Not YET Green

Great article in the Chicago Homes section of the Chicago Tribune today about Elmhurst.  The article features all the great things about Elmhurst such as our great schools and location, local businesses and events, Elmhurst College, our collection of museums and more.  I appreciate that they also focused on something I think makes Elmhurst very special – people are drawn to stay here once they come.  We have a great diversity in types of homes as well as types of families.  It is that mix of young and old, lifelong residents of Elmhurst and newcomers that makes our community so rich!

As you know, the spring real estate market came early this year.  This is due to the extension of the home buyer credits ($8000 for first-time buyers, $6500 for current home owners through 4/30.*)  The tax credit has motivated many sellers to get off the fence and list their homes, so we are seeing nice, fresh inventory for the first time in some time. 

Friday gave us one more bit of news that if you are interesting in buying NOW is absolutely the time.  Mortgage Daily News on Friday reported that the Federal Open Market Committee from the Federal Reserve Board announced that it will be slowing down the program to buy back mortgage-backed securities through March and will end it by March 30th.  Translation:  The interest rates we’ve seen since summer below 6% could become a thing of the past and start inching back upwards. 

The statement did state that they would reevalute the decision if market conditions warrant.

So if you want bragging rights to tell your grandchildren someday that you bought when mortgage rates where historically low, home prices were very low AND you earned between $6500-8000 just for doing it…then schedule some time before March ends to purchase a home! 

Thanks to Jack Jones at MetLife Home Loans for the tip!

*  Consult a tax professional and read the full details to see if you qualify.

RIS Media is reporting today that the IRS may have inadvertently created a “marriage penalty” on the expanded first-time and move-up buyer tax credits.  For unmarried couples, only one buyer has to qualify.  For married couples, both spouses have to qualify. 

The article includes the full details of the requirements and plans to encourage removal of the marriage penalty.  It also states, “The Rands encourage any married couples who are being affected by the Home Buyer Tax Credit’s restrictive marriage guidelines to go to www.homebuyertaxcredit.com and submit their story.”

The IRS just released forms and instructions for eligible homebuyers in 2009 to claim one of the two home buyer tax credit.  The information covers both the $8000 tax credit eligible to first-time buyers and the $6500 tax credit added in November for move-up buyers.   One key requirement is that tax payers claiming the credit must file manually.  For more information, please consult your tax advisor.

400 S. Washington Street, Elmhurst – $699,000

 Photos, full details and virtual tour at Realtor.com. 

• Vintage details like wood doors, moldings and glass door knobs plus all the modern “must have’s”
• Outstanding home for entertaining including large kitchen and dining room, built-in buffet and wine rack in family room, large deck, and rec room with bar area
• Updated kitchen with stainless appliances, quartz counters, etc.
• Bright and spacious first-floor family room with two patio doors and fireplace
• Master bedroom has brand-new master bathroom
• Bright rec room in lower level with 3 walk-in storage areas
• Custom surround sound system included in family room and rec room, speakers installed on deck
• Only location in Elmhurst where you can walk to all three schools, three business districts, Prairie Path, Farmer’s Market, library, train, etc!
• Fun and architecturally-diverse block

Gov. Quinn today announced key dates for consumers to make ENERGY STAR upgrades to their appliance, heating, cooling and water heating equipment.  You can read more in the Decatur Tribune article today.  Or get full details at www.illinoisenergy.org.  I’ll report back with an update on participating retailers/contractors.  Looks like they might be rolling out the program without full details and contact info for that in place yet!

Summary & Key Dates:

Furnace & Air Conditioning

• Rebates begin Jan 31st until they run out
• $350-1,200 depending on unit
• Up to $5000 in materials and installation also eligible for 30% federal tax credit
• ComEd Contractor list (electricians/AC)
• Furnace Contracts recommended by Nicor (not currently available)

Water Heaters

• Rebates begin Jan 31st until they run out
• 25% off purchase price at time of sale
• Shop for efficiency >.82 so up to to $5000 in materials and installation is also eligible for 30% federal tax credit
• Check http://www.helpgreenillinois.org/ for list of participating retailers (site under development)

Appliances – Refrigerators, Freezers, Dishwashers, Clothes Washers, Room (window) Air Conditioning units

• Earth Day promotion – Available only April 16-25
• 15% off purchase price at time of sale
• Additional mail-in rebate if you recycle your existing inefficient appliance ($50=window AC & dishwashers, $100=refrigerators and freezers)

My friends at Efficiency First have been busy over the past few weeks crafting a position paper on HOME STAR which they released today.  In a nutshell, HOME STAR evolves from the great market recognition of ENERGY STAR for Homes, the energy efficiency tax credits that were part of last year’s stimulus package and a long-term plan to create jobs while making America’s homes more comfortable and cost-effective to operate. 

The position paper outlines two paths for homeowners…one, capping at about $4000 in incentives, to take the ala carte approach to making your home more energy efficiency.  The other, called GOLD STAR starts with incentives at around $4000 and grows based on the energy savings you realize.  GOLD STAR requires an energy audit to begin.  Both programs include important quality checks of the work done by contractors. 

The paper has a long path towards becoming a bill, but it is definitely a step in the right direction to help more homeowners make important improvements to their homes. 

I will be writing more about what I call “incentive layering” in the short-term.  There might be a tendency to put off work on your home until the future of HOME STAR is more clear.  But au contraire!  I can help you understand the priorities for your own home and help you chart a path to make the most of today’s incentives, as well as assess options for incorporating future incentives should they roll out.  Stay tuned or contact me for more info!

I was driving around today and it struck me that all the icicle lights folks purchased for the holidays are gone…and they have been replaced this week by the real ones.  It struck me as funny that we hold so dear a symbol of insulation gone bad!  Not many people know that icicles are actually a sign of inadequate insulation in a building!

And in coincidence, my friend and favorite home inspector today has added a post about icicles in her new blog.  She explains it in ways for both the DIYers out there and those that hire stuff out to understand!    Enjoy the article and keep Michelle Teague in mind for your home inspection needs.

Earlier this month the Illinois Department of Commerce and Economic Opportunity announced the  pre-announcement of a rebate program for certain ENERGY STAR products.  The program will roll out in two parts and both will be offered only while the limited funds for rebates are available.  Details are not yet fully available so check back here for updates or contact me for more information.

Rebates for Heating & Cooling Equipment:  The DCEO website states this program will run in the winter so if you are in the market for a furnace, central AC or water heater you might want to start evaluating your needs now to be first in the queue once the details are released. 

Rebates for Appliances:  The website is saying that the rebates will be offered for a few weeks in conjunction with Earth Day, which is 4/22.  So mark your calendar to start your product research in early April.  Homeowners will be able to earn another $50-100 by participating in a program to recycle your outgoing appliances.  The following appliances are ENERGY STAR rated and are the ones most likely to be covered by the rebates:  refrigerators, freezers, washing machines, dishwashers.  (No ovens or dryers are ENERGY STAR products.)

CRITICAL INFO if you are interested in the rebates:

• Make sure you completely understand what products are eligible for rebates before you buy.  Make sure your vendor verifies how the product specifications meet the rebate requirements and keep asking questions until you are clear!
• Don’t forget the Federal tax credits on furnaces, central AC and water heaters!  More details to follow on how you might be able to stack credits for extra savings!

Team Depot at Family Matters

Team Depot from Home Depot’s Lincoln and McCormick store visited Family Matters on December 29th to participate in Project Sage. Team Depot was focused on sealing up air leaks identified in an energy audit this summer.  The work was a critical preparation step as we work towards adding insulation to the attic at Family Matters this spring.  The work done is the type that do-it-yourselfers can easily accomplish.  The DOE estimates that this sort of DIY project typically saves homeowners $2.10 for each $1 spent!  Amazing stuff.

You can see nice video of the caulking in action on the Project Sage Facebook page.  There are links to the groups that supported the project, lots of photos and more. 

The crew from Team Depot couldn’t have been more fun to work with and more focused on quality.  Their efforts made some of the offices and espcially the Teen Boys’ space immediately warmer.  Their work ensures that the insulation work up to expectations once it is installed and helps the new boiler work more effectively.  Thank you Team Depot!

Project Sage is a charity project I am leading for Family Matters in memory of the great friend I made there when I was a Teen Mentor in 1998.  It is based on my 5×10 Challenge.  Team Depot used the energy audit that was completed in July and was addressing Step 2 of 5×10 which is to air seal.