Estate and mortgage
Last year, the corn fed stove replaced pellet stoves as the hot new home heating appliance on the block.
Ubiquitous mold, a particular problem in bathrooms, kitchens, and basements, can trigger asthma attacks, the eighth most common chronic condition suffered by Americans, affecting nearly 25 million people, a third of whom are children under 18 years of age, according to the American Lung Association.
There"s nearly a 35 percent chance home prices in major metros will be lower in two years than they are now. Some areas, however, especially those in the West, Southwest and South face a far greater risk for tumbling home prices.
A boom in consumer indebtedness and the number of companies using questionable practices to help them manage that debt has prompted California to revise regulations governing debt management, debt settlement and credit counseling services.
The cost of single-family homes in the topsy-turvy Silicon Valley housing market jumped $50,000 in one month, but this year, at least 15,000 home owners will enjoy lower property taxes because of falling home values in some districts.
Redeveloped downtowns, apartments and more affordable smaller homes are coming into vogue.
Cost-vs-value studies consistently reveal how you can use home improvements to boost or retain the value of your home, in just about any market, but not if you expect buyers to pay for them.
Dallas has come a long way since cowboys roamed the range and the football team with the same name lassoed five Superbowl victories, but housing remains comparatively affordable.
We"re a nation of super-sized everything -- from food to homes -- but developers are scaling down in some areas of the country in an effort to make houses more affordable.
The latest forecast for the California housing market"s reversal of fortunes jibes with a previous outlook predicting flat, rather than falling home prices in California for the next few years.
The housing downturn has come with media critics proclaiming real estate news coverage is too slanted in the direction of real estate market doom and gloom.
Realtor Carol Banner has seen a drop in home sales in the Lake Arrowhead Mountain Area.
Sellers are looking for ways to get the most for their homes and buyers, of course, are looking for the best value. The a flowing floor plan, a spacious layout, a not-so-crowded street, great curb appeal, low HOA or planned community fees, etc. are certainly big influencers for buyers. But so, too, are some of the items in your home that you might not give much consideration.
Tana Fedric reports that Wise County and the rest of North Texas are growing nicely, with plenty of new home construction and subdivisions being developed.
Canada has enjoyed a surging real estate market for almost a decade, with record home sales and appreciating prices. But the Federation of Canadian Municipalities (FCM) warns that "finding adequate housing (is) becoming an issue even for the so-called middle class and chronic, systemic homelessness continues in Canada"s urban areas."
Realtor Beverly Taki of Thousand Oaks, California, 39 miles west of Los Angeles, is reporting a strong buyers market -- with sellers now being forced to sell in a slump.
The U.S. Treasury is poised to announce a finalized plan to expand mortgage relief efforts to include short sales.
While most of the mortgage marketplace is in a funk, reverse mortgages are a significant bright spot. HUD says it originated more than 107,000 reverse mortgages in fiscal 2007 -- a figure up more than 40 percent from a year earlier.
Does it take seasoned sales experts to sell new homes in a challenging market like this?
Baja Mexico -- an area surrounded by water -- with flat lands and mountains, covered by sand and cactus is home to Mexicans and vacationers alike. Those that love sun, come here. A recent visit unravels fascinating details.
The Ottawa Business Journal reported this week that condominium prices continued their upward climb in the fourth quarter in Ottawa, to an average price of 197-thousand dollars. Prices were up more than 7 percent over the same reporting period last year.
If you are a homeowner with a subprime mortgage, chances are, you could use a little hope, right about now.
There is no denying that fire is, and always has been, part of our natural ecology. Unfortunately, we have all seen the horrors when all of the factors necessary to support large, intense and uncontrollable fires are present. Today, as outdoor temperatures drop and people across the nation take measures to keep themselves and their loved ones warm this winter, builders should alert both current and prospective homeowners with steps to reduce the risks associated with home fires. The following provides some tips for both outside and inside the property.
The 15-year FRM this week averaged 5.43 percent with an average 0.4 point, down from last week when it averaged 5.68 percent. A year ago at this time, the 15-year FRM averaged 5.96 percent.
San Antonio, Texas, known as The Alamo city, has seen prices rise in recent months.
If you can"t sell right at the moment, at least make your home more comfortable and livable. That"s what Angie"s List homeowners are opting to do until the market gets a little better.
FHA is tightening up its standards for home buyers - but the changes are not as tough as some analysts had feared - especially on downpayments.
Builder confidence in the market for new single family homes remained unchanged for a third consecutive month in December, according to a recent report by the National Association of Home Builders.
It"s no news that it"s become a buyer"s market in many markets across the country. In my area (Kansas City) there are over 16,500 homes on the market and foreclosures are up 55 percent from this time last year.
HUD presents itself as the borrower"s friend, your buddy when it comes time to get a mortgage. There"s considerable truth to this claim, just look at FHA mortgages in general. While much of the mortgage marketplace is melting down, the latest numbers from HUD show that the FHA program is likely to double in size this year as borrowers seek safe and sane financing.
Summerville, South Carolina, is on course for this time of year.
Investors prospecting for "short sales" and other pre-foreclosure opportunities-along with the realty professionals who connect them with lenders and distressed home sellers-got a big helping hand last week from Congress and the White House.
Question: My lender has gone bankrupt but has not sold my loan to another lender. The interest rate continues to rise every month. How I can get the loan transferred and then modify the current loan into a fixed-rate loan?
Despite the impressions you might get from the network news, the U.S. economy continues to churn out solid, even encouraging, numbers -- and that"s important for anyone interested in real estate.
In recent years, the home remodeling market in the United States has enjoyed solid growth. According to the Joint Center for Housing Studies, Harvard University, spending on residential improvements and repairs has climbed steadily, setting a new record of $280 billion in expenditures. Plus, the National Association of Home Builder"s (NAHB) current market conditions indicator, its Remodeling Market Index (RMI), showed a slight increase this third quarter to 46.2 from 44.8 in the second quarter.
How do you know when you are at risk for bankruptcy?
Here are today"s Interest Rates, based on a 30 year amortization rate, with good credit and no origination fees.
Sisters, Oregon, is a buyers market!
We saw another "battle of the warring housing price indexes" last week, with the federal government reporting positive price appreciation in more than two-thirds of U.S. metropolitan markets -- at the same time a widely-publicized Wall Street index said home values were down by a record 4 percent for the year, and down by 5 percent in the top 20 markets.
When you look at your November and December calendars you may find the months already overloaded with seasonal obligations -- shopping, entertaining, children"s pageants, charity work, decorating the house, and so much more. If you are also trying to sell your home, you are under extra pressure to keep your home in "showtime" condition. And that could be the last thing you need before the holiday spirit is broken.
Most real estate sales training is focused on: Focusing. Or perhaps more aptly: Laser-focused prospecting.
Even if you"ve reached an income ceiling, you can still improve your financial well-being and build wealth.
It"s not been a pretty picture in the California real estate market. Prices are dropping, appreciation is stalled, and homeowners whose mortgages are adjusting to higher interest rates are worried that they can"t keep up.
Canadians intent on adding "Achieve a successful real estate transaction" to their list of New Year"s resolutions would do well to adopt scientist Louis Pasteur"s view of the future.
It"s a concept that was popular in the eighties and then died off for a while, but an Orange County Developer is reviving condo-hotel living.
Nine out of 10 real estate appraisers say they"ve been pressured to raise property valuations by mortgage brokers, realty agents, lenders and individual home sellers.
"Information deemed Reliable but not Guaranteed." It"s a fair bet that most people who would read this column have seen that disclaimer more times than they could count. It is found on flyers, brochures, advertisements, and, most notably, multiple listing (MLS) reports and property descriptions. Who knows when that language first came into use? Whenever it was, if the person who devised it had been able to register the phrase and collect royalties on it, he or she would be fantastically wealthy by now.
Q. At our settlement recently, a lawyer charged us $215 for a survey. When we questioned this charge, we were told it was a lender"s requirement and we could do nothing about it. Just what is a survey?
As if you needed another, here"s one more reason to pick up the pace on your planned home improvements this spring: a potential run on building permits.
We"ve got a bumper crop of positives this week for housing, starting with pending home sales, which jumped by 6.4 percent in August.
There"s a constant kind of bleating about the current mortgage meltdown, the idea that somehow this is a "subprime" issue involving only those with minimal credit and that the rest of the world need not worry.
If you"ve been wondering what you can do around the house to help cool global warming, a major utility company offers its customers a first-of-its kind payment plan as an alternative or adjunct to existing do-it-yourself options anyone can choose.
Replace old appliances with Energy Star rated appliances, turn in all your incandescent lamps and fixtures for fluorescent lamps and fixtures, perform several energy efficient home improvements and you can boost the value of your home by almost $18,000, according to a return on investment study of 10 energy efficient home improvements.
It"s a good time for a home inspection.
Speaking in Bloomfield Hills, Rep. John Dingell (D-MI) said that he is preparing to introduce a bill that if passed would end mortgage-interest write-offs for homes with more than 3,000 sq. ft. of living space.
Home price inflation and rising mortgage interest rates may be taking their toll on the nation"s home ownership rate.
Have you ever wondered how the Federal Reserve works? Here"s a brief synopsis.
NAR and Lowe"s will each contribute $100,000 to the REALTORS® Relief Foundation which will distribute the money to charities aiding Haitian victims. RRF directors have already approved a donation of $50,000 of that money to The Harvest of Haiti, founded by a 2007 winner of REALTOR® Magazine"s Good Neighbor Awards, Patrick Moore. Moore"s humanitarian outreach program supports orphans, delivers clean water and provides medical care in Haiti, treating close to 3,500 people a year. Lowe"s is a sponsor of the Good Neighbor Awards.
Estacada, an isolated community of 2,500 residents, 25 miles southeast of the booming Portland real estate market, is on tap to build 450 homes this year with another 1,000 lots likely to be approved in the next few years.
Vacation rental owners are losing customers if their property doesn"t include a "hot spot" -- or isn"t otherwise well-stocked with technology more and more travelers seek.
Question: Our homeowner association has 30 single family detached homes. Our governing documents were basically written for townhomes. One of the bothersome issues is that the governing documents state that the HOA is responsible for replacing roofs, painting, gutters and other things that are commonly done with condominiums. Many owners object to building up a reserve fund to pay for repairs that may be as much as 20 years or more down the road.
After three years of upward growth, domestic tourism hit a slump this year and while scattered reports indicate the vacation home rental sector may be faring much better, the sector is rolling out winter marketing strategies early, indicating all is not as well as it could be.
Before you join the gold rush to buy investment properties in the burgeoning second home market, take off your rose-colored glasses and proceed with caution.
Plenty. On August 31, 2007, the President"s press secretary announced the President"s three steps to help American Families keep their homes:
For the third consecutive month, builder confidence sustained record lows. One out of five builders are confident about the single-family home market, according to a monthly index.
California"s San Francisco Bay Area still has some of the highest-and-still-rising home prices in the nation, but those high prices are weighing down sales.
On Capitol Hill this week, it looks like all the work on real estate, housing and mortgage issues is getting done in the House, while the Senate can"t seem to get its act together to pass even a single bill.
Lots of big news rumbling out of FHA, which continues to rack up record market shares of the home mortgage business.
If you"re looking for a home security system, the choices are wide and expansive -- but, frankly, they"re not that clear.
Refugees from home ownership now forced to rent could be setting themselves up for another financial disaster if they avoid renter"s insurance to pinch pennies in order to quickly save up and return to home ownership.
What type of investment real estate has been holding up best in tough economic times?
Question: I have a piece of land that I bought two years ago, and the developer recently dumped his remaining lots at about 40 percent of the price I paid. Can he do this? If I want to refinance to get better terms for my loan, will a lender use my purchase price or will the current comps? I won"t be able to refinance on the basis of the property"s current value.
It"s been ages since the days of the town crier delivering important news. Just as that method evolved to faster, easier, and more reliable vehicles -- newspapers, radio and TV -- now, even those powerhouses are losing advertising dollars to the lighting speed of the Internet.
To help move at least some of the unsold houses glutting local markets, lenders are beginning to look "back to the future" for financing techniques that worked in the tough times of the 1980s.
When real estate markets begin to soften and prices flutter downward, guess where appraisers turn to keep ahead of the market cycle? That"s an important question at the moment in dozens of major markets around the country -- from southern California to Florida to Washington D.C., New York and Boston.
Now it"s official. The chairman of the Federal Reserve Board himself has said it publicly that it looks like the recession is over.
There has been an increase in inventory in the "hot" San Diego real estate market. That is not to say that it"s turned cold. Even with more homes listed on the Multiple Listing Service, price adjustments and slightly longer market times before a sale, experts still think good times remain ahead.
For the past two years we have seen a gradual increase in mortgages and yet strong sales and prices in most metro areas. But this time around, things may be different.
A former editor of mine once hooked me up with a friend of hers who had built a fairly lucrative real estate consulting business.
A new federal law beginning April 2010 will require all contractors performing renovation, repair and painting projects that disturb lead-based paint in private homes, childcare facilities, and schools (built prior to 1978) to be certified in the prevention of lead contamination.
A new national research study confirms what many Realtors know only too well: "Preapproval" and "prequalification" letters presented by would-be buyers of homes often are faulty and cause problems later in the transaction.
Question: Just about one year ago, we purchased a two-story Virginia townhouse with a basement. A couple of weeks later, Hurricane Charley brought heavy rain and our basement flooded and our patio pooled. We called the previous owners to inquire about the sump pump, and they came over and were very helpful. They also told us that in the many years they owned the property, there was never any flooding.
The housing price appreciation bandwagon rolls on, according to a new federal quarterly study released last Wednesday. But the 12.5 percent average jump in the value of an existing home in the U.S. between first quarter 2004 and first quarter 2005 "raises the potential for declines in some areas later on," according to the chief economist of the Office of Federal Housing Enterprise Oversight (OFHEO), which conducts the government"s definitive housing price study quarterly.
Editor"s Note: Originally published on October 27, 2003.
Q.I thought I had sold my house last month. There was a signed contract with the buyer, and settlement was to take place toward the end of this month. The buyers removed all contingencies and arranged for a title attorney to handle the closing. However, I have just been advised that the buyers are being transferred out of the area and they cannot purchase my house. What rights do I have?
The 15-year FRM this week averaged 4.40 percent with an average 0.6 point, down from last week when it averaged 4.45 percent. A year ago at this time, the 15-year FRM averaged 4.80 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.27 percent this week, with an average 0.6 point, down from last week when it averaged 4.32 percent. A year ago, the 5-year ARM averaged 5.24 percent.
Whether you are selling or renting property tainted with lead paint, you may have a duty to make that fact known. Failing to disclose this information can result in civil or criminal liability.
Divorce is never a pleasant topic. It often involves the family home, young children, child custody and sometimes even child support considerations. Divorce requires careful tax planning, which must be accomplished just as soon as the parties begin to realize that divorce is inevitable.
Today"s average homebuyers are demanding more than ever in the houses they are buying. Common requests are kids" own rooms, playrooms, hobby rooms, home offices, larger laundry rooms, kitchens with all the bells and whistles, and luxurious master bedrooms. And then there"s the obsession with improving and decorating, fueled by a string of TV shows like Trading Spaces and the swelling number of decorating and design magazines.
Economists are running out of superlatives to describe the rebound in Canada"s housing market, in which sales are up 60 per cent from earlier this year.
Q: I purchased a two family rental property for $55,000 about four years ago. I put about $65,000 into remodeling and repairing the building. It has produced excellent rental income and with the improvements to the neighborhood and the real estate market in general, I find that I can now sell this property for about $300,000.
Real Estate is a very local kind of business. Local laws and customs dictate how things are done. I am going to discuss seller disclosure issues, but only in a general sense. What must be done in your community depends on state law, and perhaps local practice and custom. Your lawyer will have to provide you with specific answers.
Late last year, when the Internal Revenue Service published guidance about capital gains tax exclusions on the sale of your home, giving millions of home sellers an early Christmas present, it also sent a little package of cheer to home-based business owners who sell their home.
"You"ll sell your house...and rent!" insisted the headline -- one of many "predictions" included in a side bar that ran with a recent U.S. News & World Report"s cover story "2003 Outlook" (Dec. 3, 2002-Jan. 6 2003 issue).
Question: I am in the military and will be transferred across the country in three years. We will certainly be selling our home at that time and I"m wondering if refinancing makes sense if we are going to hold the loan for only three years. We are paying 7.25 percent and have a balance of $220,000. Our principal and interest payment is $1,535. Our property is worth at least $300,000. Isn"t it true that you need to hold the loan for a long time if your refinance?
One hundred percent of people who go into the real estate business have good intentions and high expectations. It is easy to see why. Real estate is a lucrative profession offering great rewards to those agents that know what they are doing.
Q. My husband and I purchased our home almost 29 years ago for $83,000. The builder included some upgrades so the purchase price came to approximately $100,000. Over the years, we have added improvements of approximately $50,000, and I have the receipts in our files.
There is nothing more unappealing to a prospective home buyer than a brown, weed-filled lawn.
Question: My wife and I are in the middle of divorce proceedings and are now dividing up our joint assets. Instead of selling our home, she has agreed to let me keep it as long as I can refinance the mortgage to remove her name and pay her half the equity in cash.
Dear George: "I recently bought a fully furnished house at the beach. A few exceptions were noted in the contract. I did a "walk-through" the morning before the closing took place and I saw that some mirrors and rugs were missing.
Dear George: We signed a builder contract in February. It was for $128,990. The home was supposed to be 2,690 square feet. By mid-April the builder had poured the foundation and begun the framing. While visiting the site, a sales counselor informed me the builder had made a mistake. The home was now going to be 2,290 square feet. The builder offered $3,000 in "upgrades" to compensate us for the difference. We think the difference of 400 square feet should be closer to $15,000. The builder won"t budge. We can abandon the home. In that case, we"d get our money back. But we love the neighborhood. We feel cheated and misled despite our emotional attachments to the area. What could be our course of action? -- Misled
Dear George: We submitted an offer on a previously owned home in Texas. The seller is a relocation firm located in another state. The seller informs us that they cannot respond to our offer until a previous purchaser can be located or 30 days have passed. Since the previous contract failed to close, why can"t the seller enter into a contract with us? -- Exasperated
The latest federal home value appreciation numbers are out and they underline what home builders, brokers and buyers in many parts of the country already know: The U.S. economy may be slowing down, but the market values of homes -- especially in some of the highest-cost markets -- are headed in the opposite direction.
If you"re buying an old house with sloped floors, here"s what you"re getting:
If a seller specifies a list price when putting his house on the market, why not set other minimum requirements for offers and share them with prospective buyers? While this hasn"t been the common practice of most sellers in the past, many are finding it a practical way to sort through the myriad of offers received in order to go with the strongest possible buyer (not to mention reducing anxiety and headaches for potential buyers!)
Many people forced from the Gulf Coast area by recent hurricanes have suddenly been thrust into a home hunting mode for temporary or permanent shelter and may not be familiar with what"s required to rent a home in an area outside their community.
It was 8:00 on an early September morning when Jen knocked on the manager"s door. "Mrs. Righthouse, please come to the door," she called. Amanda Righthouse, the Spring Bloom Apartments on-site manager, answered the knock with a sleepy look. "How can I help you Jen?" she asked.
Forget years of falling prices, recent record low mortgage rates, and tax credits that help offset the cost of buying a home.
If market conditions have forced you to remain a renter longer than planned and you"d like to make some improvements to customize your apartment for the extended stay, don"t lift a hammer until you read your lease or rental contract.
A unique public-service Web site for those seeking subsidized housing made its debut recently thanks to a collaboration of community, non-profit, and philanthropic agencies.
As energy costs rise and resources become scarcer, more homeowner associations are finding ways to reduce energy consumption and "go green." With state legislation placing limits on the authority of HOAs to prohibit or regulate certain energy generation devices and energy efficient measures,the issue has come to the forefront of the attention of both HOAs and owners. Given all of this, what are some ways homeowner associations can be proactive in creating or encouraging green practices?
Question: I am looking to purchase a condominium unit in a fairly large complex. The seller has given me a large package to review, and I only have a few days in which to wade through this material and decide whether or not to purchase.
Are most of the "rent-versus-buy" calculators on real estate-related websites "biased" in favor of home buying? Economists at one of the country"s major apartment development trade groups say they have proof that they are.
Do you appreciate your tenants?
What is a turn-around apartment? One that you spin on the tip of your finger? Nope, usually a turn-around property is one that"s distressed -- but has potential. Can you fix all properties and make them better? I don"t think so, but this article will give you an idea of how to do it successfully.
Those of us who have never used a storage facility might be tempted to dismiss them as best-suited for pack rats. After all, if you own so much "stuff" that you need to store it away and pay for the privilege, you need to learn the fine art of throwing things away, don"t you?
Before moving to a townhouse right around the corner from my apartment, a friend warned me, "Those short-distance moves are the most difficult."
When Presidents leave office, it is not uncommon for them to enact rules or laws that will increase their favorability ratings. Often, rules proposed by Presidents at the end their administration are subject to increased scrutiny by the successor President.
The lease says specifically that no dogs or cats are allowed in your apartment... but the animal kingdom has lots of choices, including one which may be acceptable to landlords and other owners.
The Consumer Product Safety Commission (CPSC), recently set up a Web site to keep consumers, drywall manufacturers, builders and other apprised of its investigation into the latest problematic Chinese import, drywall used to build homes.
Just because the complex you"ve moved in to seems safe, doesn"t mean you shouldn"t follow extra safety precautions. The following is a list of safety do"s and don"ts to help you keep your apartment extra safe:
There’s nothing more irritating than coming home to find a “Sorry we missed you!” sticky note on your door. Not only do you have to track down your package and pick it up, but you’re probably going to have to pay some kind of inconvenient fee for missing the delivery.
The U.S. Census Bureau and the National Apartment Association appear to have
Joe Landlord just received a phone call about a busted water pipe in apartment 3c, an overflowing washing machine in 2d and a broken window in 4a, so Suzy Tenant’s complaint about the “noisy neighbors” will remain low on his list of things to attend to. Perhaps, at a better time, Joe Landlord will be happy to help Suzy with her noisy neighbor dilemma.
Investors who own units in condominium projects could benefit if a push by the National Association of Realtors to change FHA funding rules proves successful.
In the rush to finish packing your belongings and prepare for the arrival
Technology continues to bring the real estate industry and those professionals who earn a living in it, some exciting, new products and services. The latest to hit the market is a Web-based tool that brings to your fingertips an online database detailing land and property values throughout the United States. The data, developed under the auspices of the Lincoln Institute of Land Policy and the Graaskamp Center for Real Estate at the Wisconsin School of Business, will be featured in its "Resources and Tools" section of Lincolninst.edu, and provide separate price indices for land and structures, in addition to the more common price indices for property, land and structures combined.
According to Diane L. Silva, an attorney at law in California, "The purpose of filing an eviction action, an "unlawful detainer," is to obtain possession of the premises. The landlord may also obtain a judgment for rent owed, court costs and attorney"s fees (sometimes). The award of rent in the action is considered to be incidental to the primary purpose--the recovery of the premises."
Once you sign the lease to a rental unit, you are automatically entitled to certain privileges. Unlike homeowners, you are not responsible for making all repairs. Landlords are required by the Landlord-Tenant law to keep things a "fit and habitable condition" during your residency. If the landlord fails to do this, you may have to get a bit aggressive.
If you are moving into an apartment you may want to consider investing in insurance. Along with the first month"s rent, chances are you will be asked to pay a security deposit. This is a type of insurance for your landlord. The landlord can use this deposit to pay for any damages caused during your residency. For you, security comes in the form of renter"s insurance.
Although sunlight is obviously the best solution for illuminating a room,
The Internet has made apartment-searching easier than ever before, but if
"Households confident in their positioning within the current economic environment have taken advantage of housing affordability in the GTA," said TREB President Tom Lebour. "The real estate sector has been one of the sectors making a positive contribution to economic growth in the GTA, not to mention Ontario and Canada more broadly."
Many renters are moving into their own apartments for the first time, either through graduation from college, a recent divorce, new job or job transfer. Spending a lot of time alone can compound feelings of