Open House from Creators Syndicate

Renting Vs. Buying a Home for 02/13/2012

Mon, 13 Feb 2012 00:00:00 -0800

Home sales are on an upward swing in most areas of the country, but the growth is slow.

A key reason for the continued sluggishness of the home-buying market is the mindset of many prospective buyers that prices have not yet reached bottom. They are waiting for clear signs of a positive turnaround in home values. In the meantime, they are renting a residence.

Most of those renters ...

Updated: Mon Feb 13, 2012

Removing Homeowner Benefits Is Counterproductive for 02/06/2012

Mon, 06 Feb 2012 00:00:00 -0800

When candidates for public office support the elimination of modification of certain homeownership benefits as a cost-cutting means, that action could cost them the election.

Several recent studies have shown that an overwhelming majority of consumers (voters) strongly value homeownership and would oppose efforts to weaken or eliminate the mortgage interest deduction or diminish a federa ...

Updated: Mon Feb 06, 2012

Negotiating Real Estate Commissions for 01/30/2012

Mon, 30 Jan 2012 00:00:00 -0800

As home sales continue to rise, questions about real estate commissions become more frequent and important to buyers and sellers. The most common question: What is the standard rate of commission in today's market?

There is no standard rate of commission. Those rates are up to the discretion of the brokerage firm and are always negotiable. Also, there is no overall average rate reported ...

Updated: Mon Jan 30, 2012

Demand for Jumbo Mortgages Rising for 01/23/2012

Mon, 23 Jan 2012 00:00:00 -0800

Applications for large mortgages are exceeding the number for modest mortgages in today's market.

Mortgage bankers funded $26.6 billion of jumbo loans during the third quarter of last year. That's a 30 percent gain from the same period during the previous year, according to recent survey figures compiled by National Mortgage News.

Jumbo mortgages are those larger than $417,000 in ...

Updated: Mon Jan 23, 2012

New Refinance Opportunity With HARP Program for 01/16/2012

Mon, 16 Jan 2012 00:00:00 -0800

Many homeowners with “underwater mortgages” can still refinance their loan with a lower cost affordable mortgage thanks to the Home Affordable Refinance Program — recently revised and extended until Dec. 31, 2013.

Established in 2009 for Fannie Mae and Freddie Mac-owned mortgages, the HARP program provides an option for homeowners to refinance “underwater mortgages.” The program ad ...

Updated: Mon Jan 16, 2012

Stigmatized Homes: Buyers' Opportunity for 01/09/2012

Mon, 09 Jan 2012 00:00:00 -0800

A home that has a reputation for being haunted may be an outstanding bargain for a homebuyer. This and other types of stigmas can push the price down by 10 to 15 percent on average, according to one study. In some cases, the price reduction is much more.

The National Association of Realtors defines a stigmatized property as "a property that has been psychologically impacted by an ev ...

Updated: Mon Jan 09, 2012

The Scourge of Real Estate Transfer Taxes for 01/02/2012

Mon, 02 Jan 2012 00:00:00 -0800

As local, county and state governments face growing, and sometimes desperate, economic needs, they increasingly turn to real estate transfer taxes as a source of funding. This is a tax that may be imposed at the closing of home sales or other real property transactions.

These taxes typically range from .01 percent to 4 percent of the sale price. It can be paid by either the buyer or sell ...

Updated: Mon Jan 02, 2012

Vanishing Houses for 12/26/2011

Mon, 26 Dec 2011 00:00:00 -0800

A new landscape is emerging in many cities. Open space is replacing the growing number of vacant homes.

The trend results from the proliferation of recession-fueled foreclosures and dropping home values. About a quarter of all mortgage holders are now "underwater" — they owe more than their home is worth. Many of these owners simply "walk away" from their homes. ...

Updated: Mon Dec 26, 2011

How to Make Your Home Secure for 12/19/2011

Mon, 19 Dec 2011 00:00:00 -0800

The sluggish economy and high unemployment rate has a greater impact on today's homeowners than a possible foreclosure. It also increases the risk of home burglaries and even home invasions.

A substantial increase in home-related crimes occurred during the past year, compared to the steadily reducing number reported in previous years. Many of the crimes took place in suburban areas and s ...

Updated: Mon Dec 19, 2011

Boomers Help Children, Buy Homes for 12/12/2011

Mon, 12 Dec 2011 00:00:00 -0800

An interesting trend is surfacing in today's housing industry. More first-time homebuyers are being financially assisted by their parents.

This is particularly noticeable when the parents are among the baby boomer generation. They are showing an intense interest in helping their children and grandchildren become homeowners.

A national survey recently commissioned by Better Homes a ...

Updated: Mon Dec 12, 2011

More Homeowners Opt for 'Strategic Default' for 12/05/2011

Mon, 05 Dec 2011 00:00:00 -0800

Strategic defaults, the practice of homeowners defaulting on their mortgage even though they have the financial capability to make the payments, is on the rise.

The primary reason is the increasing number of underwater home loans — mortgages that have a higher balance than the property is worth in today's market. Also, another key motivator is the continuing unemployment problem.
Updated: Mon Dec 05, 2011

Temporary Trend of Renting for 11/28/2011

Mon, 28 Nov 2011 00:00:00 -0800

Recent news reports indicate a growing trend of individuals and families opting to rent a residence as opposed to buying a home. This is probably a temporary and not a long-term trend.

Many of today's prospective homebuyers are simply putting off their purchase of a home until the housing market further stabilizes. In the meantime, they are renting a residence. The great American dream ...

Updated: Mon Nov 28, 2011

Home Values Steady, Underwater Homes Rising for 11/21/2011

Mon, 21 Nov 2011 00:00:00 -0800

As we move into the 2011 holiday season, home values are remaining generally flat, but the number of homeowners with negative equity (underwater owners) is increasing.

Underwater owners now account for more than 1 in 4 homeowners, nationally. Home sales are improving in some markets and declining in others.

Despite recent economic turmoil, home values remained virtually unchanged ...

Updated: Mon Nov 21, 2011

Seniors Turn to Rentals for 11/14/2011

Mon, 14 Nov 2011 00:00:00 -0800

Seniors seeking a retirement home are increasingly turning to rental units, as opposed to the traditional practice of purchasing a smaller single-family home or condo. At least, they are opting for rentals for temporary housing while waiting for the market to stabilize and improve.

Builders in the over-age-55 housing market are now significantly more optimistic about production and deman ...

Updated: Mon Nov 14, 2011

Neighborhood Choice Can Impact Health for 11/07/2011

Mon, 07 Nov 2011 00:00:00 -0800

Moving to a better neighborhood can enhance your family's health, according to the results of a study by the Department of Housing and Urban Development. The study focused primarily on high-poverty neighborhoods versus better neighborhoods.

"This study proves that concentrated poverty is not only bad policy, it's bad for your health," said HUD Secretary Shaun Donovan. "Far ...

Updated: Mon Nov 07, 2011

Mortgage Discounts Offered for 10/31/2011

Mon, 31 Oct 2011 00:00:00 -0700

Mortgage lenders are cutting closing costs and offering other promotional deals to entice prospective homebuyers to take action now. But the record low interest rates don't seem to be enough for reluctant buyers in today's market.

Lenders are still very picky about qualifications, but they need to boost their volume of strong mortgages to generate needed revenue.

To stimulate act ...

Updated: Mon Oct 31, 2011

The World Is Shrinking for 10/24/2011

Mon, 24 Oct 2011 00:00:00 -0700

Our world is getting smaller all the time. Advanced communications and travel technologies have made international business transactions almost as easy as dealing within local markets.

That applies to buying and selling homes. While all real estate is local, not all property buyers are. A significant share of home purchases are made by people whose primary residence is outside of the U.S ...

Updated: Mon Oct 24, 2011

A Quiet Revolution in Home Preferences for 10/17/2011

Mon, 17 Oct 2011 00:00:00 -0700

In recent years, there's been slowly evolving changes to the type of homes desired by most buyers. The changes affect the key living areas of homes, both inside and outside.

John Burns, a noted real estate consultant, conducted a survey of about 10,000 potential homebuyers, asking questions about their preferences in the home they might buy. The results reveal valuable information for an ...

Updated: Mon Oct 17, 2011

More Realtors Purchasing Errors and Omissions Insurance for 10/10/2011

Mon, 10 Oct 2011 00:00:00 -0700

Today we live in a litigation-prone society. Lawsuits are especially prevalent as a result of real estate transactions. Increasingly, brokers and their sales agents are targeted in those lawsuits.

Even if those suits are unfounded and frivolous, legal expenses can be substantial for all parties. Thus, increasing numbers of real estate professionals are protecting themselves with the purc ...

Updated: Mon Oct 10, 2011

Keys to Housing Recovery for 10/03/2011

Mon, 03 Oct 2011 00:00:00 -0700

The keys to a substantial housing recovery is to make financing more readily accessible to home buyers and to reduce the large current inventory of foreclosed and other distressed properties.

That's the consensus of opinions expressed by most housing industry leaders. But just what steps to take to achieve those objectives is not so easy to identify.

"Improving access to affo ...

Updated: Mon Oct 03, 2011