With gas prices topping $4 a gallon, real estate professionals who use their car frequently for work are looking for ways to get as much as they can out of every gallon.
Here are some tips for getting better mileage out of your car:
1. Slow down: Most cars get the best gas mileage at 45-55 miles per hour. Driving faster than 60 mph actually can cut gas mileage anywhere from 7 to 23 percent.
2. Don't idle: If you need to wait longer than 20 seconds, you’re better off turning off your engine than keeping your car running. Restarting the car requires less gas than leaving it idling.
3. Lose the heavy load: Make sure you’re not carrying in your car more than what you need. An extra 100 pounds sitting in the trunk or back seat can reduce fuel economy as much as 2 percent.
4. Tighten the gas cap: Fuel can evaporate through gas caps with broken or weak seals. Loose or broken gas caps can cost you a loss of about 2 percent in your gas mileage.
5. Close the windows and turn off the AC: Driving with the windows open or the air conditioner turned on can be big gas wasters. Instead, the most efficient way to keep the car cool is by using the air that comes in through your flow-through ventilator.
6. Get an oil change: Improve your gas mileage by as much as 2 percent by using energy-conserving or synthetic motor oil, which can reduce engine friction.
Renting May Soon Get Pricier
Industry experts are forecasting double-digit rent hikes soon.
With vacancy rates dipping below the 10 percent mark, demand is picking up, which is expected to put upward pressure on rental prices.
"The demand for rental housing has already started to increase," says Peggy Alford, president of Rent.com. "Young people are starting to get rid of their roommates and move out of their parents' basements."
By 2012, Alford predicts the vacancy rate will drop to 5 percent, causing prices to rise.
Rent hikes have been modest the past decade, averaging less than 1 percent a year in adjusting for inflation.
Source: “U.S. Set to be High-Rent Nation,” Chicago Tribune (March 16, 2011)
With vacancy rates dipping below the 10 percent mark, demand is picking up, which is expected to put upward pressure on rental prices.
"The demand for rental housing has already started to increase," says Peggy Alford, president of Rent.com. "Young people are starting to get rid of their roommates and move out of their parents' basements."
By 2012, Alford predicts the vacancy rate will drop to 5 percent, causing prices to rise.
Rent hikes have been modest the past decade, averaging less than 1 percent a year in adjusting for inflation.
Source: “U.S. Set to be High-Rent Nation,” Chicago Tribune (March 16, 2011)
30-Year Fixed-Rate Mortgage Holds Steady at 4.88 Percent
McLean, VA – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS), which shows mortgage rates holding steady and below 5.0 percent.
30-year fixed-rate mortgage (FRM) averaged 4.88 percent with an average 0.7 point for the week ending March 10, 2011, up from last week when it averaged 4.87 percent. Last year at this time, the 30-year FRM averaged 4.95 percent.
15-year FRM this week averaged 4.15 percent with an average 0.7 point, the same from last week when it averaged 4.15 percent. A year ago at this time, the 15-year FRM averaged 4.32 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.73 percent this week, with an average 0.6 point, up from last week when it averaged 3.72 percent. A year ago, the 5-year ARM averaged 4.05 percent.
1-year Treasury-indexed ARM averaged 3.21 percent this week with an average 0.5 point, down from last week when it averaged 3.23 percent. At this time last year, the 1-year ARM averaged 4.22 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, reports, "Mortgage rates held steady amid a strong employment report . The private sector added 222,000 jobs in February, the most since March 2006 while the unemployment rate fell to 8.9 percent, the lowest share since April 2009."
"Interest rates for 30-year fixed-rate mortgages have averaged at or below 5 percent in every week but one this year, contributing to record home affordability. The National Association of Realtors®Housing Affordability Index rose to an all-time record high in January, based on figures dating back to 1971. More recently, mortgage applications jumped almost 16 percent over the week ended March 4, 2011 representing the largest percent increase since the week of June 11, 2009."
30-year fixed-rate mortgage (FRM) averaged 4.88 percent with an average 0.7 point for the week ending March 10, 2011, up from last week when it averaged 4.87 percent. Last year at this time, the 30-year FRM averaged 4.95 percent.
15-year FRM this week averaged 4.15 percent with an average 0.7 point, the same from last week when it averaged 4.15 percent. A year ago at this time, the 15-year FRM averaged 4.32 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.73 percent this week, with an average 0.6 point, up from last week when it averaged 3.72 percent. A year ago, the 5-year ARM averaged 4.05 percent.
1-year Treasury-indexed ARM averaged 3.21 percent this week with an average 0.5 point, down from last week when it averaged 3.23 percent. At this time last year, the 1-year ARM averaged 4.22 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, reports, "Mortgage rates held steady amid a strong employment report . The private sector added 222,000 jobs in February, the most since March 2006 while the unemployment rate fell to 8.9 percent, the lowest share since April 2009."
"Interest rates for 30-year fixed-rate mortgages have averaged at or below 5 percent in every week but one this year, contributing to record home affordability. The National Association of Realtors®Housing Affordability Index rose to an all-time record high in January, based on figures dating back to 1971. More recently, mortgage applications jumped almost 16 percent over the week ended March 4, 2011 representing the largest percent increase since the week of June 11, 2009."
Subscribe to:
Posts (Atom)