The Great Turnaround!

By Lindsey, on May 13th, 2012

Is it actually going to happen? Is the housing market finally on its way to recovery?

The word on the street is that now may be the cheapest time to buy a home. Whether you are looking to buy a condo, invest in a real estate, or buy a single family home, it may be time to consider making an actual move on your dream.

Housing prices are down 34% across the nation since 2006. As everyone knows, mortgage rates don’t get much lower than where they are at now. A chief economist for PNC Financial predicts that home prices will level out by the third quarter and then start rising by 2013. Nationally, asking prices for homes has already risen 1.4% in the first quarter of 2012 in comparison to the end of 2011.

What is leading to the possibility of the housing market strengthening?

Who Wants to Play Slots When Loans are Loose?

By Lindsey, on May 2nd, 2012

Calling all people who want to buy a home!

This just in! Banks reportedly are now lending up to 3.5 times borrower earnings! You may have a shot at your dream home after all!

Although the average credit score needed to obtain a home loan is still 700, credit availability is loosening. The LTV (loan-to-value) ratio, which tells you how much of the property is being financed, is now being loaned at 82% compared to 74% in mid-2010.

What is the LTV ratio? Let’s say you purchased a home valued at $100,000 and get a mortgage for $80,000. Your loan-to-value ration would be 80% because $80,000 is 80% of the home’s value. This means that in 2010 the banks would have only loaned you $74,000 on a $100,000 home, today they may loan you up to $82,000!

This is exciting.

Geothermalography

By Lindsey, on April 13th, 2011

Geothermal heating? Is this really better? Anything is better than oil heat right?

I saw a commercial on tv recently promoting geothermal heat. Oil heat is still the main source of heat for many homes, especially on the east coast where the homes are older. It is expensive, NOT earth conscious, and quite frankly a little aged.

So the geothermal commercial prompted me to find out more about this efficient, green heating system. Here is what I found out.

Apparently in Maine there is a way for homeowners to get 30% of the installation cost put towards a tax credit. Sounds good but is it worth it?

This is not a new concept by any means. We have been using the earth’s warmth in productive ways since the Paleolithic era in things like hot springs. There are many left over minerals and solar energies that were absorbed when the earth was formed. The decay of these minerals is a somewhat radioactive. So the decay, along with the solar energy that is absorbed at the surface, creates a heat that can be used to warm our homes with the assistance of a heat pump.

Top 10 Places To Buy In 2011 – Part 1

By Lindsey, on February 27th, 2011

I came across an article recently on walletpop.com that gave “Top Tens.” Of course they had the top 10 locations to buy a home in 2011. These are not order-specific and I believe them to be somewhat biased. I will let you decide for yourself.

Austin

1. Best All Around City Winner: Austin, TX

Average Home Price: $119, 788. This city is the capital of Texas as well as home to many good colleges, making it a great college town with a lot of diversity. Their unemployment rate is about 2% lower than the national average. It is a beautiful city (I know, I have been there) and the job growth over the last decade has increased by roughly 14%. The riverwalk is a beautiful place to stroll and the food can’t be beat.

Broomfield County

2. Best Job Winner: Broomfield County, Colorado

2011 A Bright New Beginning

By Lindsey, on January 4th, 2011

Small improvements in the economy are becoming more and more noticeable across the country. Along with the continued improvements, no matter how modest, is the rise in home buyers. With home prices being at an all time affordability rate many people who are in a position to buy are buying homes. This does not mean that the sales levels are back to normal by any means.

According to a recent article in Realty Times, the country is not stable throughout. In the Northeast, home sales rose by 1.8%, which was still 6.2% lower than November of 2009. The West seems to be chugging along nicely with an increase of 18.2%! This was less than 1% below what the sales were in the previous year. It appears to be almost back to normal, whatever that is.

The southern part of the states and the Midwest both are still in a downward spiral. The South is down 1.8% and the Midwest is down by 4.2% – which amounts to 7.7% lower than the stats in 2009.