"When it comes to common-knowledge approaches to curb appeal, first impressions are lasting impressions, and property managers can build on that axiom to boost love-at-first-sight interest in rental properties.
"You never get a second chance to make a good first impression. No matter how great the service is, or how great the programs are, if the property doesn't look good, you'll never get the chance to go further with," a potential tenant, says Cris Sullivan, senior vice president and executive director of operations at Gables Residential, a Atlanta, GA-based real estate acquisition, development and management company for multifamily properties and mixed-use communities.
Potential tenants expect a manicured property, a tamed yard, fresh paint and an overall neat presentation, but, as niche or more unique properties become more popular, a creative curb appeal strategy with a personal touch can add value.
Jared Meadors, owner of Medusa Properties in Houston, TX says property owners should expect to make an investment that enhances the appeal of the property from the outside in because the effort will pay for itself over time.
"That's the thing about improvements in general. They pay for themselves five to 10 times over," says Meadors who specializes in resorted, older properties.
"It took me a decade before I learned that competing on price alone is a race to the bottom. Apple products are the most expensive in every category where they compete, but they dominate those categories, and make more money than everyone else while doing it," he added.
Meadors also says curb appeal investments allow him to charge slightly higher rent and they reduce vacancy periods because nicer looking properties rent faster than their less appealing competitors.
Meadors' first addresses a property's character to add curb appeal.
He often selects properties that may appear to look "boring," because the property was built in the 1920s or 1930s and may have been stripped of its character over time due to shifting attitudes about style. These architecturally-stripped properties are like a blank canvas. He selects the most appealing qualities of an era and restores them to the property. This often means modifying the facade with renewed architectural detail.
"The style of the building itself is really important. From an architectural approach, I take the coolest elements of an era and apply them to a building," Meadors says.
Meadors also says fencing can serve as a multi-functional addition to a property. Fencing frames a property's boundaries, it's a friendly bonus for pet owners, it acts as a backdrop for landscaping and it acts as a buffer between the front door and the street a major benefit in high traffic areas.
"In a really dense urban environment, any kind of buffer you can give your tenants from the street is really nice. Rather than having a big, open yard, add a cool fence or wall and a private patio. Now they have a buffer from the street and private space," Meadors said.
Meadors also encourages creative landscaping.
Appealing foliage is an eye-catching addition to a property, but it doesn't have to be high-maintenance or an expensive addition. Climbers, for example, require little attention and they add a colorful flair to a rental property and the benefit of added privacy." [Read more]
Thursday, March 29, 2012
Wednesday, March 28, 2012
The Changing Landscape of Single-Family Homes
"As household spending and income adapt to meet the needs of today's economic conditions, new single-family home have followed suite. In a surprise divergence from recent trends, homes seem to be on a growth spurt again.
According to the latest Census Bureau data homes for the first half of 2011 new home being built were following this surprising trend. Data found that in comparison to 2010 the average size of homes grew along with the number of four+ bedroom homes.
This data is surprising considering that many potential homebuyers have been sidelined by high unemployment and weak economic growth. Fed Chairman Ben Bernanke spoke recently about the slow economic recovery at the 2012 National Association of Homebuilders International Builders' Show in Orlando, Florida.
He noted that "although some progress has been made in reversing the losses in jobs and income sustained during the recession, the pace of expansion has been frustratingly slow and the unemployment rate remains very high by historical standards. The state of the housing sector has been a key impediment to a faster recovery."
Does this Census Bureau data mean we are on the road back to McMansions? The NAHB is asking the same questions, "These facts lead to an interesting question: how can the average home be getting bigger, more expensive, and have more amenities when the housing market remains weak and the overall economy is yet to see a robust recovery?"
They key difference in these early 2011 findings is who is building homes as well as the number of new housing starts. There were only 429,000 new housing starts in the first half of last year.
Because of recent crackdown on mortgage lending, many would-be buyers of new homes are instead waiting on the sidelines. Today's buyers need excellent credit as well as at least 20 percent to put down. This has changed the pool of buyers and these buyers are building bigger.
Other key findings of the study were as follows:[Read more]"
According to the latest Census Bureau data homes for the first half of 2011 new home being built were following this surprising trend. Data found that in comparison to 2010 the average size of homes grew along with the number of four+ bedroom homes.
This data is surprising considering that many potential homebuyers have been sidelined by high unemployment and weak economic growth. Fed Chairman Ben Bernanke spoke recently about the slow economic recovery at the 2012 National Association of Homebuilders International Builders' Show in Orlando, Florida.
He noted that "although some progress has been made in reversing the losses in jobs and income sustained during the recession, the pace of expansion has been frustratingly slow and the unemployment rate remains very high by historical standards. The state of the housing sector has been a key impediment to a faster recovery."
Does this Census Bureau data mean we are on the road back to McMansions? The NAHB is asking the same questions, "These facts lead to an interesting question: how can the average home be getting bigger, more expensive, and have more amenities when the housing market remains weak and the overall economy is yet to see a robust recovery?"
They key difference in these early 2011 findings is who is building homes as well as the number of new housing starts. There were only 429,000 new housing starts in the first half of last year.
Because of recent crackdown on mortgage lending, many would-be buyers of new homes are instead waiting on the sidelines. Today's buyers need excellent credit as well as at least 20 percent to put down. This has changed the pool of buyers and these buyers are building bigger.
Other key findings of the study were as follows:[Read more]"
Friday, March 23, 2012
First-Time Buyer Tips
"Maybe you've been eyeing the real estate market and you think that you're finally ready to purchase your first home...if so, read on to be sure you're in the best position.
The rules have drastically changed in the real estate market. At one time, getting a mortgage seemed to require little more than just simply stating your income on paper. Today, the credit tightening continues. Banks want extra documentation that you can truly afford the home you want to buy.
But don't let that scare you. Your dream of becoming a homeowner is still a viable option. Here are a few tips to help you achieve your dream.
First take a good look at your credit. It's sad, but true, many people have no idea how their credit reports look. They can't remember if they've ever seen their report and they don't know their credit score.
Unfortunately, that puts buyers in a poor position. If there are errors on their credit reports, those must be handled before you try to purchase a home. Sometimes there are marks that truly shouldn't be on your credit. Other times there are knocks against your credit that you may be able to get removed.
Check your credit score at least three to six months before you apply for a mortgage. This will give you time to address any issues.
Start saving now. These days a downpayment for a home doesn't come easy. You may need as much as 20 percent down. However, there are still some loan programs that will allow you to put down much less.
Make sure you are working with an experienced team of real estate professionals. This kind of purchase requires lots of information, education, and knowledge. Having a team of industry professionals to guide you through the first-time home-buying experience will make the process so much easier.
When you're preparing to buy a home, if you haven't already, make a budget and start watching where every dollar goes. It's amazing how few people do this. It's even more amazing to see how much money is wasted. Those extra trips to the coffee shop, the donuts in the morning, the manicures, or shopping sprees, all are areas where you can likely cut back to save for your downpayment.
Picture your home. It might sound silly but you need to envision the home you want to buy. This will help you tremendously once you start your search. Start looking online, in magazines, and around your chosen neighborhoods.
You can even use online tools like Pintrest.com to pin images and videos you see on an online storage board to refer to later. This is a great tool for collecting photos of home decor.
The point here is to make sure you have an idea of what is important to you in a home. Since you've been renting, this might not be crystal clear at first. But as you make your list and explore homes with your agent, you'll begin to see which things are deal breakers and which things are a must-have." [Read more]
The rules have drastically changed in the real estate market. At one time, getting a mortgage seemed to require little more than just simply stating your income on paper. Today, the credit tightening continues. Banks want extra documentation that you can truly afford the home you want to buy.
But don't let that scare you. Your dream of becoming a homeowner is still a viable option. Here are a few tips to help you achieve your dream.
First take a good look at your credit. It's sad, but true, many people have no idea how their credit reports look. They can't remember if they've ever seen their report and they don't know their credit score.
Unfortunately, that puts buyers in a poor position. If there are errors on their credit reports, those must be handled before you try to purchase a home. Sometimes there are marks that truly shouldn't be on your credit. Other times there are knocks against your credit that you may be able to get removed.
Check your credit score at least three to six months before you apply for a mortgage. This will give you time to address any issues.
Start saving now. These days a downpayment for a home doesn't come easy. You may need as much as 20 percent down. However, there are still some loan programs that will allow you to put down much less.
Make sure you are working with an experienced team of real estate professionals. This kind of purchase requires lots of information, education, and knowledge. Having a team of industry professionals to guide you through the first-time home-buying experience will make the process so much easier.
When you're preparing to buy a home, if you haven't already, make a budget and start watching where every dollar goes. It's amazing how few people do this. It's even more amazing to see how much money is wasted. Those extra trips to the coffee shop, the donuts in the morning, the manicures, or shopping sprees, all are areas where you can likely cut back to save for your downpayment.
Picture your home. It might sound silly but you need to envision the home you want to buy. This will help you tremendously once you start your search. Start looking online, in magazines, and around your chosen neighborhoods.
You can even use online tools like Pintrest.com to pin images and videos you see on an online storage board to refer to later. This is a great tool for collecting photos of home decor.
The point here is to make sure you have an idea of what is important to you in a home. Since you've been renting, this might not be crystal clear at first. But as you make your list and explore homes with your agent, you'll begin to see which things are deal breakers and which things are a must-have." [Read more]
Thursday, March 22, 2012
Spring Marketing Tips For Agents
"This Spring presents some incredible opportunities for selling homes. It's time your market knew this! The Federal Reserve has committed itself to keeping rates low and now that employment levels have risen more buyers are finding themselves ready to make a purchase.
Many buyers and sellers, however, are wholly unaware of the opportunities that exist thanks to today's conditions.
While home prices may be on the decline, homeowners who have been in their current properties for a decade or more will likely have built a substantial amount of equity. They should be educated on what doors this opens. When their home is staged and marketed correctly they can sell in today's market and open up a world of bigger and better properties. Now could very well be prime time to move into their dream home.
Additionally, Spring is a wonderful time to market a home. Many families love to buy during this season so that they can make the move at the end of the school year. Staging a home during this season is so easy. Green lawns and fresh flowers make for great curb appeal and that equals stellar first impressions.
Yet, instead of focusing on these great positives about this season for selling, homeowners read the headlines splashed across major media news sites and let worry keep them on the sidelines.
What are some ways that you get the word out about Spring and selling?" [Read more]
Many buyers and sellers, however, are wholly unaware of the opportunities that exist thanks to today's conditions.
While home prices may be on the decline, homeowners who have been in their current properties for a decade or more will likely have built a substantial amount of equity. They should be educated on what doors this opens. When their home is staged and marketed correctly they can sell in today's market and open up a world of bigger and better properties. Now could very well be prime time to move into their dream home.
Additionally, Spring is a wonderful time to market a home. Many families love to buy during this season so that they can make the move at the end of the school year. Staging a home during this season is so easy. Green lawns and fresh flowers make for great curb appeal and that equals stellar first impressions.
Yet, instead of focusing on these great positives about this season for selling, homeowners read the headlines splashed across major media news sites and let worry keep them on the sidelines.
What are some ways that you get the word out about Spring and selling?" [Read more]
Tuesday, March 20, 2012
Builders ready for home construction rebound
"Home builders are getting ready for a stronger construction season, filing for the most building permits in more than three years, in another sign of recovery in the long-battered housing market.
The government reported builders filed for permits at an seasonally adjusted annual rate of 717,000 in February, the strongest reading since October 2008, which was the month after the meltdown in financial markets. It marked a 5.1% rise from January and a 34.3% increase from year-earlier levels.
Actual starts of new homes slipped slightly from a very strong start to the building season in January, down 1.1% to 698,000. Still, that was 35% ahead of starts in February 2011.
The starts are more affected by weather factors. But the permits are generally seen as an indication of builders' confidence in the market and the demand they are seeing. Mortgage rates near record lows and an improving jobs market both are feeding stronger demand.
The construction and permitting of apartments and condos continue to be particularly strong. Permits for buildings with more than one housing unit rose 61% from prior-year levels, and starts of buildings with five or more units jumped 29% from January and were more than double year-earlier levels." [Read more]
The government reported builders filed for permits at an seasonally adjusted annual rate of 717,000 in February, the strongest reading since October 2008, which was the month after the meltdown in financial markets. It marked a 5.1% rise from January and a 34.3% increase from year-earlier levels.
Actual starts of new homes slipped slightly from a very strong start to the building season in January, down 1.1% to 698,000. Still, that was 35% ahead of starts in February 2011.
The starts are more affected by weather factors. But the permits are generally seen as an indication of builders' confidence in the market and the demand they are seeing. Mortgage rates near record lows and an improving jobs market both are feeding stronger demand.
The construction and permitting of apartments and condos continue to be particularly strong. Permits for buildings with more than one housing unit rose 61% from prior-year levels, and starts of buildings with five or more units jumped 29% from January and were more than double year-earlier levels." [Read more]
Friday, March 16, 2012
Moving Made Simple: Tips to Help You Relocate
"It's the least favorite thing for many sellers, packing up their homes and relocating to a new home or even a new state.
Most people associate moving with stress but it doesn't have to take the thrill of moving into a new home away. Preparation and careful planning can not only ward off the stress but also save you money.
Here are some quick tips to help you move out of your old home and into your new one with ease and comfort.
Get organized. Moves are often a chaotic mess. Very often the sale goes through and sellers scramble to get their belongings packed up and loaded into the trucks. Then when they get to their new home, there isn't a trace of organization.
Boxes that were hurriedly jammed with stuff are in disarray and unpacking them seems like more work than it's worth. This is often how people end up with duplicate irons, toasters, coffeemakers. In their frustration of being unable to locate a necessary item from the boxes, some opt to just purchase another.
Instead, color-code the boxes and mark in bold pen their contents. Start with one room and fill the box with only items from that room, for instance, the kitchen. Then, even if the box isn't stuffed, move to another room and use a new color-coded box to fill with its belongings.
If you're using movers, give them instructions to place the color-coded and marked boxes in the appropriate rooms. This saves so much time, energy, and hassle when unpacking or searching for items for that particular room.
It may seem like a lot of work to do this in the beginning, but unpacking and moving boxes that you have no idea what's inside, is far worse and a much longer process.
Sell what you don't need.
A common mistake sellers make in moving is to bring with them the stuff that they plan to get rid of in the future. If you're using professional movers, this will cost you more. If you're doing it yourself, it's just plain silly to haul that which you intend to get rid of into a new home.
Again, this requires some planning. But you know that you're selling your home, so start going through the rooms and setting up piles of the items that you plan to get rid of. Garage sales can help you unload some unwanted materials quickly. Also, sites like eBay or even shops that place your items on consignment can be worth it. Then, of course, you can simply make a deduction to a non-profit charity and just take the tax deduction.
The main point here is to use the move to unload the clutter. Do this before you list your home and your real estate agent will thank you. Clearing out the stuff helps buyers see the real beauty and value of your home. And, when it comes time to move, you'll be glad you're not simply taking unwanted stuff over to clutter your new home.
Appliance handling tips. If you're moving big appliances like refrigerators and dishwashers, be sure to wipe them down and clean them out carefully. These items can get very smelly in the move. If you use a damp cloth and vinegar, it can help keep the refrigerator smelling fresh. Make sure you dry the inside completely before moving the refrigerator." [Read more]
Most people associate moving with stress but it doesn't have to take the thrill of moving into a new home away. Preparation and careful planning can not only ward off the stress but also save you money.
Here are some quick tips to help you move out of your old home and into your new one with ease and comfort.
Get organized. Moves are often a chaotic mess. Very often the sale goes through and sellers scramble to get their belongings packed up and loaded into the trucks. Then when they get to their new home, there isn't a trace of organization.
Boxes that were hurriedly jammed with stuff are in disarray and unpacking them seems like more work than it's worth. This is often how people end up with duplicate irons, toasters, coffeemakers. In their frustration of being unable to locate a necessary item from the boxes, some opt to just purchase another.
Instead, color-code the boxes and mark in bold pen their contents. Start with one room and fill the box with only items from that room, for instance, the kitchen. Then, even if the box isn't stuffed, move to another room and use a new color-coded box to fill with its belongings.
If you're using movers, give them instructions to place the color-coded and marked boxes in the appropriate rooms. This saves so much time, energy, and hassle when unpacking or searching for items for that particular room.
It may seem like a lot of work to do this in the beginning, but unpacking and moving boxes that you have no idea what's inside, is far worse and a much longer process.
Sell what you don't need.
A common mistake sellers make in moving is to bring with them the stuff that they plan to get rid of in the future. If you're using professional movers, this will cost you more. If you're doing it yourself, it's just plain silly to haul that which you intend to get rid of into a new home.
Again, this requires some planning. But you know that you're selling your home, so start going through the rooms and setting up piles of the items that you plan to get rid of. Garage sales can help you unload some unwanted materials quickly. Also, sites like eBay or even shops that place your items on consignment can be worth it. Then, of course, you can simply make a deduction to a non-profit charity and just take the tax deduction.
The main point here is to use the move to unload the clutter. Do this before you list your home and your real estate agent will thank you. Clearing out the stuff helps buyers see the real beauty and value of your home. And, when it comes time to move, you'll be glad you're not simply taking unwanted stuff over to clutter your new home.
Appliance handling tips. If you're moving big appliances like refrigerators and dishwashers, be sure to wipe them down and clean them out carefully. These items can get very smelly in the move. If you use a damp cloth and vinegar, it can help keep the refrigerator smelling fresh. Make sure you dry the inside completely before moving the refrigerator." [Read more]
Thursday, March 15, 2012
Foreclosures Fall, But There's a 'Rising Tide' Ahead
"The number of homes entering foreclosure dropped in February, but a new up-turn may soon be on its way.
The reason? The $26 billion settlement between 5 major banks and state attorneys general over past foreclosure practices.
Cases could go forward after sitting in limbo for months -- even years -- with their delinquent owners squatting on the properties.
The banks involved are Bank of America, (BAC, Fortune 500) JPMorgan Chase (JPM, Fortune 500), Citibank (C, Fortune 500), Wells Fargo (WFC, Fortune 500) and Ally Financial.
"The pig is starting to move through the python," said Daren Blomquist, director of marketing for RealtyTrac, which released its foreclosure report for February on Thursday.
Homeowners on the mortgage settlement: 'This stinks'
Though filings for the month were down 8%, there were indications that the foreclosure pipeline was beginning to unclog.
Foreclosures had dropped much more in January -- 19%. And 21 states posted increases in filings in February, the most since November 2010. Plus, half of the nation's 20 largest metro areas reported increases as well, led by Tampa, Fla. (up 64%) and Miami (53%)." [Read more]
Wednesday, March 14, 2012
Foreign Buyers are Snapping up U.S. Homes
“Reporting from Washington— Because of the housing market meltdown, foreign governments and banks are shying away from bonds backed by American home loans. But individual foreign buyers are taking advantage of the crash to snap up U.S. bargains at a record clip.
When housing was flying high, foreign entities were buying the lion’s share of the mortgage-backed securities packaged by Fannie Mae and Freddie Mac, the two quasi-government agencies that help keep the housing finance system flush with cash by buying mortgages from Main Street lenders.
Now, with Fannie Mae and Freddie Mac in conservatorship and their futures in question — and with millions of homeowners underwater on loans held by Fannie Mae and Freddie Mac — the foreign share of the mortgage-backed securities market is just a fraction of what it once was. Instead, foreigners are gobbling up individual properties.
Foreign clients bought $41 billion worth of stateside houses and apartments during the 12-month period that ended in March 2011, according to the latest tally by the National Assn. of Realtors. That’s roughly the same as the previous year.
But add in the $41 billion spent by immigrants who moved here within the last two years and individuals with visas of more than six months, and the total is $82 billion worth of U.S. residential real estate taken off the market by international buyers, up from $66 billion the year before.
The demand for American real estate is so strong that last fall, the Realtors association launched an international version of its listing website. Now, the 4.4 million properties displayed on Realtor.com can be viewed more easily by buyers from practically any place in the world, and in almost a dozen languages.
In the 1980s, when investors from Japan and other countries were buying large amounts of commercial real estate, including such iconic properties as the Pebble Beach golf club and Rockefeller Center in New York, there was fear in some quarters that the U.S. was for sale to foreigners.
There’s no such outcry this time around, if only because the foreign share of the domestic housing market is but a small sliver of a $1.07-trillion pie. And in markets where foreign buyers are most active, their pesos, pounds and rupees are being welcomed with open arms because they are helping unclog the logjam of unsold and foreclosed houses, a jam-up many believe must be cleared before residential real estate can regain its equilibrium.” [Read more]
When housing was flying high, foreign entities were buying the lion’s share of the mortgage-backed securities packaged by Fannie Mae and Freddie Mac, the two quasi-government agencies that help keep the housing finance system flush with cash by buying mortgages from Main Street lenders.
Now, with Fannie Mae and Freddie Mac in conservatorship and their futures in question — and with millions of homeowners underwater on loans held by Fannie Mae and Freddie Mac — the foreign share of the mortgage-backed securities market is just a fraction of what it once was. Instead, foreigners are gobbling up individual properties.
Foreign clients bought $41 billion worth of stateside houses and apartments during the 12-month period that ended in March 2011, according to the latest tally by the National Assn. of Realtors. That’s roughly the same as the previous year.
But add in the $41 billion spent by immigrants who moved here within the last two years and individuals with visas of more than six months, and the total is $82 billion worth of U.S. residential real estate taken off the market by international buyers, up from $66 billion the year before.
The demand for American real estate is so strong that last fall, the Realtors association launched an international version of its listing website. Now, the 4.4 million properties displayed on Realtor.com can be viewed more easily by buyers from practically any place in the world, and in almost a dozen languages.
In the 1980s, when investors from Japan and other countries were buying large amounts of commercial real estate, including such iconic properties as the Pebble Beach golf club and Rockefeller Center in New York, there was fear in some quarters that the U.S. was for sale to foreigners.
There’s no such outcry this time around, if only because the foreign share of the domestic housing market is but a small sliver of a $1.07-trillion pie. And in markets where foreign buyers are most active, their pesos, pounds and rupees are being welcomed with open arms because they are helping unclog the logjam of unsold and foreclosed houses, a jam-up many believe must be cleared before residential real estate can regain its equilibrium.” [Read more]
Friday, March 9, 2012
As spring home-buying season begins, real estate agents see promise in housing market
"The first two months of the year are usually the slowest for Mark Prather’s real estate agency.
Not in 2012.
“On Jan. 5, the phones started to ring” with would-be buyers and sellers hoping to make a deal, says Prather, whose ERA Buy America Real Estate Services is in La Palma, Calif., on the border between Los Angeles and Orange counties. That quickly lifted the mood at his agency, where business plunged when the housing market collapsed.
“I’ve come to work with people who have optimism in their eyes as opposed to people who look like they’re coming to the morgue,” Prather says.
It looks like the prolonged dry spell at real estate agencies is finally ending. The housing market peaked in 2005, fell in 2006 and by “2007, the wheels fell off,” Prather said. Agents got a respite in early 2010, when the government was giving first-time homebuyers tax credits of up to $8,000. But sales immediately plunged when the credits expired on April 30 of that year.
Business started gaining some momentum in late 2011. The National Association of Realtors has said that the number of people who signed home sales contracts rose in the last three months of 2011 after dropping for three straight months. In January, they hit the highest level since April 2010. Meanwhile, sales of previously occupied in homes in January were at the highest level since May 2010.
Reports from the field back the headlines. Prather, who also is a mortgage broker, says his company closed 50 loans in February. More than half of them were for purchases. A year ago, it was closing 25 to 30 loans a month.
Chappy Adams, president of Illustrated Properties in central and South Florida, says the number of sales contracts his agents have handled this year is up 50 percent from a year ago. Florida was one of the hardest-hit markets when sales and prices plunged." [Read more]
Not in 2012.
“On Jan. 5, the phones started to ring” with would-be buyers and sellers hoping to make a deal, says Prather, whose ERA Buy America Real Estate Services is in La Palma, Calif., on the border between Los Angeles and Orange counties. That quickly lifted the mood at his agency, where business plunged when the housing market collapsed.
“I’ve come to work with people who have optimism in their eyes as opposed to people who look like they’re coming to the morgue,” Prather says.
It looks like the prolonged dry spell at real estate agencies is finally ending. The housing market peaked in 2005, fell in 2006 and by “2007, the wheels fell off,” Prather said. Agents got a respite in early 2010, when the government was giving first-time homebuyers tax credits of up to $8,000. But sales immediately plunged when the credits expired on April 30 of that year.
Business started gaining some momentum in late 2011. The National Association of Realtors has said that the number of people who signed home sales contracts rose in the last three months of 2011 after dropping for three straight months. In January, they hit the highest level since April 2010. Meanwhile, sales of previously occupied in homes in January were at the highest level since May 2010.
Reports from the field back the headlines. Prather, who also is a mortgage broker, says his company closed 50 loans in February. More than half of them were for purchases. A year ago, it was closing 25 to 30 loans a month.
Chappy Adams, president of Illustrated Properties in central and South Florida, says the number of sales contracts his agents have handled this year is up 50 percent from a year ago. Florida was one of the hardest-hit markets when sales and prices plunged." [Read more]
Tuesday, March 6, 2012
Friday, March 2, 2012
Buyers or sellers…who has the advantage?
"Determining whether it is a buyer’s or seller’s marketplace can sometimes be a bit daunting, especially if you are a first-time buyer or seller in the real estate arena.
There are many factors to consider, and these can be anything from fluctuations in the economy to whether a given neighbourhood is suddenly considered ‘hot.’
More often than not it can simply come down to overall supply and demand in the market place. As a rule of thumb, when there are more homes for sale than there are buyers, house prices drop and it becomes a buyer’s market. Alternately, when there are fewer houses on the market than there are buyers, house prices climb and it becomes a seller’s market. The market is considered ‘balanced’ when the numbers of buyers and sellers in the market have equalized and inventory seems ‘normal’ in comparison to months in previous years.
In a seller’s market, properties move quickly, usually within a few days of being listed. There can be multiple offers and sellers may receive more than the original asking price.
In the case, where the market changes and property values go up, the asking price can be significantly affected. For the buyer, this can limit your choices in a house and you may have to move quickly with your decision to put in an offer.
In a buyer’s market, the supply of homes usually exceeds the market demand and your home may take longer to sell. For the house hunter, this can mean significant savings, since sellers may have to reduce their original asking price. Just as when the market is in a balanced state, conditional offers can be common in a buyer’s market.
You, the buyer, can expect to pay less for more house and have the option to take longer to make your decision. In the early stages of shopping for a home, it can be helpful to have your REALTOR® provide you with market statistics specific to the area and type of home that interests you." [Read more]
There are many factors to consider, and these can be anything from fluctuations in the economy to whether a given neighbourhood is suddenly considered ‘hot.’
More often than not it can simply come down to overall supply and demand in the market place. As a rule of thumb, when there are more homes for sale than there are buyers, house prices drop and it becomes a buyer’s market. Alternately, when there are fewer houses on the market than there are buyers, house prices climb and it becomes a seller’s market. The market is considered ‘balanced’ when the numbers of buyers and sellers in the market have equalized and inventory seems ‘normal’ in comparison to months in previous years.
In a seller’s market, properties move quickly, usually within a few days of being listed. There can be multiple offers and sellers may receive more than the original asking price.
In the case, where the market changes and property values go up, the asking price can be significantly affected. For the buyer, this can limit your choices in a house and you may have to move quickly with your decision to put in an offer.
In a buyer’s market, the supply of homes usually exceeds the market demand and your home may take longer to sell. For the house hunter, this can mean significant savings, since sellers may have to reduce their original asking price. Just as when the market is in a balanced state, conditional offers can be common in a buyer’s market.
You, the buyer, can expect to pay less for more house and have the option to take longer to make your decision. In the early stages of shopping for a home, it can be helpful to have your REALTOR® provide you with market statistics specific to the area and type of home that interests you." [Read more]
Thursday, March 1, 2012
As Home Prices Fall Further, Is It Time to Buy?
"Nobody wants to catch a falling knife. It is as simple as that. If potential buyers see continued home price erosion, they will stay parked on the sidelines. But as with everything else in this unique and historic housing market, perhaps the usual logic doesn’t apply.
“Housing is one of the great investments right now. I tell people all the time when they come up to me, they say, "What should I do, Mr. Trump?" I say go buy a house,” said Donald Trump earlier today on CNBC.
“It wouldn’t be an obvious mistake to buy a house now,” hedged Robert Shiller, barely a few hours later.
Perhaps they were just jumping off Warren Buffett’s declaration yesterday that if he had a way to manage them, he would buy a couple of hundred thousand single family homes and rent them out.
Housing appears to be rated a “buy” these days, especially among investors, who see a ripe and rising rental market and big potential for income. But is it the right time yet for what I call “organic” buyers to get in? By this I mean people buying a home to actually live in it, raise a family in it, let the dog run around in the back yard. If prices are still falling, couldn’t an even better deal be waiting down the road a bit?" [Read more]
“Housing is one of the great investments right now. I tell people all the time when they come up to me, they say, "What should I do, Mr. Trump?" I say go buy a house,” said Donald Trump earlier today on CNBC.
“It wouldn’t be an obvious mistake to buy a house now,” hedged Robert Shiller, barely a few hours later.
Perhaps they were just jumping off Warren Buffett’s declaration yesterday that if he had a way to manage them, he would buy a couple of hundred thousand single family homes and rent them out.
Housing appears to be rated a “buy” these days, especially among investors, who see a ripe and rising rental market and big potential for income. But is it the right time yet for what I call “organic” buyers to get in? By this I mean people buying a home to actually live in it, raise a family in it, let the dog run around in the back yard. If prices are still falling, couldn’t an even better deal be waiting down the road a bit?" [Read more]
Subscribe to:
Posts (Atom)