home buying: The Elements of Location
- 11/21/08 08:23 AM
When you are in the market for a home, how should you evaluate the properties that appeal to you? There is an old cliché about the three most important factors of a piece of property--location, location and location. Some neighborhoods have a certain distinction that attracts buyers, but there are other factors to take into account. A house in the best part of town may have a few points subtracted if it is located on a busy street. There are buyers who would like to be close to schools, shopping, and churches, but don't want to live across the street from … (3 comments)
home buying: Top 10 Real Estate Market Myths Debunked
- 11/13/08 02:55 AM
Many people are wary of today's housing market due to high foreclosure rates, plummeting home prices and the mortgage crisis. Lawrence Yun, chief economist of the National Association of Realtors says that things are not as gloomy as they seem. The following demonstrates the top ten misconceptions in our real estate market. Peak-to-trough home prices declines to date have been about twenty percent. WRONG: The Case-Shiller Index that indicates home prices are down twenty percent is heavily representing homes with subprime loans and other distressed home sales. Home price declines can be skewed depending on which market is being measured. … (1 comments)
home buying: The Home Buying Process
- 11/01/08 01:10 PM
Prequalify for a loan Getting pre-approved for a loan will assure you are looking for a house in a price range you can afford. Prequalification will allow you to move quickly on your search for a home. Sellers know you are serious when you place a bid and have your mortgage in hand. The knowledge that your buyer can afford the property makes a bid more attractive. Decide what type of home you are looking for and search for your home Prior to looking at property, you will need to get a realistic idea of the type of home you … (1 comments)
What a month this has been! Right after everyone phoned their broker about the stock market dive, they turned around and called me to ask about the value of their homes. Everyone wants to know: "Maggee, what should I do?"Here's what it looks like from my perspective: homes are continuing to sell, though not like they were four years ago at the height of the market. Banks are also getting tighter with lending. But people are buying homes if they see value in the property. I am making great deals for my clients. This is also a prime time … (0 comments)
home buying: New Fed Rules to Prevent Future Runs on Bad Loans
- 09/23/08 09:24 AM
The Federal Reserve Board has amended the "Truth In Lending Act," Regulation Z under the "Home Ownership and Equity Protection Act (HOEPA)." Originally passed in 1994, HOEPA targets abusive practices in home equity lending. The Fed now extends the Act's protections to include home purchase loans. Effective October 1, 2009, these new rules should help prevent future runs on bad loans. The new rule's four key provisions include protections that: Prohibit a lender from making a loan without regard to borrowers' ability to repay the loan from income and assets other than the home's value. Lenders must more closely scrutinize a … (1 comments)
home buying: Moving Away From Heavy Gasoline Use
- 09/19/08 05:28 AM
With a gallon of gasoline costing around $3.75, up more than a dollar from a year ago, affordable housing isn't just a measure of your mortgage and related expenses, but also the cost of transportation to and from work, school, stores, and all the other locations you regularly travel. The closer you live to these destinations, the less money you'll spend on gasoline. If you want to reduce your gasoline usage (and the associated high costs) consider moving to a transit oriented development (TOD). TODs are communities designed to encourage compact growth around transit stops. They include pedestrian-friendly development with easy … (0 comments)
home buying: What the Housing and Economic Recovery Act of 2008 Means for You
- 09/18/08 05:52 AM
The time has never been better to buy your first home. The Housing and Economic Recovery Act of 2008 grants first-time homebuyers (or homebuyers who have not owned a principal residence during the three-year period prior to their home purchase) up to a $7,500 tax credit if the purchase is completed between April 9, 2008 and July 1, 2009. There are certain income requirements. But even if you are over the modified adjusted gross income level of $95,000 (single) or $170,000 (married), you may be able to receive partial tax credits. Just claim the tax credit on your federal income tax … (0 comments)
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