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Posts tagged economy

Home Sales Show Improvement

Apr07
2010
Leave a Comment Written by Shanna

real estate market

For the month of March, the nation’s real estate market showed signs of improvement with pending home sales, inspiring hope in today’s sellers!

Overall
According to an article from the Associated Press, The NAR’s “seasonally adjusted index of sales agreements rose 8.2 percent from January to a February reading of 97.6.” Whether buoyed by the government incentives or something else, home sales have been showing signs of improvement. For March, “the biggest month-to-month increase was in the Midwest, where pending sales jumped nearly 22 percent. Sales climbed 9 percent in the South and Northeast, but fell about 5 percent in the West.”

Wondering about more specific markets? Check out the below info!

Boston
Pending sales were up 27% from last march for homes and up 38% for condos. According to an article in The Boston Globe, March was the ninth straight month that pending sales gone up when compared to the same month a year ago, the association said.

Philadelphia
A Philly.com article points out that changes even in February, in which “3,630 houses went under contract in the Philadelphia region…compared with 3,397 in January and 3,226 the same month a year ago.”

Nashville
Music City experienced as much as 18 to 20 percent growth in March home sales, according to WSMV-TV. This marks a sharp change from previous months.

So what does this mean for you?
Bottom line, today’s market is changing, if gradually, and this is excellent news for sellers. Now is the time to get your home priced competitively and in immaculate condition; the buyers are out there, increasingly each month!

Posted in Market News, Tips and Ideas - Tagged housing improvement, real estate market, selling a home
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Are You Ready to Buy?

Apr06
2010
Leave a Comment Written by Shanna

If you’re thinking of buying a home these days, particularly if it’s your first home, you’re probably a little nervous. Becoming a homeowner is a big commitment! So along with all the excitement of owning your own place (and the undeniable benefits of doing so), it’s only natural to feel some anxiety.

How can you know when you’re ready? Ideally, you are ready to buy when you’ve:

  1. Studied the market: The surest way to create peace of mind in a home purchase is to do your homework. Find out what similar homes are selling for and how long they’re usually on the market. What is available in your price range? What would be a reasonable offer? When you know these things, you’ll be more confident to make your decision.
  2. Maintained good credit: Mortgage lenders will use your credit history to determine your eligibility for a loan. Wondering what affects your credit history and how you can find out what your credit score is right now? Check out this Buy Owner Blog article, ”What is a FICO?”
  3. Saved a down payment: Most experts agree it’s best to put down at least 20% of the purchase price when buying a home. If you’ve saved that or close to that amount, you are well on your way to a new home!
  4. Prepared for the financial costs: As significant as the down payment is, it isn’t the only cost to be concerned with, however. You’ll also need to factor in monthly mortgage payments, property taxes, utilities, insurance, potential repairs, etc. Crunch the numbers to be sure you’re financially prepared, and if you are, you’ll know you’re going into the purchase with eyes wide open.

Of course, people buy homes all the time without doing these things. They didn’t study the market or have good credit scores or save enough for a 20% down payment. And sometimes, everything still worked out for them.

That’s because this list details not what qualifications there are to be able to buy, but rather qualifications that will give you the peace of mind that comes with making an informed, researched decision. Buying a home is a big commitment; in fact, for most people, it’s the most expensive purchase they’ll ever make.

Posted in Buying Tips, Tips and Ideas - Tagged buying a home, buying real estate, home ownership, real estate market
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Should you buy NOW?

Apr01
2010
Leave a Comment Written by Shanna

If you’re one of the many Americans who’s been waiting to dip your toes in the real estate waters, a recent article at CNN Money has your name all over it.

In “Is now the time to snag a great real estate deal,” your questions are answered, on topics ranging from the tax credit to what you have to lose by waiting to the odds of being able to sell your current home before buying another.

True, there are a lot of incentives towards buying NOW. But, as reporter Beth Braverman points out, “[B]uying right now is not a no-brainer. In some areas home prices may fall further. If you own a house now, it may take longer than you expect to sell it, and you may walk away with less cash than you thought.”

To consider these and other points, head over to the full article at CNN Money!

Posted in Market News - Tagged buying a home, cnn money, for sale by owner, fsbo, handy article, incentives, real estate buying, real estate market
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What the Market Means for Sellers Now

Aug19
2009
Leave a Comment Written by Shanna

price

While there are signs that today’s real estate market is recovering, the turnaround is going to be slow going. And what this means for you as a home seller is you need to get proactive, if you are serious about selling soon.

According to data from the Multiple Listing Service (MRED), average sale prices have decreased—in some areas, such as Chicago, by as much as an average 30% loss. Unfortunately, there is still an oversupply of properties on the market, including low-priced foreclosures and short sales, and not enough buyers to buy them. The buyers who are serious are often first-time home owners looking to qualify for the $8000 tax credit and get a steal of a price.

So what should you do?
The best strategy for a savvy home seller right now is simple: lower your price. This isn’t an easy answer, but it’s one that works. Lower your asking price, as reasonably as you can, until it generates interest.

Why is this the best answer?
Price is the first thing a buyer will notice, as we’ve written before in posts like How to Sell Fast and 5 Price Tags of Overpricing. Price is also the #1 thing that can turn a potential buyer away, especially when the competition is filled with lower-cost alternatives.

So consider reducing your price by $5K and seeing what happens. That’s the way to be aggressive in this market, and that’s the way to sell.

Posted in Market News, Tips and Ideas - Tagged competition, market, pricing, real estate, real estate market, selling a house
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Layoff Insurance

Apr30
2009
Leave a Comment Written by Carrie

layoff

A lot of first-time homebuyers remain hesitant about the market. At the forefront of concern is the potential for job loss, as more companies need to downsize. Without a job, how would a new homeowner pay the mortgage? What happens when you’re laid off? California real estate agents have come up with a possible solution: Layoff Insurance.

California Realtors Unite!
The California Association of Realtors recently announced their plan for a brand-new program aimed at first-time homebuyers. The Housing Affordability Fund Mortgage Protection Program will be offered to those first-time buyers who lose their jobs, contributing up to $1500 for monthly mortgage payments. There are, however, certain qualifications that must be met upon applying to the program.

Applicants must:

  • be a first-time home buyer, having never owned a home in the last three years.
  • open escrow April 2, 2009, or later, and close on or before December. 31, 2009.
  • use a California REALTOR® in the transaction.
  • purchase the property in California.
  • be a W-2 employee (cannot be self-employed, a business owner, a temporary/seasonal worker, an educational employee on a scheduled break or military personnel and cannot work for their immediate family).
  • not be voluntarily unemployed.
  • not be on a leave of absence (death, pregnancy, disability).

If eligible, applicants may receive up to $1500 per month (for up to six months) to help pay their mortgage. The Association says it will spend $1 million on the program this year, and predicts that as many as 3000 families will benefit from the program this year alone.

Now the big question: How much does it cost? While the benefits may be taxable, the insurance premium is covered by the California Association of Realtors for one year. Basically, if you are unemployed for six months out of that year, and the benefits are not taxable, the first-time homebuyer could pay nothing.

The Rest of America
Other companies offer the same assistance to anyone, no matter where they currently reside in the United States. While most of the same qualifications needed to be a part of the California Realtors’ protection program are also required to participate in other plans, the big difference is that you are also eligible for unemployment benefits or if you are laid off due to disability.

Take the program offered by Paycheck Guardian: like the California Realtors, this program does not cover the first 30 days of unemployment. However, you will only be covered for four months instead of six. And unlike those who seek help from California Realtors, those who wish to use Paycheck Guardian must pay a monthly membership fee to receive the benefits.

Should every state adopt this Layoff Protection Plan? Tell us your thoughts.

Posted in Market News - Tagged buying a home, home ownership, insurance, layoff, layoff insurance, real estate news
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Why Now Is the Time to Buy

Oct22
2008
2 Comments Written by Alicia

Yes, you read that title right. NOW is the time to buy. It’s true that the current economicy crisis has made many home buyers hesitant. They are nervous to purchase a home, understandably—No one knows what the future holds. But that doesn’t mean that jobs will stop relocating, that families will stop growing in size or that retirees will not want to downsize. There will always be reasons for people to sell homes, and for people to buy homes.

A recent article in the Chicago Tribune discusses the perks to buying a home now rather than later. It mentions that many home buyers experience a “withdrawn bid” and end up turning down their dream homes at the last minute. According to Sid Davis, a real estate broker and author of “A Survival Guide to Buying a Home,” there are several reasons to buy a home now.

First, you can purchase really nice homes for a low price! The economy is constantly in an up-and-down roller coaster, so why not buy now and hope that the next hill is going upward? Chances are, it will. This could be a premium time for investors to make some cash.

Second, more detailed financial background checks are being given. In a positive light, this means that if you pass these background checks, you will receive a “pre-approval” letter that will mean more now than it ever has before. If you don’t pass the background check, at least you know the truth of the matter. You cannot afford this dream home right now, and you will not end up in a mortgage crises down the road. This gives you a chance to save up and know what you need to do in order to become approved.

Third, so many people are selling homes right now. That means that the options available are endless! Jot down exactly what you desire in a home, and chances are you will find one out there that supplies just that. Check out www.buyowner.com to find the house of your dreams.

For more of the Chicago Tribune article: click here.

Posted in Market News, Tips and Ideas - Tagged buy now, buying a home, chicago tribune, fsbo, real estate market
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Is It Time to Drop Your Price?

Oct10
2008
1 Comment Written by Shanna

According to a recent CNBC.com article, today’s market conditions have prompted at least one real estate brokerage to act decisively. Coldwell Banker Real Estate has asked its sellers to lower their asking prices by 10% as an incentive to buyers. Based on this and the multitude of economic changes happening day by day, one thing is clear: In light of today’s tough economy and the softer real estate market, it’s time to start rethinking your selling strategy.

Before you do anything else, ask yourself: Is it possible your home is priced too high?

Forget what you want to get and what you thought you’d get. It doesn’t matter how much your home was worth five years ago or what you expected it should be worth by now. When it comes to home values, there’s a simple bottom line: Homes are worth what buyers are willing to pay—period.

According to many experts, there are currently more homes on the market than there are buyers. This means buyers get to be picky, and they’ll be expecting a good deal. Inaccurately high prices result in disinterested buyers and complicated and incomplete sales. Take time to research comparable properties and to study home markets to ensure that your property is priced for a quick and fair sale for all involved.

Not sure where to begin? Take a look at these other Buy Owner Blog articles: “Why Your Home Isn’t Selling, “6 Tips for Selling in a Slow Market” and “The Mistake You Can’t Afford to Make.”)

Posted in Market News, Tips and Ideas - Tagged home values, pricing your home, real estate market, selling a home
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Another Great Depression?

Sep26
2008
Leave a Comment Written by Shanna

There’s no doubt that we’re in a rough housing market right now: there are a lot of houses for sale, many of which are in foreclosure, and not enough qualified buyers to buy them. But are we in a recession or, worse: Is the economy heading towards a return to the Great Depression?

Not exactly, say experts in a recent article at Reuters:

“Hold on a minute, market veterans and scholars say. It’s serious, because it has been preceded by a 13-month credit crisis that has gotten worse despite government efforts to solve it. But it has yet to reach the cataclysmic scale of the Depression.

‘I’ve lived through plenty of debacles. Each time you go through it, it seems like the worst since 1929,’ said Theodore Weisberg, a New York Stock Exchange member for some 40 years.

‘The nomenclature of the word “crisis” has cheapened,’ said Roy Smith, a professor at New York University’s Stern School of Business and former partner at Goldman Sachs. 

No one disputes that it is a profound crisis, but Depression-level may be overdoing it, said Allan Sloan, Washington Post and Fortune magazine columnist. 

‘I don’t think so, considering that the Great Depression had thousands of banks failing and people losing their life savings, 25 percent unemployment and social unrest and tent cities of the poor,’ Sloan said.”

Source: Reuters

Posted in Market News - Tagged depression, housing, real estate market
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Welcome to the BuyOwner.com Blog, your source for regularly updated market information!

Founded in 1984, BuyOwner.com® is the leading provider of real estate marketing services. We pioneered the "For Sale by Owner" (FSBO) market, which today represents over 20 percent of all residential real estate transactions.

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