buying homes: New Homes Can Have Problems Too
- 04/30/13 10:27 AM
While there are many advantages to buying a new home-the systems and appliances are new and are covered under a manufacturer's warranty-there are some common problems of which you should be aware. New homes, like new cars, often have bugs that must be worked out. Homes have literally thousands of pieces, and those pieces are assembled by people who sometimes make mistakes. There will be problems in practically every new home. Outlets and switches may not work, the heating and air conditioning system could need adjustment, the roof might leak, settling may occur, and any number of dozens of other unpleasant … (4 comments)
buying homes: Sell Now or Wait for a Real Housing Recovery?
- 11/20/12 03:09 AM
Homeowners struggling to deal with the consequences of the sluggish recovery in home prices are wondering if they should sell now or wait for a real housing recovery; and the answers are as varied as the local markets. One of the keys to answering the question is motivation. Across the country motivated sellers have reentered the market and are finding conditions much better than they imagined.
While the collapse of the housing market and subsequent recession left millions of homeowners underwater, owing more on their home than it would bring on the market, the past year has seen significant … (75 comments)
buying homes: What's the Significance of the Recent Increases in Home Prices?
- 10/02/12 11:35 AM
According to the S&P/Case-Shiller home price index, typical home prices in July “rose” to the level of nine years ago . . . not exactly a sterling achievement, especially when compared to the boom times of just a few years ago. However, the increase can be interpreted as good news for those who have seen their home’s value fall below the amount of their mortgage. And while it’s certainly not time to sing, “Happy Days Are Here Again,” the clouds that have darkened the housing market for the past five years may be showing some signs of dispersing.
… (34 comments)
buying homes: When it Comes to Building, Buying or Selling Homes, Clean Isn’t Just Nice, It’s Essential
- 04/24/12 07:55 AM
As a homebuilder for four decades I’ve always been aware that when it comes to building, buying or selling homes, clean isn’t just nice, it’s essential. A clean house under construction acts as an incentive to subcontractors to keep their work areas clean and seems to encourage them to pay attention to details. Additionally, a clean construction site is a safer site for workers, agents and potential buyers. And though cleanliness might not be akin to godliness, it is certainly a critical component of good construction practices.
Clean homes are more appealing to potential buyers while a lack … (6 comments)
buying homes: Real Estate Profits Are Made on the Purchase not the Sale
- 01/05/12 05:26 AM
With large numbers of investors and others seeking to take advantage of low home prices, many remain unaware that real estate profits are made on the purchase not the sale. Sadly, millions of current homeowners and others who may have already lost homes to foreclosure overlooked the economic realities of their purchase.
In past years, especially those of the recent housing boom, profiting from a home purchase was the norm, and sometimes those profits were dramatic. However, most now realize that the gains received were artificially driven by a combination of loose lending policies and direct government interference in … (11 comments)
buying homes: The Importance of Location When Buying a Home
- 12/28/11 04:33 AM
The Importance of Location When Buying a Home Most have heard the Realtor® adage, “The three most important aspects of real estate are: location, location, location. And while we may smile when hearing it and even acknowledge the importance, many purchases are made without considering ALL the factors associated with location.
Those shopping for a home will consider whether the home in an area where they want to live, measuring the property’s distance from work, shopping, schools and churches. Just checking distances, however, shouldn’t be the end of the research. Buyers should check the drive to work during … (5 comments)
While many homebuyers are attracted by the lure of low prices sometimes found in foreclosures, builders have jumped on the bargain bandwagon and may offer greater value and less hassle than is often associated with distressed sales. For those who prefer the features and amenities often found only in new homes, careful shopping just might uncover some great deals.
Many of the homebuilders who managed to remain solvent during the housing crisis are now offering prices well below those of the housing boom. They have trimmed costs and overhead and refined construction techniques; and while their prices may … (9 comments)
In searching for a home, price may be a major factor, but one of the first and most critical issues to consider is location. Is the home in an area where you want to live, and equally important, will the area appeal to future potential buyers? Is it within a reasonable distance from of work, shopping, schools, churches, etc.? If not, you should probably rule it out. If you need a home within easy walking distance of specific amenities, check out: www.walkscore.com. This website uses a scoring system to evaluate the “walk-ability” of properties, … (8 comments)
buying homes: Why Rent When You Can Own for Less?
- 08/26/11 06:09 AM
I recently participated in a meeting of local real estate agents and mortgage brokers, and one of the topics discussed was: Why rent when you can own for less? Why pay $1,000 per month in rent when the payments on a comparable home may be as low as $500-$600 per month? Why indeed.
At first glance the issue seems straightforward. If you purchase a home for $125,000—a price that’s easy to find in many areas—and put 10 % down, at current interest rates the monthly payment would be about $570. In metro Atlanta, for instance, that home would easily … (14 comments)
buying homes: Ben Bernanke Spoils the Urgency Argument for Home Sellers
- 08/22/11 08:11 AM
Just when you think the housing market can’t get more difficult, Ben Bernanke spoils the urgency argument for home sellers. The Fed’s recent commitment to maintain historically low interest rates for the next two years has erased hope for many who were waiting for buyers to purchase due to concerns over the potential for rising rates. Additionally, concern over falling home prices has many buyers confident that playing the waiting game is to their advantage. And with conditions as they are, it’s hard to disagree.
Overall, this is not good news for sellers—and not good news for the rest … (14 comments)
buying homes: Consumers Still See Home Ownership as Essential to the American Dream
- 06/10/11 05:13 AM
A recent survey reported on RISMedia shows that consumers still see home ownership as essential to the American Dream. According to the survey, Americans see beyond the housing crisis to the “enduring value of homeownership.” I agree and have written several posts that support the findings.
Homeownership is about much more than the costs or investment potential of real estate. And while we have recently seen a decline in the rate of homeownership, almost three-quarters of those surveyed who do not presently own, indicated a goal of one day owning a home.
Because of the financial crisis … (28 comments)
buying homes: Will the Housing Market Ever Return?
- 06/02/11 02:03 AM
John Boehner was recently quoted as being “skeptical” that there is “anything government can do” to bring about a recovery in housing; but will the housing market ever return? The media love such comments as Speaker Boehner’s, and readily plaster them across TV screens and front pages; however, the answer is much more complicated than can be described in headlines. In an effort to simplify complicated subjects and to appeal to the largest audience, news reports often paint a somewhat distorted picture of what’s actually occurring. Here are some hard facts about housing:
The downward spiral of home prices. … (9 comments)
buying homes: Considering a Condominium?
- 05/08/11 02:26 AM
Considering a Condominium? Thom Abbott, an Atlanta real estate broker and owner of Thomas Ramon Realty @ Palmer House Properties, provides an excellent comparison of the pros and cons of condominium living in "Condo Considerations," this month's "Experts" article on TheHousingGuru.com. A wealth of information for those looking to buy in intown locations, the article takes an honest look at condominium living.
Comparing benefits such as convenience of location, security, maintenance, affordability and amenities the article also points out why some refer to condos as "boxes of air." Those in the market for a home and who may be considering … (11 comments)
buying homes: Is Now A Good Time To Invest In A Home?
- 03/06/11 08:21 AM
With the economy continuing its struggle and the housing market lacking stability, is now a good time to invest in a home? While the past decade saw many reap huge benefits from the sale of their homes, the answer to the question is: a qualified maybe. Housing in general isn’t a great investment, but the realities of today’s market give us reason to believe that a properly researched purchase, could provide a hedge against inflation over the next few years. Unless you are purchasing as an investor—not the subject of this post—houses should be purchased for shelter, for pride of … (12 comments)
While many homebuyers use the services of a home inspector to point out defects or potential hazards of homes they’re considering purchasing, most file the inspection report with the closing documents when the transaction is completed. And for some, that could be a big mistake.
A recent article featured on The Housing Guru and written by Jay Markanich, a home inspector in northern Virginia, points out the importance of paying attention during an inspection, and, more importantly, of following up on an inspector’s recommendations.
Click HERE to … (9 comments)
buying homes: 10 Reasons for Buying a Home in Today’s Market
- 10/05/10 08:31 AM
I will begin by stating that I’m not a real estate agent and derive no income from real estate sales. The information provided is to help potential home buyers make the most prudent choices regarding the purchase of a home.
As a former home builder, I have built and sold hundreds of homes and have experienced both good and bad markets. Each day I read news about housing and the economy, and while much of that news is negative, I believe the current market to have some of the best opportunities for buyers that I’ve experienced during my entire career. … (88 comments)
buying homes: Advice Home Buyers/Sellers Won’t Find On TV
- 10/02/10 07:51 AM
Eager homebuyers and nervous sellers are often confused by conflicting news stories, most of which focus upon the more sensational aspects of the housing market and economy. With TV, major newspapers, magazines, and Internet sites bombarding consumers with ever-changing economic news, many are paralyzed in fear of taking action either too soon or too late.
Sellers want to know if home prices are still falling, and if they’ll be able to compete with foreclosures and short-sales. Buyers also want to know if home prices are falling; and if they are, how long they should wait to get the best deal. … (85 comments)
buying homes: Some Disagree on The Need to Inspect New Construction
- 09/10/10 08:31 AM
Having been on Active Rain for two years now I’ve both read and written blog posts about the importance of a home inspection, and I’m surprised that some disagree on the need to inspect new construction. A recent blog post by Zeta Cross, a real estate agent in Philadelphia, asks the question, “Should you get a home inspection with new construction?”
I commented on the post and answered, “Absolutely yes.” And I briefly explained my reasoning. However, as comments on the blog appeared, I noticed that not all agreed with my position, so I thought I would outline in detail … (72 comments)
buying homes: While Housing News Is Interesting, Understanding YOUR Market Is Essential
- 09/09/10 07:16 AM
The housing market continues to be besieged with predictions of doom and gloom, and while housing news is interesting, understanding YOUR market is essential to a successful purchase. The national market may be an accurate indicator of long-term trends and it may have an effect on local markets. However, those local markets generate statistics of their own; failing to properly understand them can have costly consequences. The key for those who may be considering the purchase a home is to focus upon the area in which you are interested, and to analyze both your needs and resources.
With economic insecurity … (8 comments)
buying homes: Should Anyone Buy a Home In Today's Market?
- 08/28/10 12:24 AM
Recent headlines, as well as some of my own blog posts, have some consumers wondering: "Should anyone buy a home in today's market?" And the answer is a definite, but qualified, almost enthusiastic, yes. An article in the NY Times, points out some of the obvious benefits of home ownership: ● A mortgage can be a type of forced savings ● Home owners don't have to deal with the difficult or fickle landlords who may decide to sell or experience foreclosure ● Rental units may not be available in the area in which you wish to live.
While there are many advantages to buying a new home-the systems and appliances are new and are covered under a manufacturer's warranty-there are some common problems of which you should be aware. New homes, like new cars, often have bugs that must be worked out. Homes have literally thousands of pieces, and those pieces are assembled by people who sometimes make mistakes. There will be problems in practically every new home. Outlets and switches may not work, the heating and air conditioning system could need adjustment, the roof might leak, settling may occur, and any number of dozens of other unpleasant … (4 comments)
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