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Mortgage-Index Quirks Prove Costly
Feb 04, 2010
Tens of thousands of homeowners with adjustable-rate mortgages have seen their monthly payments jump or stay high even as they have fallen for other homeowners. This disparity owes to the indexes used to calculate those payments have moved in unexpected ways.
The behavior of these indexes, which ... Read More |
Rules to Clarify Cost of Mortgages
Dec 31, 2009
Americans have long struggled with the complexities of shopping for home mortgages. Now Uncle Sam is trying to help.
Federal rules that take effect Friday require mortgage lenders and brokers to give consumers better estimates of the barrage of costs they incur when taking out home loans. The new r ... Read More |
The Lowdown on Home-Buyer Tax Credits
Nov 12, 2009
Last week, President Barack Obama signed a law that extends through next spring a temporary tax credit of up to $8,000 for some first-time home buyers, which was due to expire Nov. 30. The law also adds a new tax credit of up to $6,500 for certain repeat home buyers. The package, which the governmen ... Read More |
Fannie Mae offers option to save home
Nov 10, 2009
Government-controlled mortgage company Fannie Mai is going to give borrowers on the verge of foreclosure the options of renting their homes for a year. The change announced Thursday could give a temporary break to thousands of homeowners, but critics question whether it will only add to the mushroom ... Read More |
The Property Assessment Appeals Process
Nov 10, 2009
The importance of the property assessment appeals process often goes overlooked by homeowners, and especially by owners of newly constructed homes. Owners of new homes have seen their property assessments lowered by thousands of dollars through the assessment appeals process. It is important to note ... Read More |
President signs homebuyer tax credit into law
Nov 08, 2009
President Obama has signed into law an extension and expansion of the current home buyer tax credit. The measure extends the present $8,000 tax credit for first-time home buyers through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived ... Read More |
Fannie to Rent to Owners in Foreclosure
Nov 06, 2009
Fannie Mae will allow homeowners facing foreclosure to stay in their homes and rent them for as long as a year, as part of the government's latest effort to help troubled borrowers, while keeping more foreclosed properties from hitting the housing market.
The "Deed for Lease" Program lets borrowers ... Read More |
Are Distressed Homes Worth It?
Oct 01, 2009
Home buyers are finding that the battered real-estate market offers just as many opportunities for headaches as for bargains.
Seth and Crystal Grotzke, both 25 years old, recently bought a bank-owned two-bedroom, two-bathroom townhouse in Edina, Minn., for $110,000—when similar homes in the same de ... Read More |
Credit Scores: What You Need To Know Now
Sep 09, 2009
Are you keeping score?
Credit scores have been getting a lot of attention lately, as lenders tighten credit standards and contend with new legislation that has, among other things, reigned in how credit-card issuers can raise rates.
Meanwhile, several firms, preying on our insecuri ... Read More |
Appraisers Under Fire—Again
Aug 18, 2009
After being blamed for helping to inflate home values during the housing boom, the appraisal business is again coming under fire.
Squeezed by a drop in fees, some appraisers are compensating by driving long distances to handle more assignments. Their wanderings are raising questions about whether ... Read More |
Changes to Truth in Lending Act disclosure requirements
Jul 23, 2009
Changes to the Truth in Lending Act (“TILA”), effective as of July 30, 2009, will change how prospective buyers interact with their lenders. These changes may also affect certain aspects of your real estate practice. Some of the most relevant changes are described briefly below:
• TILA requirements ... Read More |
First-Time Homebuyer Tax Credit Can Be Used as Down Payment for FHA-Insured Loan
Jul 23, 2009
• HUD Secretary Shaun Donovan announced on May 29, 2009 that the FHA will allow homebuyers to apply the new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home.
• The action permits the first-time homebuyer's anticipated tax credit to be applied toward the family' ... Read More |
Home Ownership Was Never a Road to Riches
Jul 16, 2009
My wife and I have sold all of our four previous homes for more than we paid for them—sometimes a lot more.
We’ve been pretty lucky. We’ve never overpaid much for a house, we’ve always bought in good school districts and decent neighborhoods, we’ve lived in neighborhoods where prices soared during ... Read More |
New Evidence on the Foreclosure Crisis
Jul 03, 2009
Zero money down, not subprime loans, led to the mortgage meltdown.
What is really behind the mushrooming rate of mortgage foreclosures since 2007? The evidence from a huge national database containing millions of individual loans strongly suggests that the single most important factor is whether t ... Read More |
Tips for Selling Your Home to a First-Time Buyer
Jun 16, 2009
A federal tax credit of up to $8,000 is nudging many Americans into buying a home for the first time -- good news for those trying to sell one.
Still, selling a home isn't easy in most markets today. To get the typical first-time buyer to bite and submit an offer, a house has to stand apart from th ... Read More |
Appraisals Roil Real Estate Deals
Jun 09, 2009
Conservative Approach to Home Pricing Makes It Harder to Refinance or Sell
Appraisals are becoming one of the biggest obstacles for Americans trying to sell their homes, refinance their mortgages or tap into home-equity credit lines.
During the housing boom, appraisers often complained of pressur ... Read More |
A Battle Plan for Refinancing Your Mortgage
May 20, 2009
With mortgage rates holding below 5%, there has rarely been a better time to refinance your home. But with a one-two punch of tighter credit and falling prices roiling homeowners, the process has never been more difficult.
In the Sacramento, Calif., area, Michael McGee of Winchester McGee Financial ... Read More |
The Downside of Homeownership: Inflation?
May 15, 2009
Housing prices are still falling, but housing costs are propping up a key inflation index.
The Bureau of Labor Statistics releases its April consumer-price index on Friday. Economists, on average, think CPI was unchanged after shrinking a bit in March. The so-called core CPI, which strips out food ... Read More |
Real Estate With a Past
May 11, 2009
When a small business looks for a new location, a vacant space raises a question: Once a loser, always a loser?
There’s an empty space in a North Dallas strip mall that’s a proven good spot for a business, says commercial real-estate agent Dane Thomson.
Trouble is, when prospective renters look ... Read More |
PHFA's Tax Credit Advance Loan Program
May 01, 2009
The promise of up to an $8,000 tax credit and the potential of using that credit as a down payment has raised a number of questions from consumers and REALTORS®.
First-time homebuyers who purchase their homes before December 1, 2009 and who meet income guidelines may qualify for the federal tax cre ... Read More |
Tax Hits on Property Short Sales Article
Apr 30, 2009
It's not so unusual these days to have mortgage debt that exceeds the current value of your principal residence. If you hang on to the property long enough, you have a reasonably good chance of riding out the storm with little or no harm done. On the other hand, if you have to sell now, you face wha ... Read More |
Cracking a Valuable Homebuyer Credit Article
Mar 18, 2009
The recently enacted economic-stimulus law contains an unusually attractive new tax break for many homebuyers -- if they can only figure out how it works.
The new law sweetens a provision known as the "first-time homebuyer credit." In essence, if you meet certain qualifications, such as buying a ho ... Read More |
This Old House, Better Than New
Mar 05, 2009
Recently, I found my home of the future. Or, what it might be if I started from scratch and had $4 million to spare.
This "New American Home" was showcased at the International Builders Show in Las Vegas earlier this year and boasted plenty of cosmetic perks -- from a luxe roof deck and outdoor kit ... Read More |
Short Sales: The New Wild West
Mar 01, 2009
From pushy lenders to aggressive investors, there are many challenges that real estate practitioners must overcome in the new world of distressed sales.
Tom Troli’s client had already been preapproved by two lenders for a short-sale purchase. It seemed like the deal was moving ahead smoothly. But ... Read More |
A Credit Score Gets Harder to Find
Feb 04, 2009
In a move that could hurt consumers' ability to shop for a loan, Experian Group Ltd. is dropping its agreement to offer FICO credit scores directly to individuals.
Beginning Feb. 14, Experian -- which is one of the three major credit bureaus -- will no longer offer FICO scores based on its data thr ... Read More |
New FICO Credit Score Debuts
Jan 29, 2009
Fair Isaac Corp. is rolling out its new-and-improved FICO score, but it's likely to take a while before consumers see how they stack up under the new system.
On Thursday, Fair Isaac and one of the three major credit bureaus, TransUnion LLC, will start offering the revamped score, dubbed "FICO 08," ... Read More |
Read This Before You Remodel
Jan 06, 2009
What Americans spend on their homes after buying them is mind-boggling. Various sources suggest that the nation's annual home-improvement bill -- do-it-yourself and professional remodeling, landscaping and major repair projects -- could be $400 billion or more. And until quite recently, much of it h ... Read More |
Dual Agency Poses Potential Liability for Realtors
Jan 01, 2009
It was 10 years ago that Gov. Tom Ridge signed into
law amendments to the Real Estate Licensing and
Registration Act making clear that dual agency was
a permitted practice in Pennsylvania. The law went
into effect in 1999 but many years later there is still a
surprising amount of confusion and misin ... Read More |
Listing Brokers Must Disclose Offers
Jan 01, 2009
NAR approved one change to the text of the
Code of Ethics regarding Standard of
Practice for 2009.
There is a minor wording change to
Standard of Practice 1–15. As currently written, we have
taught that this is a “one question” requirement – if a
buyer’s agent asks “are there other offers?” the lis ... Read More |
New Consumer Notice Clarifies Licensees’ Responsibilities
Jan 01, 2009
A new version of the Consumer Notice
was released last month by PAR as a
result of changes made by the State Real
Estate Commission.
The commission recently updated the
Consumer Notice in response to feedback it
received. The form is designed to help consumers
make informed decisions when they ente ... Read More |
Home Buyers Turn to USDA for Mortgages
Dec 16, 2008
Agency Program Backs Loans to Aid Rural Development; No Money Down -- Even Now
Tightened lending standards are leaving builders and real-estate agents scrambling for new ways to move cash-strapped buyers into homes. One increasingly popular option: an obscure home-loan program offered by the U.S. ... Read More |
'Underwater' Need Not Mean Foreclosure
Nov 05, 2008
Why Most People Who Owe More Than a Property's Worth Will Still Keep Their Homes
What does being "underwater" in your house really mean? Probably not that you're drowning.
The number of underwater homeowners -- those who owe more on their mortgages than their home is now worth -- has been growing ... Read More |
Are Annuities At Risk Now? Some Answers
Oct 29, 2008
Many owners of variable annuities have endured a double whammy lately: Their investment-account balances have taken a hit, as have the financial-strength ratings on the insurers that issued their annuities.
Agents and brokers say they've received a flood of calls from clients in recent weeks concer ... Read More |
Gifting Your House and Living in It, Too
Sep 30, 2008
Plunging real-estate values have made it an opportune time for older homeowners to give property to their children, while realizing big savings on gift and estate taxes.
They can do this by moving the home out of their estate with a so-called qualified personal residence trust, or QPRT, which allow ... Read More |
Trading on the Future
Sep 13, 2008
'Equity release' is the newest way to turn your home into a piggy bank. But the risks can be sizable.
When Gladys Tully needed cash for some home projects, the 72-year-old decided to tap into the value of her $800,000 home near San Diego.
But rather than use a home-equity loan or reverse mortgage, ... Read More |
White Paper: Pennsylvania Realty Transfer Tax Amendments
Sep 10, 2008
In March 2007, the Pennsylvania Department of Revenue issued proposed final amendments to the Pennsylvania Realty Transfer Tax Regulations. The department had previously issued draft amendments in 2000 and 2005. Following a public hearing on November 1, 2007, the Independent Regulatory Review Commis ... Read More |
Legal Hotline: Bankruptcy
Sep 01, 2008
Q: What do you do when your seller-client files for bankruptcy after he has engaged your services?
A: Hire legal counsel immediately. You will need representation if you want to get paid for the sale of the seller’s property. Do not assume or expect the seller’s bankruptcy attorney to protect yo ... Read More |
Low Credit Scores Factor Into Mortgage Eligibility
Sep 01, 2008
Consumers are not grasping the importance of credit scores, according to a recent survey commissioned by the Consumer Federation of America (CFA) and Washington Mutual Bank (WaMu). The survey showed that less than one third of Americans (31 percent) understand that credit scores indicate risk of no ... Read More |
Be Careful in Quoting Residential Interior Square Footage
Sep 01, 2008
A recent caller to the PAR Legal Hotline indicated that some agents are unsure how to quote the interior square footage of a residential property. It seems that each agent has her own understanding as to what is included in the interior square footage of a house. What is the correct procedure for r ... Read More |
Best of the Legal Hotline: Is It Legal?
Sep 01, 2008
Q: We, your faithful HotLine crew, hear this question all the time: “Is that legal?” That’s the truncated version. The whole question goes a little more like this, “I was talking to a salesperson from another office who told me that it is illegal in Pennsylvania to __________________. Is that true? ... Read More |
Cutting Utility Costs
Aug 06, 2008
Problem: Your summer utility bills are burning a hole in your wallet.
Solution: Typically, 45% of your utility bill goes for heating and cooling, according to the Department of Energy. "If you do these three simple things, you can save some money this summer," says Chris Kielich, a spokeswoman for ... Read More |
House-Hoppers May Suffer Under New Tax Rules
Aug 06, 2008
Housing Package Makes It Harder To Exclude Gains
Life is getting tougher for some people who own more than one home.
Part of the housing-stimulus package signed into law last week by President George W. Bush could reduce -- though not eliminate -- the appeal of a tax-saving strategy used by wealth ... Read More |
Setting Realistic Prices Helps REALTORS® Succeed
Aug 01, 2008
Sales strategies become even more important as the housing market heads into unfamiliar territory for many REALTORS®.
Real estate brokers and coaches are telling REALTORS® not to despair and pursue sales strategies that will make them successful in this market. In essence, they suggest a return t ... Read More |
Staging Helps Sell Houses Faster and at a Better Price
Aug 01, 2008
Home staging helps houses sell at the highest price in the market and in a shorter time, according to REALTORS® who are using home staging in their business.
Home staging involves preparing a house for sale by improving its appeal by making the house de-personalized, de-cluttered, clean and more ... Read More |
Rules Still Apply, Even on Internet and Sites Like Craigslist
Aug 01, 2008
My sources at the PA Department of State Ð those nice attorneys who prosecute real estate licensees - tell me there has been an explosion in the number of complaints claiming that salespersons are violating the advertising rules and regulations of the Real Estate Commission. These rules require that ... Read More |
The Custom McMansion - Mass-Market Builders Woo Upscale Home Buyers With Deals on One-of-a-Kind Hous
Jul 24, 2008
Buyers wanting one-of-a-kind custom homes without the typical high prices are finding bargains in a surprising place: with mass-market home builders.
A number of big home builders are now getting into the custom-home game -- an area that was once almost entirely the province of boutique builders. C ... Read More |
Strapped Homeowners Discover Safety Hatch in Sale-Leasebacks
Jul 16, 2008
Parents Bail Out Kids, Sometimes; Beware of Tax Man
Homeowners buckling under heavy mortgage debt are resorting to a different kind of relief measure: selling their home and then renting it back from the new owner.
Such sale-leasebacks have been around for decades, but real-estate agents are seein ... Read More |
More Home Buyers Seek Sleepover 'Test Drive'
Jul 15, 2008
In most markets, home buyers have the upper hand these days. That often means they have greater negotiating power when it comes to price or the ability to squeeze out extra perks from sellers.
But on occasion, they will ask a seller for even more, a request that will help get to know the home bette ... Read More |
Inspection Burdens REALTORS® and Homeowners
Jul 01, 2008
A new home inspection is being added to an already cumbersome to-do list for Pennsylvania home sellers and REALTORS® alike.
Under regulations enforced by the PA Department of Environmental Protection (DEP), several municipalities in the Johnstown area are requiring homeowners to pass an inspectio ... Read More |
Do-It-Yourself Appliance Repair
Jun 26, 2008
Problem: You want to save money by fixing your broken electronics and small appliances yourself instead of buying new ones.
Solution: Post the problem related to your item on FixYa (fixya.com1), a Web site designed to help consumers conduct do-it-yourself repairs through tips from an online communi ... Read More |
Painting Without That Smell
Jun 21, 2008
New laws push paints to be eco-friendly and low on odor, but do they work as well?
Recently I repainted a wall in my house. As always, I put down drop cloths and opened windows to vent the headache-inducing odors. But this time I encountered a first: There were no odors.
I was using a "zero-VOC" p ... Read More |
U.S. Pushes a European Method To Help Banks Make Home Loans
Jun 17, 2008
'Covered Bonds' May Lure Investors Wary of Defaults
WASHINGTON -- The Bush administration, seeking to jump-start the struggling mortgage market, is pushing a method of financing popular in Europe that could make it easier for home buyers to obtain loans.
The Treasury Department is hosting a meetin ... Read More |
Some Buy a New Home to Bail on the Old; Fannie Plans Rules To Avoid Practice Described as Fraud
Jun 11, 2008
Next month, Michelle Augustine plans to walk away from her four-bedroom house in a Sacramento, Calif., subdivision and let the property fall into foreclosure. But before doing so, she hopes to lock in the purchase of another home nearby.
"I can find the same exact house as what I live in right now ... Read More |
Just How Green Is Faux Grass?
May 29, 2008
Jude Albanese doesn't pay a landscaper or run lots of sprinklers to maintain his lawn. He has retired his mower, and he doesn't use fertilizer. Yet the grass in front of his New Jersey home looks so lush that some passersby feel the need to bend down and touch it.
The reason is simple: The grass is ... Read More |
An Aromatic Arrangement for Your Home
May 29, 2008
Harry Slatkin, president of home design for Limited Brands Inc., equates scenting his home to conducting an orchestra, layering one fragrance on top of another to create a harmonious blend.
He begins the process with a wall plug-in device. "It's the background music," Mr. Slatkin says. Mr. Slatkin ... Read More |
Ceilings Come Down to Earth
May 23, 2008
Drafty, Noisy, Hard to Clean, Two-Story Rooms Are Waning; How to Fill In the Air Space
It's said that hemlines fall with the economy. Ceilings may be following suit.
The cathedral-ceilinged "great room" -- a defining feature of big suburban houses for the past 15 years -- is losing favor. Owners s ... Read More |
Smooth Short Sales: Tips from a Lender
May 21, 2008
WASHINGTON — Real estate practitioners who've worked with clients on a short sale often complain about constant transaction delays, particularly in getting the deal approved from lenders.
On Wednesday at NAR's Midyear Legislative Meetings in Washington, D.C., a representative from lender JPMorgan ... Read More |
Tips for Easing Pet Problems in Real Estate
May 18, 2008
Dale Stevens, an associate with Prudential Connecticut Realty in Enfield, Conn., has been bitten by dogs and assaulted by parakeets, but her worst experience came as a result of a cat sleeping in a chair: Her client, terrified of cats, took one look at the snoring feline and walked away from the dea ... Read More |
Advice for Anyone Facing Foreclosure
May 16, 2008
Jacob Benaroya, president and managing partner of Biltmore Capital Group, which purchases distressed loans from a wide array of lending companies, offers these seven tips for home owners facing foreclosure.
. Don’t hide. Open the mail; answer the phone. Respond.
. Be proactive. Contact the bank o ... Read More |
Simple Fix-Ups Pay Off Big for Sellers
May 15, 2008
Forget about overhauling the kitchen or redoing the bathroom. The fix-ups that pay off the most are often the simpler and more mundane, says Diane Saatchi, senior vice president at the Corcoran Group in New York.
Her specialty is selling high-end properties in the Hamptons. She recommends that sel ... Read More |
Gauging Value In Real Estate As Prices Slide
May 13, 2008
In Many Markets, the Outlook Varies Widely by Community; Researching Foreclosure Rates
In this battered housing market, choosing the right neighborhood is more important than ever.
Some six million Americans are expected to buy a house this year. Whether first-time home buyers scouting the Chicago ... Read More |
Help Buyers Narrow Their Search
May 03, 2008
Buyers who think time is on their side can quickly wear out their welcome with real estate practitioners. If you're dealing with such a client, what can you do to get them to turn serious about their goal of buying a new home?
Have a talk with them. Terry Donahue, with Prudential Absolute, REALTOR ... Read More |
8 Tips for Low Cost Staging
May 03, 2008
In a tough sales market, staging can help move a property.
Barb Schwarz, who claims to have invented home staging in the early 1970s, estimates that about one in four homes nationwide are now staged.
Julie Dana and Marcia Layton Turn state in their book, The Complete Idiot's Guide to Staging Your ... Read More |
Open Houses Seen as Key Today
Apr 30, 2008
Many real estate practitioners are holding open houses now that the market has slowed, viewing such events as a good way to maximize exposure.
According to David Williams of Utah-based Williams Realty, "An open house can be a great way to get feedback on a house and validate the price. It also exp ... Read More |
Tips for Keeping Sellers Sane
Apr 28, 2008
Living in a home and keeping it in good condition can be a big challenge for current owners.
Here are some suggestions for helping them manage this feat from Dian Hymer, author of House Hunting, The Take-Along Workbook for Home Buyers:
Buy a big plastic tub for each room. When a prospective buyer ... Read More |
First-Time Home Buyers' Few Options
Apr 26, 2008
Homeownership, the bedrock of the American Dream, is a bit of a nightmare these days for many first-time home buyers.
Lenders are demanding higher credit scores, mandating private-mortgage insurance on many more loans, and requiring larger down payments. Fewer first-timers qualify for the house the ... Read More |
Racking Up Points On Your Credit Score
Apr 22, 2008
As Lenders Tighten Standards, Potential Borrowers Focus On Ways to Raise Their Ratings; Joining the '700 Club'
People used to obsess over frequent-flier miles. Now, with lending standards getting tighter, they're applying similar energy to improving their credit scores.
Jeffrey Sheldon, a 36-year- ... Read More |
Why Lenders Are Leery Of Short Sales
Apr 17, 2008
This Foreclosure Alternative Helps Strapped Homeowners, But It's Not Easy to Pull Off
As more people fall behind on their mortgages, lenders have been slow to take advantage of a longstanding alternative to foreclosure -- a so-called short sale.
At first glance, a short sale might seem like a win- ... Read More |
Consequences for 'Walk-Away' Borrowers
Apr 12, 2008
The government and the lending industry are taking aim at “walk-away” home owners who stop making payments and months later send the house keys back to their lender.
Such borrowers will not be able to get another mortgage through Fannie Mae for five years, unless there are “documented extenuating ... Read More |
Jury Sides With RE/MAX Practitioner
Apr 11, 2008
Good news for the RE/MAX buyer's agent who was hit with a lawsuit from clients who claimed he defrauded them and violated his obligations by not informing them that comparable properties on the block were selling for less than what they paid.
The angry couple, Marty and Vernon Ummel, sued practiti ... Read More |
Secret Formula for Open Houses
Apr 08, 2008
There's a secret formula for handling open houses successfully, says real estate marketing expert Denise Lones of the Lones Group Inc. in Bellingham, Wash.
. Do prep work before the event. Do research of nearby home sales, other properties on the market in the general vicinity, and local schools as ... Read More |
Getting Proof That Your House Is Yours
Apr 03, 2008
Q: After 20 years, we have fully paid off our mortgage with Bank of America. What documentation should we receive or have as proof that we now own the property?
--Jesusa Bueno, Los Angeles
A: Once a mortgage is paid off, the homeowner should receive a document from the lender that indicates the mo ... Read More |
No Fail-Safe Identity Protection
Mar 30, 2008
Plenty of products promise to help consumers avoid identity theft, but none of them is foolproof.
If a product claims to prevent identity theft, don't believe it, says Linda Foley, founder of the Identity Theft Resource Center in San Diego, Calif. "You can't protect a person from identity theft. It ... Read More |
U.S. Officials Warn of Scams Targeting Homeowners
Mar 25, 2008
Federal officials say a wave of opportunistic scams are targeting homeowners trying to avoid foreclosure in the current housing downturn.
Monday, prosecutors in California unsealed twin cases against 19 people who, according to agents from the Federal Bureau of Investigation and the Internal Revenu ... Read More |
How to Help the Kids Buy First Home
Mar 21, 2008
Helping the kids buy a first home is a time-honored tradition that has become even more significant as home prices rise and incomes flatten.
Here are three ways parents can help their children:
. Cash. For parents with the means, cash is clean and easy. An individual can give $12,000 a year to a r ... Read More |
Tips for Buying at Auction
Mar 16, 2008
Ben Anderson, a real estate auctioneer and member the National Auctioneers Association, predicts auctions may make up as much as 15 percent to 20 percent of all real estate sales given nationwide foreclosure rates. Traditionally, auctions represent just 8 percent to 10 percent of such sales.
Here a ... Read More |
Mind the Gap: Home-Price Downside
Mar 13, 2008
The economic balance hangs in large part on how much further home prices will fall. A look at one important measure -- the relationship between home prices and household income -- suggests we might not even be halfway there.
Over the long run, home prices and income should march along the same path ... Read More |
Gauging Value In Real Estate As Prices Slide
Mar 13, 2008
In Many Markets, the Outlook Varies Widely by Community; Researching Foreclosure Rates
In this battered housing market, choosing the right neighborhood is more important than ever.
Some six million Americans are expected to buy a house this year. Whether first-time home buyers scouting the Chicago ... Read More |
Property Investors Fear Gains-Tax Rise, Shift 1031 Strategy
Mar 12, 2008
Real-estate investors worried that a new administration will raise capital-gains tax rates are starting to abandon a popular tax-deferral strategy to pay taxes now while rates are low.
The trend is more pronounced when bare land is involved, but investors with other kinds of business property may a ... Read More |
Playing the Housing Slump: Is It Time to Make Your Move?
Mar 12, 2008
Financial lore says you should buy when there's blood in the street -- which suggests real estate is a bargain, because there's blood all over the neighborhood.
Time to invest? I wouldn't be surprised to see home prices drop sharply this spring, as long-suffering sellers in hard-hit areas throw in ... Read More |
E-Mail Can Up Your Marketing ROI
Mar 12, 2008
A healthy return on investment (ROI) is critical in selling homes today, making your e-mail marketing strategy integral to your bottom line. But there's a risk: if executed improperly, e-mail marketing can be a waste of time and an annoyance for the target audience.
To do it right, use you e-mail ... Read More |
Credit Scorers Find New Ways To Judge You
Mar 11, 2008
Alternative Measures Use Rent and Utility Payments To Assess Risk of the Debtless
Don't be surprised if a lender wants to know if you pay your rent on time or bounce checks before it will let you borrow money.
For many years, loan approvals were determined largely by borrowers' credit scores, whic ... Read More |
Neighbors get Nasty Over Sale of Home
Mar 08, 2008
Neighbors upset by declining housing prices sometimes say derogatory things or make openly rude remarks to potential buyers or real estate practitioners attending an open house or just visiting the property.
Here’s how to defuse this kind of verbal attack, which can scare off potential buyers.
. S ... Read More |
Buy Now, says Foreclosure Expert
Mar 07, 2008
Now’s the time to pick up properties at fire sale prices, says Ralph R. Roberts, author of Foreclosure Investing for Dummies and Flipping Houses for Dummies.
"Properties could double in value over the next 10 years. But you have to be willing to go in, buy them, and hang on for the longer term," he ... Read More |
IRS Releases Vacation Home Ruling
Mar 06, 2008
The Internal Revenue Service recently issued a Revenue Procedure ruling that spells out how vacation properties can qualify for 1031 exchanges, which involve the exchange of investment properties.
The guidance aims to clear up the debate about whether vacation homes are investment or personal use ... Read More |
Low-Cost Kitchen Updates
Mar 06, 2008
Sellers whose kitchens are old and outdated, but who don’t want to spend money gutting and remodeling, should consider these tips from interior designers for updating inexpensively.
. Buy new lighting. Replace fixed ceiling lights with modern movable track fixtures.
. Replace the hardware. Handle ... Read More |
FHA, Relic of Past, Is Rebounding Agency Is Becoming
Mar 06, 2008
Centerpiece of Bid To Prop Up Housing
The Federal Housing Administration, a relic of the Great Depression that dwindled to near irrelevance in recent years, is suddenly emerging as the centerpiece of government efforts to prop up the housing market.
Home loans insured by the FHA have become the c ... Read More |
New Appraisal Rules for Freddie, Fannie
Mar 03, 2008
Fannie Mae and Freddie Mac have reached an agreement with New York Attorney General Andrew Cuomo that requires them to have independent appraisals of home values.
Under the agreement, home appraisals have to come from assessors who don’t have formal ties with a lender or mortgage broker.
Lenders w ... Read More |
Tax Benefits of Owning a Home
Mar 02, 2008
Before a home owner curses the troubled housing market, he or she should take solace in the U.S. tax code, which makes buying a home a good deal for almost everyone.
Here’s why:
Mortgage interest deductions, including in some cases mortgage insurance premiums, reduce home owners’ tax liability by ... Read More |
Mastering Foreclosures
Mar 01, 2008
REO business awaits those who can juggle details and expectations for fast turnover while earning the trust of lenders.
Chris Jones, broker-owner of Hans Christopher Realty in Cartersville, Ga., has thrived for two decades by specializing in selling dazzling million-dollar homes. But these days, t ... Read More |
How to Judge if a Teardown Will Pay Off
Mar 01, 2008
When does buying a house and tearing it down make economic sense?
Builders have a guide for estimating whether a teardown will pay off. Generally, the cost of the land must be one-third of the cost of the final sales price of the house.
For instance, if the old home and the land it is on can be a ... Read More |
Price Fixing: In This Market, Selling a Home Requires Savvy
Feb 27, 2008
If you're selling a car or a house in today's sluggish economy, make sure the price is right.
Americans are constantly buying stuff. But most of us don't do a whole lot of selling -- which means we don't have much experience at setting prices.
Want to improve your odds of finding a buyer? As you t ... Read More |
Grading Neighborhood Schools
Feb 20, 2008
Web Sites Compare A Variety of Data, Looking Beyond Scores
Education -- an issue that affects everyone in some way or another -- is an ideal candidate for discussions on the Web. There, parents, students and teachers can ask questions under the cloak of Internet anonymity, which enables conversatio ... Read More |
How Green Is My Realtor
Feb 19, 2008
In a bid to stand out in a sagging housing market, an increasing number of real-estate agents are marketing themselves as eco-friendly -- connecting environmentally conscious buyers to "green" homes and helping sellers make their homes more eco-sensitive.
These agents are promoting their knowledge ... Read More |
How to Improve Your Marketing
Feb 15, 2008
Real estate marketing expert Raleigh Pinskey says real estate professionals make the mistake of starting their advertisements with property addresses or descriptions of the property type instead of using an attention-grabbing headline.
He recommends using the "best, most powerful, most effective ... Read More |
Creating One's Own Virtual Tours
Feb 13, 2008
TourFactory offers real estate sales associates virtual marketing tools that aim to boost listings and attract buyers.
With this resource, associates can create virtual tours using their own photographs or choose a photographer from the company's Web site, the company says.
The tour is linked to ... Read More |
Keeping Watch for Burglars (And Tabs on the Kids)
Feb 13, 2008
Wireless Home Security Lets You Check In From Afar; Do-It-Yourself Installation
As a police officer in southern Florida, Greg Varley was dispatched to investigate as many as 10 false alarms a day at residents' homes. He was frustrated to discover that most people didn't disarm their security system ... Read More |
Beyond Auctions: Ways to Buy Foreclosed Homes
Feb 12, 2008
You might think that it's an especially good time to get a deal on a foreclosed home at an auction.
It isn't. Despite the growing number of foreclosures across the country, there are few bargains to be found at auctions. For one thing, you'll be competing against savvy local investors who know how ... Read More |
On the House: More on disclosure by sellers
Feb 10, 2008
Since we're heading into spring home-selling season, and since there's so much interest in the subject each time I write about it, here's more on home inspections.
This started a few weeks back with a story I wrote on renewed interest in home inspections because of the current buyer's market.
Then ... Read More |
More Web Sites Track Foreclosures
Feb 07, 2008
A growing number of websites showcase homes in foreclosure and pre-foreclosure.
Two of the largest are PropertyShark.com and RealtyTrac.com. Both pull together thousands of listings based on public records, adding photos and aerial images. In some cases, the listings offer phone numbers of homeown ... Read More |