The State of the housing market
January 21, 2010 by
Filed under Real Estate
- Image by JAWspeak via Flickr
After the economic turmoil has become a thing of the past, the state of the housing market will eventually return to its previous position. However, until the economy recovers and people begin spending again, the housing market will be in deep trouble as it becomes harder and harder to sell homes. With real estate prices at all time lows, it is still difficult for many sellers to move properties on the market. One reason for the lackluster sales is the lack of credit. Due to the financial crisis, creditors have become more stringent and more selective with who they lend to. Accordingly, it is tougher for potential homebuyers to find enough money to make the splurge on a new home.
Another reason for the poor housing market is the lack of consumer spending. Because no one knows for sure when the economy will rebound, many people are tightening their belts and keeping their money close to home until they can be assured that their jobs are safe, paychecks are constant, and that they can pay back any loans they might take out. Currently, the market is very much a buyer’s market with most sellers having to lower their prices to buyer’s demands.
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_b.png?x-id=57f15070-63fd-4733-a3d3-bbc8b4790649)
Women Drive Real Estate Purchases
November 13, 2008 by
Filed under Real Estate
A 2006 study done by the National Association of Realtors (NAR) showed that 22% of the homes purchased between July 2005 and June 2006 were attributed to women between the ages of 25 and 24. 1.76 home purchases were also attributed to women, which is a 14% increase from figures found a decade ago.
When it comes to purchasing patterns, women are estimated to make 94 % of home furnishings decisions, 91 % of new homes purchase decisions, and 89 % of travel decisions.
Women are quickly emerging as the primary purchasing officers within their households, shown throughout the past few years. IRS data states that 29% of the top-wealth holders in the country are women, which equates to 2.5 million women possessing a total wealth of $4.2 trillion. Estimates suggest that by 2050, 42% of the same women will be widowed or single and that the wealth accumulated by women will only continue to increase.
Real estate agents are quickly recognizing the power of women in the market. Women are a force to be reckoned with in the real estate market and their presence cannot be ignored.
If buying a home, condo, or any other type of real estate is in your future, be sure to contact a local real estate agent who can ensure your success through this lengthy and complicated process.
Can U.S. Luxury Real Estate Markets Sustain Home Prices?
October 30, 2008 by
Filed under Real Estate
25 different luxury home markets have been listed in January 2007 issue of Unique Homes Magazine. These markets will indicate where this particular market of real estate is heading towards. Listed are the areas where the luxury real estate market is growing as well as the characteristics that only add to their appeal.
The following is a brief report on the top 10 luxury home markets to watch for price increases or reductions in 2007.
1. Annapolis, Maryland.
Located on Chesapeake Bay, buyers will have access to excellent boating, reasonable commutes, and great prices especially when compared to luxury areas in the Washington DC and Baltimore area.
2. Asheville, North Carolina.
This city is extremely vibrant and has a low-key lifestyle that is attractive to many home buyers looking for seclusion without missing a beat on the action.
3. Aspen, Colorado.
This luxury market is best known for the skiing around the area. The beautiful transition through the four seasons and restrictive zoning policies make Aspen a wonderful place to search for luxury real estate.
4. Atlanta, Georgia.
The city offers several new upscale communities, numerous lifestyle amenities, retreats and much sought after waterfront luxury homes.
5. Austin, Texas.
In 2006, this market experienced large gains, and it’s easy to see why. With the prestigious University of Texas, scenic lakes and great music scene, it has a huge appeal for those looking for properties in hill country.
6. Bellevue/Medina, Washington.
Although prices have gone up 28%, the market has yet to peak. Many of the luxury homes in the area are available at lower prices.
7. Beverly Hills, California.
Constantly in demand is the Beverly Hills market, which is synonymous with luxury, and is a popular market for current buyers.
8. Idaho.
With the establishment of several resorts in this area, many home buyers are turning their attentions to this quiet state.
9. Jupiter, Florida.
This particular area has been experiencing boom since Tiger Woods’ $38 purchase of a ten-acre property. This purchase has upped the value of many homes in the area.
10. Manhattan Uptown, downtown, midtown.
Wall Streeters favor this part of New York City, as there have been record sales of more than $5 in 2006. Many have found the townhouses and co-ops in this area to be great investments.
If you are searching for a home in any of these luxury markets, take the time to find a real estate agent who can advise you about the local market conditions.
The Benefits of Buying Real Estate in a Bad Neighborhood
October 16, 2008 by
Filed under Real Estate
-There is always room for improvement. Good neighborhoods always have the potential to turn sour, while bad neighborhoods could always get better. Prices often reflect the surrounding area, so purchasing a home in an area that could use some improvement could be a good investment.
-If purchasing a rental, cash flow tends to be better when the rental is located in a rougher neighborhood. People who look for properties in this area tend to be long term renters. In “good” neighborhoods, there are fewer prospective renters as those who tend to rent are usually short-term as they often use the time they are renting to look for a home.
-You beat your competition. Landlords who rent homes in rougher areas generally do not maintain their properties as those in nicer areas. If you maintain your properties, you will be able to charge more than the competition as well as blow them away.
-If you are located in a rougher neighborhood, you can propose that your property change will improve the neighborhood and give you a better chance of getting a different zoning. It is harder to make the same argument if you are located in a nice neighborhood.
-You opportunity to buy more homes in a rougher area. If your budget is 500k, you could buy one in a classy neighborhood, or five to sex in a rougher neighborhood.
-Real estate in rougher areas are less affected by changes in the economy.
While it isn’t necessary to buy a home in a bad neighborhood, wandering over the tracks to make a long term investment is a great idea.
Reasons to Consider Using a Professional Realtor
August 24, 2008 by
Filed under Featured, Real Estate
Realtors can greatly help with a home transaction. Whether buying or selling, a realtor can provide expert advice and support when making one of the biggest decisions you will make in life. It is important to know that only those that are licensed with the National Association of Realtors can be called a Realtor. These individuals will provide full honesty in any home transaction, and remain true to their code of ethics, ensuring full professionalism in any sale or purchase.
When buying a home, a Realtor will be able to help you determine how much you can afford to spend on a house. They will review your savings with you, as well as any other income or debt and will work with you to provide a reasonable price that you can pay. They can also help you work with any lenders and may be able to suggest one that will be able to suit your needs.
A Realtor also has access to just about every home on the market, even if they are not being aggressively advertised. This will help further your search and provide resources that you would not have if you were going it alone.
Often buyers are “swept off their feet” by a certain property. This can be good but a Realtor can also objectively provide information to help you make a decision as to whether the home is really what you want. For instance, a home not being in a school zone may not be a problem if you don nt have children but it will affect the home’s resale value and the Realtor is there to point these things out. Along with this information, the Realtor can also help with utility information, zoning information, and other various items that a buyer does not necessarily have access to, or think about.
There are many negotiations to be made in any real estate transaction and a Realtor can assist with these. Just a few of these negotiations could be financing, inspections, or the price of a home. A Realtor will have the insight and the knowledge to make these negotiations on their client’s behalf.
A Realtor can also provide, or finding appropriate professionals to provide, pertinent property information. This could include finding home inspectors, sewer inspections, and termite inspections. Again, these are just a few and a Realtor will know what needs to be looked at and evaluated. Realtors will also provide the title during this process and explain the many confusing terms.
Finally when buying a home, a Realtor will help coordinate the closing process and ensure that there are no surprises. They will help everything move slowly, and get you into the home you have chosen as quickly as possible.
A Realtor is an invaluable resource when selling your home as well. They can give accurate and up-to-date information regarding the condition of the marketplace, and what other comparable properties are being listed for.
A Realtor can also greatly assist with marketing your home. They will not only place it on MLS but they also have other resources available to them that will get your home sold as quickly as possible. They will advertise not only to the public, but to other agents as well. Speaking to other agent’s will significantly increase the chances of your home being sold quickly. A Realtor will also advise you on any repairs that need to be made to the property. A Realtor also has the knowledge of how to sell the property and to whom. They will then assist and are present for any showings, saving the seller the hassle of needing to be available and walking strangers through their home.
Once offers are made on the property, a Realtor will walk the seller through any offer to help them determine if it’s in their best interest. They can also help negotiate and speak to the prospective buyer and that buyers agent to get the best sell for their client.
And lastly, a Realtor will also ensure that the closing process goes smoothly for the seller. They will help with the paperwork and suggest any last minute repairs that need to be completed. They will work with you to make sure that the closing process goes as quickly as possible.