipes
Before opening any walls, inspect the house from the attic to the basement to see where electrical wiring, phone and data cables, air-conditioning ducts, and water and waste piping may be hiding. Everything seem clear? Use a drywall saw to cut a neat inspection hatch. If you find mechanical systems in the wall, it’s no big deal to reinstall the drywall patch and seal it with joint compound.

4. Watch your bearings
The typical roof rests on a house’s outside walls and the inside walls that run perpendicular to the rafters and joists. Don’t touch these load-bearing walls without consulting a licensed structural engineer. A truss roof is a different story. The load rests on the outside walls; in most cases the interior walls underneath can be altered — just be careful not to damage the truss by ripping out any hardware attaching the truss to the wall.

5. Be neat
Prepare your work area by removing furniture, taping dropcloths to baseboards and using plastic sheets over passageways to prevent dust from migrating throughout the house.

6. Get clearance
During planning, make sure that doors and drawers will be able to open fully in the newly reconfigured area. And leave enough room to walk around comfortably.

7. Keep the mess outside
Build cabinets in the yard to keep the indoors neater. Just make sure that anything you build isn’t too big to fit through the door. Don’t laugh: I’ve seen it happen.