|
By Lindsey, on December 14th, 2010
So there has been a lot of talk about the real estate market being up lately. Or was it down?
Well, whatever way it was, there was quite a lot of mixed reviews over the last year from brokers everywhere. Below are a few quotes of comments on how the local markets were going. The comments are listed chronologically.
1/6/2010: Agent Simpson: The homes are reasonably priced to sell, average home price is around $220K, average condo around $160K. Hendersonville, NC
1/25/2010: Average greater Boston home is around $375,000-400,000. Differences depending on neighborhood. Broker Cottone says prices in the under-$800K market are definitely in shortage, but the market seems to be stabilizing. Boston, MA
2/13/201:0 Broker Parker states: Billings is a fairly stable market. WE have not seen a substantial drop in prices, if anything 3 to 5% last year. Billings, MT
Read the Full Post »(597 words, estimated 2:23 mins reading time)
By Lindsey, on November 30th, 2010
Many people are watching the housing market like hawks waiting for the perfect time to buy. No one can say when that is, only make an educated guess.
The winds of change can be felt in home prices.
The New York Times posted a page on November 30, 2010 which showed selected cities home price change year-over-year. Some prices have gone down. However, many have stayed consistent or even risen. The housing market follows a cyclical cycle and is bound to come back around at some point. It may take a long time to rebound, but it is in the future.
You may want to consider these statistics if you are making a decision to buy or sell.
At a whopping -5.6% change in home prices over the last year, Chicago seems to be a hotspot for buyers.
The cities that have a drop in prices of 4% over the last year are Tampa, FL; Charlotte, NC; and Portland, OR.
Read the Full Post »(325 words, estimated 1:18 mins reading time)
By Julie, on July 2nd, 2010
After the Housing Tax Credit expired on April 30, 2010, quite a few people put their housing search on hold and began to wait for the next Credit. There were rumors that this credit would be extended by Congress until September 30, 2010. In truth, this extension was only intended to help those homebuyers who signed a binding sales contract by April 30th. This was to help the backlog of mortgages being processed. From all indications no further credits will be offered.
Take your house search off hold and get out there. It really is a buyers market. Houses are being priced well below what they were at a few years ago. The prices are more in line with what they should have been, say a few of the Exclusive Buyer Agents’ I’ve spoken to. A house that was appraised at $575,000 in 2008 is now on the market for $399,000, one EBA told me. Prices dropped dramatically after the Tax Credit ended in April. Even lower than what was expected.
Read the Full Post »(310 words, estimated 1:14 mins reading time)
By Julie, on June 29th, 2010
In today’s market it seems far-fetched that anyone could afford extravagance in the housing market. Yet, mansions and luxury condos are still selling. Even luxury items such as “storage condos” are still being bought just to store rare vintage cars and car collections.
Hugh Hefner’s original Playboy Mansion is located in Chicago, Illinois. The neighborhood is called Chicago’s Gold Coast. On the outside it appears to be an ordinary brownstone. Hugh bought it in 1959 to be used as Playboy Headquarters and spent upwards of $400k to modify it.
As his business began to really take off, Hugh left for Los Angeles in 1974 and donated the Mansion to the Art Institute of Chicago, who used it as dorms. The Art Institute was unable to afford the maintenance and sold the property to developer Bruce Abrams. In 1993 the Building was turned into seven luxury condos.
Read the Full Post »(490 words, estimated 1:58 mins reading time)
By Julie, on June 4th, 2010
Freddie Mac has warned that is sees four big risks for home prices over the coming year. They say to expect further decline in home prices nationally before any sustained turnaround begins.
The following are reasons for this prediction:
1) The Treasury Department introduced HAFA (Home Affordable Foreclosure Alternatives Program) in 2009. It took effect on April 5, 2010. This created a significant increase in distressed sales, including pre-foreclosure sales, foreclosure transfers and sales by financial institutions of their bank-owned properties. There is a substantial backlog of delinquent loans lenders developed over recent periods, due to various foreclosure suspensions and the implementation of HAMP (Home Affordable Modification Program). The expectation is that many of these loans will transition to REO (Real Estate Owned) and be sold in 2010. The additional supply of homes for sale may cause prices to decline further as the market absorbs them;
2) The extension of the Federal Homebuyer Tax Credit, for first time homeowners, expired April 30, 2010;
3) Mortgage rates may increase in 2010, making home buying less affordable;
4) There is a likelihood that unemployment rates will remain high.
Read the Full Post »(246 words, estimated 59 secs reading time)
By Julie, on June 3rd, 2010
So, you’re in the market to buy a home. Here are a few, of many, steps to take just to get started.
First, it is recommended that you make finding a good buyers’ broker your priority! They can provide you comprehensive information on available properties that meet your criteria. Many offer daily email listings of homes; including listed, not-yet-listed and for-sale-by owner. Buyers’ Agents also have information on buyer’s programs and mortgage loans.
Secondly, ask questions and get educated by your Buyer’s Agent. What are some of the things to look at or for when viewing a home. Remember, cosmetic fixes are easily done. Walls can be repainted, lights changed, fixtures updated, yards replanted…for little money. Big fixes, like foundation problems, sewer systems and mold, among many other things, can quickly become quite costly. Get an inspection, know what you’re really looking at.
Read the Full Post »(395 words, estimated 1:35 mins reading time)
By Julie, on May 26th, 2010
300+ days of sunshine and a great place to enjoy nature. Nice revitalized downtown and many neighborhoods offer a wonderful family setting and good schools. One of the most dense areas in the country for post-high school educational institutions including University of Colorado at Denver, University of Colorado at Boulder, University of Denver, Metro, Regis, Red Rocks and numerous community colleges.
The current median sales price for homes in Denver CO as of Feb 2010 was $175,000. This represents a decline of 2.8%, or $5,000, compared to the prior quarter and an increase of 29.7% compared to the prior year. Sales prices have depreciated 14.2% over the last 5 years in Denver.
A quick fact about Denver: It had a theater before it had a school or hospital. In the Denver Metro area there are over a dozen theatre venues available. From the Denver Center of Performing Arts which offers astonishing facilities, backstage tours, acting instruction, professional theatre and Broadway shows to the Adams Mystery Playhouse, great for holiday or birthday parties, coworkers get together and first dates.
Read the Full Post »(435 words, estimated 1:44 mins reading time)
By Julie, on May 7th, 2010
“Homes in Sioux Falls are on the up swing and the market looks good. Should a great year.” Says an ABR located in Sioux Falls, SD.
Per one EBA in New Hampshire: She is still busy with clients, even after the tax credit has expired. In the southern area of New Hampshire prices continue to climb steadily, a more reasonable growth than in the past. She’s urging clients to buy now before the interest rate increases at the end of the year. Although it’s not believed to climb higher than 6%.
Read the Full Post »(296 words, estimated 1:11 mins reading time)
|
