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Posts tagged Market News

Florida Real Estate Bottoms Out?

May13
2010
Leave a Comment Written by Shanna

florida real estate market

According to a recent article in the Miami Herald, Florida real estate has hit its bottom.

“The real estate market in Florida probably has probably reached its lowest point, according to a survey of professionals across the state,” the article states.

And while such news comes as a welcome surprise to home sellers looking to move on in this market, the picture is not all rosy.

The article goes on to say, “but, they cautioned in the University of Florida’s survey of emerging market conditions, the situation probably won’t get much better anytime soon.”

So what does this mean for you as a home seller?

  • Be encouraged: We may see some stabilization and eventual improvement across the market.
  • Get motivated: It’s still a buyer’s market, and you won’t sell without effort.

Wondering what you can do to improve your home’s chances of selling? Check out our recent recap post filled with selling tips!

Posted in Tips and Ideas - Tagged bottom of market, florida real estate, news, real estate market, selling a home
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Green Is In?

Mar03
2010
Leave a Comment Written by Shanna

At the annual International Builders’ Conference in January, Wall Street Journal reporter June Fletcher writes about green innovations that continue to pop up in showcases.

As she evaluates different green products and systems, she writes, “Why, I wonder, do I consistently see these products in show houses, but not so much in regular houses?”

The article goes on to describe four specific products featured at the January convection, from spray foam insulation (which is lightweight, highly effective, better at filling small gaps than fiberglass fill or batts) to solar shingles (a lighter, better-looking alternative to solar panels, originally introduced in 2005), insulated concrete forms (around for 20 years!) and structural insulated panels (around since the 1930s yet still rarely adopted, mostly because of retraining that would be required).

To read more of this article, click here.

Posted in Green Living, Tips and Ideas - Tagged eco-friendly, Green Living, home builder, wall street journal
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Right Pricing Still Sells Houses

Feb04
2010
Leave a Comment Written by Shanna


Turns out, at least according to a recent NAR survey, it’s not the tax credit that’s motivating buyers—not primarily anyway. It’s more wanting to own a home and finding good pricing.

from “Cheaper Prices–More Than Tax Credit,” U.S. News & World Report:

  • “But in a recent NAR survey, only 6 percent of first-time home buyers—who made their purchase during the 12 months ending last June—cited the tax credit as the primary reason behind their decision.”
  • The article goes on to say:

  • “The tax credit was the fourth-leading ‘primary’ reason first-time buyers made their purchase, according to NAR’s 2009 profile of home buyers and sellers. At 62 percent, the desire to own a home was the leading reason, followed by the affordability of homes (10 percent) and a change in family situation (8 percent).”
  • So what does this mean for you as a home seller?

    1. Don’t rely on tax credits to motivate buyers towards your property.
    2. Be proactive in pricing aggressively to attract interest.

    For more information on pricing, see these Buy Owner Blog articles:

    • Top 3 Selling Mistakes
    • The Basics of Pricing Your Home
    • 5 Price Tags of Overpricing
    • How Not to Sell Your Home This Spring
    Posted in Tips and Ideas - Tagged how to sell a home, pricing, real estate market, selling a home, tax credit
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    Why Now’s the Time to Buy

    Dec08
    2009
    Leave a Comment Written by Shanna

    hourglass

    Listen, now is the time to buy your next home. There are a lot of homes for sale, motivated sellers selling them, some pretty sweet tax credits offered to you if you do and, as if all that weren’t enough, there’s the benefit of no commissions when you buy a home advertised at BuyOwner.com.

    Think about it:

    LARGE INVENTORY: It’s as simple as a shopping mall—all those stores, put together, means more options for you and more of a chance that you’ll find exactly what you want, whether it’s a red turtleneck sweater with Santa on the front or a pair of brown leather gloves with white stitching on the side. More homes on the market means more homes for you to choose from.

    MOTIVATED SELLERS: Just like retail chains compete with sales around the holidays, trying to buy your business and win your shopping dollars, so too are today’s home sellers looking to get your offer. You’ll find more incentives and better prices, designed to sweeten your sale even further.

    TAX CREDITS: Recent changes to the home-buying tax credit have turned this into the perfect time to buy your new home. Not only has the first-time-buyer credit been extended, but an additional $6,500 credit has been added for certain repeat home buyers. Buy a home before next spring, and you’ll get 10% back, up to $8K for new buyers and $6.5K for those of you who’ve lived in your previous home for at least five of the last eight years.

    NO COMMISSIONS: Just because there are no commissions with Buy Owner doesn’t make the savings any less valuable. Find your next residence at BuyOwner.com and enjoy the peace of mind that comes with no added agent commissions! That’s money in your pocket, on top of all the other savings specific to this point in time.

    What are you waiting for? The time to buy is now! Head over to BuyOwner.com to start shopping!

    Posted in Buying Tips, Tips and Ideas - Tagged buying a home, real estate market, tax credit
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    Home Sales Rise in Illinois

    Nov25
    2009
    Leave a Comment Written by Alicia

    illinois

    The good news is, according to an article from the Chicago Sun-Times, sales of homes in Illinois increased this year for the first time in the last three years! The amount of sales increased 0.3 percent, but the median price still declined 12.9 percent to $165,000.

    As a whole, Illinois home sales increased. However, in Chicago alone, sales fell 4.8 percent and the median price fell to $230,000 from $290,000.

    With median prices continuing to fall, the home sale increase is expected to continue to rise because of the exceptional deals that potential homebuyers can find. Also, the extension of the $8,000 tax credit for first-time homebuyers, and the new $6,500 tax credit available for homeowners who have owned their current home for at least five years, should hopefully help the sales continue to grow.

    Tagged home sales, illinois, real estate market
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    Tax Credit Extended!

    Nov12
    2009
    2 Comments Written by Shanna

    calculator As of last week, the $8,000 home buyer tax credit has been extended, ending next spring instead of at the end of this month. Plus, there’s a new credit for qualifying existing home owners.

    What does this mean for you?

    FIRST-TIME BUYERS: You have more time to find your first home and still qualify for as much as 10% of your new home in the $8K credit. Condition: This extension only applies to homes purchased for more than $800,000.

    EXISTING HOME OWNERS: If you’ve lived in your primary residence for at least five of the last eight years, you also qualify for a special credit of $6,500.

    Other special conditions: There are some income limits that apply. For more information, see this Wall Street Journal article.

    Posted in Tips and Ideas - Tagged real estate, real estate market, tax credit
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    Those Facing Foreclosure Deface Homes

    Sep29
    2009
    Leave a Comment Written by Carrie

    housekeys

    A recent article in the Chicago Sun-Times discussed a subject that has been a topic of conversation for many news publications for a while now: foreclosure. However, this wasn’t your typical piece about the poor housing market or the mortgage crisis. This article, titled “Vacate with Vengeance,” concerned the vindictive actions of those homeowners facing foreclosure.

    For a long time, the masses have regarded homeowners dealing with foreclosure with pity, as a group with whom they should sympathize. When lenders and banks take properties away from a struggling laborer, a single parent, a newlywed couple or a family of six, we can’t help but feel empathy. Yet many of those homeowners don’t walk away without leaving their mark.

    The Sun-Times article first mentions a home in Orland Park (a suburb of Chicago), which sold for nearly one million dollars just three years ago, that would go for less than half of that because the current owners suffered from foreclosure. But why, exactly did the home sell for only $375,000? The owners tore apart the home, removing appliances, even plumbing, leaving a basic skeletal structure, taking away even more of the value (marked down already to $500,000) after foreclosure. And this is not the first time something like this has happened.

    Many foreclosed homes in the Chicago area are being stripped of practically everything, including cabinets, countertops, fixtures, toilets and more. Some expensive items like granite counters or brass chandeliers end up on eBay or Craig’s List. A man in Chicago Heights was even arrested for trespassing and theft when he stole the windows out of his foreclosed house. While some real estate agents think that the homeowners should pay for the damages, there is usually no actual way to prove who defaced the properties, since most of the previous owners are long gone (with the stolen goods) before the lender/bank actually repossesses the property.

    Tagged chicago, defacing homes, foreclosure, real estate agents, Sun-Times, vandalize property
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    Renovations Sell Houses?

    Sep18
    2009
    Leave a Comment Written by Shanna

    renovate

    According to a recent New York Times article entitled “Spending to Sell,” many of today’s sellers are approaching this slower buyers’ market with a can-do attitude: rather than sit back and wait for buyers, they’re doing something about the wait. They’re renovating.

    “Some sellers are making the bold move of renovating their homes to sell them,” writes Vivian S. Toy. “Brokers say that this strategy can help keep the price out of the basement, and more important, help the home sell much more quickly.”

    In other words, if you can’t lower your price (or even if you can), improve your property.

    Because today’s buyers have so many homes to choose from, and, given the market’s recent struggles, a lot of leeriness about jumping into purchases, renovations make sense. Get your home looking better than the competition, and price it fairly, and you have a recipe for a successful sale.

    To read the rest of the article, click here.

    To read previous Buy Owner Blog articles that focus on renovations, click the below links:

    • Increase Your Home’s Value
    • Cost-Efficient Ways to Add Value
    • Does Going Green = More Money?
    Posted in Tips and Ideas - Tagged real estate market, selling a home
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    Find Buy Owner Everywhere!

    Aug13
    2009
    Leave a Comment Written by Shanna

    bologo

    Long-time blog readers will already know Buy Owner is on Twitter—both with @BuyOwner (auto-posts all new home listings & blog articles) and @BuyOwnerBlog (more interactive, auto-posts blog articles).

    But did you also know you can find us on Facebook? We have a fan page there, which not only updates you with informative blog posts, but it’s also the place to get updates on the latest Buy Owner news.

    Are you on Flickr? Post photos tagged with “BuyOwner,” and we may add them to our list of favorites, showcased on the Facebook fan page!

    You can also add the Buy Owner Blog to your list of favorites through the NetworkedBlogs application on Facebook or on Blogged!

    Posted in Tips and Ideas - Tagged buy owner, buy owner blog, facebook, social media, twitter
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    A Stabilizing Market

    Jul16
    2009
    Leave a Comment Written by Alicia

    could the market be changing for better?

    According to a RPX Housing Market Report released on June 10, evidence shows that the decrease in home values has begun to stabilize. Graphs released by Radar Logic in April show that though values continually fell from June 2008 to February 2009, the values have remained steady since February.

    The National Association of Realtors (NAR) backed up this data by stating that home sales increased by 3.2 percent in just one month, previously stated in one of our blogs from May, and have continued to do so. Foreclosed homes are being bought at a discounted rate, which, according to NAR’s chief economist, will “set the stage for healthy market conditions going forward.”

    While it’s too soon to state a definite recovery, this data offers the real estate market a sigh of relief that the home-value freefall has, for now, halted. If this continues, we may foresee a recovery in the upcoming months.

    To view the graphs and the full analysis from the RPX Housing Market Report, click here.

    Posted in Tips and Ideas - Tagged market, real estate, stable market
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