What is the impact of rising interest rates on home prices?

Pat Savani again use some goodcommomn sense in her bog on the impact of rising intrest rates.

Rising rates usually affect home prices to some extent. This was evident in the most recent boom when affordability was up in the 140% range, rates were low and CLICK HERE FOR THE REST OF THE STORY

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Benefits of Owning Your Own Home

Income Tax Savings

Because of income tax deductions, the government is basically subsidizing your purchase of a home. All of the interest and property taxes you pay in a given year can be deducted from your gross income to reduce your taxable income.

For example, assume your initial loan balance is $150,000 with an interest rate of eight percent. During the first year you would pay $9969.27 in interest. If your first payment is January 1st, your taxable income would be almost $10,000 less – due to the IRS interest rate deduction.

Property taxes are deductible, too. Whatever property taxes you pay in a given year may also be deducted from your gross income, lowering your tax obligation

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American Home Styles - Ranchers

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Ranch-style house
From Wikipedia, the free encyclopedia

Large custom ranch house built in 1966 in California. This house exhibits most of the features of the style, note long low profile and large windows.
1950s ranch house with dovecote
Smaller ranch-style house in West Jordan, Utah, with brick exterior and side drop gable roof.

Ranch-style houses (also American ranch, California ranch, rambler or rancher) is a uniquely American domestic architectural style. First built in the 1920s, the ranch style was extremely popular in the United States during the 1940s to 1970s, as new suburbs were built for the Greatest Generation and later the Silent Generation. The style was exported to other nations and so is found in other countries.

The style is often associated with tract housing built during this period, particularly in the western United States, which experienced a population explosion during this period with a corresponding demand for housing.

The ranch house is noted for its long, close-to-the-ground profile, and minimal use of exterior and interior decoration. The houses fuse modernist ideas and styles with notions of the American Western period working ranches to create a very informal and casual living style. Their popularity waned in the late 20th century as neo-eclectic house styles, a return to using historical and traditional decoration, became popular. However, in recent years the ranch house has been undergoing a revitalization of interest.

Preservationist movements have begun in some ranch house neighborhoods as well as renewed interest in the style from a younger generation who did not grow up in ranch-style houses. This renewed interest in the ranch house style has been compared to that which other house styles such as the Bungalow and Queen Anne experienced in the 20th century, initial dominance of the market, replacement as the desired housing style, decay and disinterest coupled with many of teardowns, then renewed interest and gentrification of the surviving homes.
Contents

The following features are considered key elements of the original ranch house style, although not all ranch houses have all them.

* Single story
* Long, low roofline
* Asymmetrical rectangular, L-shaped, or U-shaped design
* Simple floor plans
* Open floor plans
* Attached garage
* Sliding glass doors opening onto a patio
* Large windows
* Vaulted ceilings with exposed beams
* Windows often decorated with shutters
* Exteriors of stucco, brick and wood
* Large overhanging eaves
* Cross-gabled, side-gabled or hip roof
* Simple and/or rustic interior and exterior trim

History and development

The 20th century Ranch House style has its roots in North American Spanish colonial architecture of the 17th to 19th century. These buildings used single story floor plans and native materials in a simple style to meet the needs of their inhabitants. Walls were often built of adobe brick and covered with plaster, or more simply used board and batten wood siding. Roofs were low and simple and usually had wide eaves to help shade the windows from the Southwestern heat. Buildings often had interior courtyards which were surrounded by an U shaped floor plan. Large front porches were also common. [2] These low slung, thick walled, rustic working ranches were common in the Southwestern states.The California bungalow of the early 20th century also served as a precedent with its simple one story outline, ample porch, and garden orientation.

Early modern period

Several American architects of the early 20th century were instrumental in taking the Spanish colonial ranch homes and fusing them with Modern Architecture to create the California Ranch House Style. Cliff May of San Diego and later, of Los Angeles, and William Wurster of San Francisco are two of the more common names associated with this innovation. Cliff May’s book, “Western Ranch Houses,” written with the editors of Sunset Magazine, stresses three basic concepts about ranch houses that serve as foundational philosophical underpinnings. First, is livability, second, flexibility and third is an unpretentious character. All three elements were addressed by combining modern building practices with the rustic Spanish Colonial rancherias.

Livability

Typical family room of a ranch house, note simple trim and ornamentation that lends itself to a variety of decorating styles

Livability was addressed by the addition of open floor plans instead of the small and divided up rooms of previous house styles. In a modern ranch house each of the major rooms was intended to flow into the next. Large windows were added to bring in outside light and nature. Garages were attached to the home instead of the separate building they had been in previous house styles such as the Bungalow, this acknowledged the importance of the automobile in modern life by integrating the vehicle into the home. Sliding glass doors opened to patios, usually covered, in the back of the home, a direct fusion of the Spanish Colonial Rancherias and Modernism. As land was inexpensive and plentiful in this time period the Ranch Houses were long and rambling over their large lots.

Flexibility

Flexibility was addressed by the open floor plans that allowed rooms to be rearranged and serve multiple purposes. Ranch Houses often included separate living and family rooms and formal dining rooms that all could be redressed for other purposes as needed. In addition the simple trim and style could be made to work with a number of interior decorating schemes, from American Colonial to ultramodern to contemporary casual. The integrated patio served as an extension of the living space, allowing a functional relationship with the outdoors.

Unpretentious character was addressed by the simple, lean, lines of the houses themselves. Ranch Houses, with their low roof lines and simple rustic trim, were intended to maintain a casual feel and not dominate their neighborhoods. Entry was not into a grand foyer, with an elaborate two story staircase winding down and soaring 20-foot (6 m) cathedral ceiling, but instead into a simple ante-chamber, if that, which was disarming and pedestrian. Interiors were designed for ease of movement and a "homeish" feel, often with wood paneling, textured ceilings for noise control, and occasional exposed wood beams in main living areas.

Era of popularity

By the 1950s the California Ranch House, by now often called simply the ranch house or even “rambler house”, accounted for nine out of every ten new houses.[3] The seemingly endless ability of the style to accommodate the individual needs of the owner/occupant, combined with the very modern inclusion of the latest in building developments and simplicity of the design satisfied the needs of the time. Ranch houses were built throughout America and were often given regional facelifts to suit regional tastes. The “Colonial Ranch” of the midwest and east coast is one such noted variant, adding American Colonial features to the facade of the California Ranch House. Ranch homes of the 1940s and 50s are typically more deliberately rustic in nature than those of the 60s and 70s, with features such as dovecotes, Swiss board edging on trim, and generally western and even fantasy trim styling. In the 60s the Ranch house echoed the national trend towards sleekness in design, with the homes becoming even simpler in trim and ornamentation. The Canadian 1970s simple raised rancher house style had a basement underneath it, was a great new hip design for the middle class.

Decline

American tastes in architecture began to change in the late 1960s, a move away from Googie and Modernism and Ranch Homes towards more formal and traditional styles. Builders of Ranch Houses also began to simplify and cheapen construction of the homes to cut costs, eventually reducing the style down to a very bland and uninteresting house with little of the charm and drama of the early versions.[4] By the late 1970s the ranch house was no longer the home of choice and had been eclipsed by the Neo-Eclectic styles of the late 20th century. (Very late custom Ranch Homes of the later 1970s begin to exhibit features of the Neo-Eclectics, such as dramatically elevated rooflines, grand entryways, and traditional detailing) These Neo-Eclectic homes typically continue many of the lifestyle interior features of the Ranch House, such as open floor plans, attached garages, eat in kitchens, and built in patios, though their exterior styling typically owes more to Northern Europe or Italy or 18th and 19th century homes styles than the Ranch House. Neo-Eclectic houses also have a significant level of formality in their design, both externally and internally, the exact opposite of the typical Ranch Style House. Additionally the increase in land prices has meant a corresponding increase in the number of two story homes being built, and a shrinking of the size of the average lot, both trends which inhibit the traditional ranch house style.[5] Ranch style houses are occasionally still built today, but mainly in the Western states and, usually, as individual custom homes.

Revival of interest

Beginning in the late 1990s a revival of interest in the ranch style house occurred in United States. The renewed interest in the design is mainly focused on existing homes and neighborhoods, not new construction. Younger house buyers find that ranch houses are affordable entry level homes in many markets, and the single story living of the house attracts older buyers looking for a house they can navigate easily as they age. The houses' uniquely American heritage, being an indigenous design, has furthered interest as well. [1] The houses simplicity and unpretentious nature, in marked contrast to the more dramatic and formal nature of neo-eclectic houses, makes them appealing for some buyers who are looking for something different. The more distinctive ranch houses, such as modernist Eichlers or Cliff May designs, as well as custom homes with a full complement of the style's features, are in particular demand in many markets. Many neighborhoods featuring ranch-style houses are now well-established, with large trees and often with owner modifications that give these sometimes redundant styles significant character. As these homes were mainly built in the time frame of 1945 to 1970 they are modern in their infrastructure, their heating/cooling systems, wiring, plumbing, windows, doors, and other systems can be easily repaired and upgraded.[6]

Revival of the ranch-style house

Large scale tract building of Ranch Houses ended in the late 1970s and early 1980s. Those still built today have usually been individual custom homes. One known exception is a tract of Ranch Style Homes being currently built in California. These houses borrow their style cues from the 1950s Western styled Ranch Houses, with board and batten siding, dovecotes, large eaves, and extensive porches. Notably, all homes in this tract are on 1/4 acre lots and have their front garages turned sideways so the garage doors are not dominating the front of the house.

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American Home Styles - Splits

Now let se what our friends at Wikipedia have to say about Splits.

Split-level homes

A split-level home (also called a tri-level home) is a style of house in which the floor level of one part of the house is about half way between a floor and its ceiling of the other part of the house. The one story section typically contains a family room, living room, dining room, and kitchen. There are typically two small sets of stairs that attach the one story section of the house to the two story section. One set leads up, typically to bedrooms and a bathroom. The other set leads down to a large family room and basement area. Often, the basement level also includes the garage and is level with the driveway. The first floor is built halfway between the basement and second floor, with the second floor being above the basement. Alternately, both halves of the house may be two stories tall, with a basement beneath the "first story" section described above. Additions to the house are possible by adding a third floor above the first or expanding outward from any side.

A sidesplit is where the split level is visible from the front elevation of the home. A backsplit is where the split level is only visible from the side elevation. The front elevations shows only a single story and the two stories are in the back.

Includes two short sets of stairs and two levels. The entry is between floors. The front door opens to a landing. One short flight of stairs leads up to the top floor; another short flight of stairs leads down. The top floor tends to be full height ceilings with the Living Room, Dining Room, Kitchen, Bedrooms and Bathrooms. The lower floor often has lower ceilings and is partially below ground. However, in many modern split foyer homes the lower level is at grade, which necessitates an outdoor staircase to reach the front door. These homes often also have very high ceilings on the lower level to accommodate the home's HVAC ducting.

Stacked Split Level

The stacked split level has four or five short sets of stairs, and five or more levels. The entry is on a middle floor between two levels. The front door opens into a foyer, and two short sets of stairs typically lead down to a basement and up to some sort of living area (often the kitchen or the living room). The next living area is on top of the foyer (containing either the kitchen or the living room), and another short set of stairs typically leads to at least one bedroom, located on top of the first living area. Often additional bedrooms are 'stacked' on top of the second living area, hence the name 'stacked split level'. This type of construction is typically used for townhouses.

Split Level

The split level has two or three short sets of stairs, and three or four levels. The entry is on a middle floor between two floors. The front door opens directly into what is usually the formal living area. This mid-level floor houses Living Room, Dining Room, Kitchen, and has a short flight of stairs leading up to bedrooms, and another short flight of stairs leading down to informal living areas and garage.

Split Entry-Foyer

The Split Entry has two or three short sets of stairs, and three or four levels. The entry between floors. The front door opens in a foyer or entry area located in a wing off the main house. From the entry, a short flight of stairs leads up to the top floor and another short flight leads down. Usually resembles a three-level or split-level from the exterior, but is actually a bi-level with an entry wing. In most cases this entry area is part of a garage wing. In others, the entry area might be a separate living room wing.
Raised Ranch

The raised ranch has one full flight of stairs, and two levels. The entry at lower floor. A full flight of stairs, usually near the front door, leads up to the living level. Top floor tends to be full height ceilings with the Living Room, Dining Room, Kitchen and Bedrooms. Lower floor often has lower ceilings. Although door is at or nearly at grade, sometimes the back and/or a side of the house is partially below ground. Many have the appearance of a ranch house that has been stretched upward and had the door lowered.
Advantages

The split-level home offers a convenient way to accommodate uneven property during construction. Since the main floor is about halfway above the basement, the house can be built into the side of a slope or soft hill, providing a very efficient use of space.

Moving throughout this type of home can be easier for people with disabilities, since fewer steps are required to go from the bedrooms to the rest of the house when compared with a traditional two-story house.

In an area where the amount of floors is limited by local law, split-level home offers more floors while in the same time adhere to the local law.

Disadvantages

Since the first floor and driveway are at uneven levels, stairs must be built to connect the entrance to the driveway, which can pose safety threats in icy conditions. Also, this type of house tends to include many stairs, which can be a problem for the elderly and others with impaired mobility, children must also be watched more attentively due to the many flights of stairs that they could fall down.

Homes may also be more prone to uneven heating and cooling, but this varies from house to house. The split-level design, however, aggravates the problem.

In contrast to traditional and historic homes, the primary focal point for pedestrians of a split level home tends to be the large garage doors presented to the street, rather than the doorway. Many architects and urbanists have been critical of this element due to its celebration of cars rather than inhabitants.

The garage to the front's resemblance to a snout and bedroom windows to eyes have led to the nickname 'pig houses' in some circles.

Regional Variance in Usage

In some regions such as the Northeastern United States, the term "split level" is used to refer to a bilevel house with a split entry. This style of house is also known as a "split foyer." This is a two-story house that has a small entrance foyer with stairs that "split"—half a flight of stairs go up (usually to the living room, kitchen, and bedrooms) and half a flight of stairs go down (usually to a family room and garage/storage area). This style is very popular in other areas of the country as well.

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American Home Styles - Colonial

Image via Wikipedia

One of my clients asked me the difference between the different styles of home. Now that is a good question, so I looked it up on Wikipedia. What I found i am going to cove in the next couple of post. I hope you fimd the information helpful.

American colonial architecture

American colonial architecture includes several building design styles associated with the colonial period of the United States, including First Period English (late-medieval), French Colonial, Spanish Colonial, Dutch, German Colonial and Georgian Colonial.[1] These styles are associated with the houses, churches and government buildings of the period between about 1600 through 1850.
First Period English (late-Medieval)
Developed from two earliest English settlements at Jamestown, Virginia (1607) and Plymouth, Massachusetts (1620), and later in the other British colonies along the Eastern seaboard.
These buildings typically included medieval details including steep roofs, small windows (usually due to a scarcity of glass in the colonies), minimal ornamentation and a massive central chimney[2]

French Colonial

Developed in French-settled areas of North America beginning with the founding of Quebec in 1608 and New Orleans, Louisiana in 1718, as well as along the Mississippi River valley to Missouri.
The early French Colonial house type of the Mississippi River Valley region was the "poteaux-en-terre", constructed of heavy upright cedar logs set vertically into the ground. These basic houses featured double-pitched hipped roofs and were surrounded by porches (galleries) to handle the hot summer climate.
By 1825, in areas prone to flooding the "raised cottage" was developed with the houses being constructed atop raised brick walls, typically eight feet tall for protection from flood waters. In dry times, the basement remained cool and was used for cooking and storage.
By 1770, the basic French Colonial house form evolved into the "briquette-entre-poteaux" (small bricks between posts) style familiar in the historic areas of New Orleans and other areas. These homes featured double louvered doors, flared hip roofs, dormers and shutters.[3]

Spanish Colonial

Developed with the earlier Spanish settlements in the Caribbean and Mexico, the Spanish Colonial style in the United States can be traced back to St. Augustine, Florida, the oldest established city in the country, founded in 1565. The style would also develop in the Southwest and in California with the founding of the missions by the Spanish between 1769 and 1823.
The early type of dwelling in Spanish Florida was the "board house", a small one-room cottage constructed of pit-sawn softwood boards, typically with a thached roof.
During the 1700s, the "common houses" were covered whitewashed lime mortar with an oyster shell aggregate. Typically two-story, the houses included cooling porches to accommodate the Florida climate.

Dutch Colonial

Developed from around 1630 with the arrival of Dutch colonists to New Amsterdam and the Hudson River Valley in what is now New York.[5] Initially the settlers built small, one room cottages with stone walls and steep roofs to allow a second floor loft. By 1670 or so, two-story gable-end homes were common in New Amsterdam.
In the countryside of the Hudson Valley, the Dutch farmhouse evolved into a linear-plan home with straight-edged gables moved to the end walls. Around 1720, the distinctive Gambrel roof was adopted from the English styles, with the addition of overhangs on the front and rear to protect the mud mortar used in the typically stone walls and foundations.

German Colonial

Developed after about 1675 or so, when the Delaware River Valley area (Pennsylvania, New Jersey, Delaware) of the United States was settled by immigrants from Sweden, Finland, Scotland, Ireland, Germany (Deutsch) and several other northern European nations. The early colonists to this region adapted the "half-timber" style of construction then popular in Europe, which used a frame of braced timbers filled-in with masonry (brick or stone). However, the colonists modified the method to typically include a first floor of field stones, and a second floor and roof system of timbers or logs. Eventually, field stones became the building material of choice for the entire homes, as they grew from one-room cottages to larger farmhouses.
The "bank house" was a popular form of home during this period, typically constructed into a hillside for protection during the cold winters and hot summers of the region.
The two-story "country townhouse" was also common around Pennsylvania during this time.

Georgian Colonial

(New England and mid-Atlantic Regions) (1720-1780) The defining characteristics of Georgian architecture are its square, symmetrical shape, central door, and straight lines of windows on the first and second floor. There is usually a decorative crown above the door and flattened columns to either side of it. The door leads to an entryway with stairway and hall aligned along the center of the house. [8] All rooms branch off of these. Georgian buildings, in the English manner were ideally in brick, with wood trim, wooden columns and entablatures painted white. In the US, one found both brick buildings as well as those in wood with clapboards. They were usually painted white, though sometimes a pale yellow. This differentiated them from most other structures that were usually not painted.
A Georgian Colonial-style house usually has a formally-defined living room, dining room and sometimes a family room. The bedrooms are typically on the second floor. They also have one or two chimneys that can be very large.

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