Everyone dreams of owning a new home. Having been a builder for 23 years, I’ve watched the market in its ups and downs. Here are some tips for today’s market.
1) This is a buyers market. The supply is greater than the demand which means there are more homes on the market for sale then the normal amount. This is good for the purchaser because there is more to choose from. The sellers are more eager to sell which means you get the best deal for your money.
2) Interest rates are at historic lows. Since July of 1973 till 1981, fixed interest rates have been between 8.5% and 18.5%. In 2001, they dropped to about 7% and even dropped to 5.25%! Today, the rate is about 6.5%. These rates give the buyer more purchasing power which enables you to buy more for less.
3) Within a year, the market will increase significantly. With inventory shrinking and new homes start decreasing, it makes for a tricky situation. With jobs and population increasing, it will only be a matter of months before the supply runs low and demand increases. This is a sign that prices are at the bottom and it is best to buy right now.
4) You will find a better bargain in the winter months- when the market is slower. Winter time is notorious for being slower for builders and home sales. Builders are trying to keep their crews busy, while sellers are trying to keep land moving.
5) Wages are increasing- according to the Department of Commerce. With real wages increasing and the stock market roaring, the new job market will increase and the idea of owning a new home becomes real for a lot of people. With low interest rates, this enables buyers to buy better quality single family homes at low monthly payments.
6) There is only a two year supply of lots available- in most markets, causing the market to become very competitive. This is a most interesting phenomenon in the market. With the interference of the government and slow growth publicity, there is about a 2 year supply of lots in the market. From 1989-1990, there was over a ten year supply of lots which made for a long recovery. This time with a two year supply, this will intensify the recovery time. In other words, by years end, there will be significant pressure on the market place to increase. You should gain the most appreciation on your property in the next few years.
The market is full of ups and downs, and there are defiantly better times to buy and sell. This is a buyers market, take advantage of it. This is a great time to buy a house and make it your home.
http://www.content.onlypunjab.com/Article/6-Great-Reasons-To-Buy-A-House-Now-/4200320092003369996
Tuesday, September 18, 2007
Your Guide to Buying a Home in Arizona
The Arizona housing market continues to look sluggish but there does appear to be a few rays of sunshine on the horizon. Phoenix and Tucson, in particular have seen prices stabilizing and this is good news for prospective buyers. The days of frenzied buying activity, multiple bids are over as people are not willing to jump onto the property ladder at any price. Realism has entered the market. Home sales are down and the number of days a property is on the market has increased.
Confidence is returning to the market as the nightmare scenario predictions for 2006 failed to materialize. The market didn’t crash and the economy remains strong. People who were putting off their purchases feel that this is the right time to make their investments. Sellers have to remain patient as houses which are correctly priced and are attractive are still selling. Arizona realtors are positive about the outlook for 2007 and although we won’t see double digit growth rates, there will be increased activity in 2007.
Some tips for sellers
Price – Perhaps the most important factor when trying to sell your home. Accept that the market has entered a new phase and that you’re not going to get the prices that were standard a few years ago. There are less buyers around and more choice for them. Homes which are priced sensibly will still sell but be aware that buyers are more likely to negotiate hard now.
Curb Appeal – First impressions are key and people usually make their first impressions within the first 30 seconds. Spruce up the front of your house and garden. Spend a little extra time on planting new flowers, painting the front door and clearing any rubbish that may be lying around.
Home Improvement – Nowadays, buyers are less likely to want a ‘fixer-upper’ so finish all those little jobs that you’ve been meaning to get around to and spend a little time to make small improvements to your home.
Clutter – Most people do not want to see piles of CDs or books so tidy them away and give your home a good clean as this will give a very good impression of your living spaces and make them look more spacious
Sellers will need to be patient and work that bit harder for a sale but remember that Arizona realtors are reporting that, realistically priced homes are still selling.
http://www.content.onlypunjab.com/Article/Your-Guide-to-Buying-a-Home-in-Arizona/4200320092003369584
Confidence is returning to the market as the nightmare scenario predictions for 2006 failed to materialize. The market didn’t crash and the economy remains strong. People who were putting off their purchases feel that this is the right time to make their investments. Sellers have to remain patient as houses which are correctly priced and are attractive are still selling. Arizona realtors are positive about the outlook for 2007 and although we won’t see double digit growth rates, there will be increased activity in 2007.
Some tips for sellers
Price – Perhaps the most important factor when trying to sell your home. Accept that the market has entered a new phase and that you’re not going to get the prices that were standard a few years ago. There are less buyers around and more choice for them. Homes which are priced sensibly will still sell but be aware that buyers are more likely to negotiate hard now.
Curb Appeal – First impressions are key and people usually make their first impressions within the first 30 seconds. Spruce up the front of your house and garden. Spend a little extra time on planting new flowers, painting the front door and clearing any rubbish that may be lying around.
Home Improvement – Nowadays, buyers are less likely to want a ‘fixer-upper’ so finish all those little jobs that you’ve been meaning to get around to and spend a little time to make small improvements to your home.
Clutter – Most people do not want to see piles of CDs or books so tidy them away and give your home a good clean as this will give a very good impression of your living spaces and make them look more spacious
Sellers will need to be patient and work that bit harder for a sale but remember that Arizona realtors are reporting that, realistically priced homes are still selling.
http://www.content.onlypunjab.com/Article/Your-Guide-to-Buying-a-Home-in-Arizona/4200320092003369584
Home Buyers--What is the Closing and How Can I Prepare For It?
So you’ve survived most of the escrow process with very little wear and tear, you are now in the final stages of escrow and the purchase of your house is soon to close. What exactly occurs during closing and what can you do to prepare? There are several things you should do to be certain that your real estate transaction will close on time, and that everything will go smoothly.
Double-Check All Monies and Financial Calculations
A day or two before closing, you should review your final closing statement or HUD-1 Statement, whichever is used in your area of the country. You should take the time to examine all calculations and be certain that you are given credit for all your deposits and any other credits due to you from the seller or for other items agreed upon between yourself (the buyer) and seller on your purchase contract. Go over all the lender, title, escrow and additional fees, to be sure that they are what you had been told and that you had agreed to them. Check the math calculations on the closing statement. This is the time to catch any errors, as they do occur and get them corrected as soon as possible.
Review All Paperwork and Closing Documents
Carefully review the preliminary report or the guarantee of title insurance, to verify the exact legal description of the property and any liens, encumbrances or other items which may have been discovered on the property. Make sure that all items are removed that you did not agree to in writing. Verify that the title or escrow agent has your correct vesting, or in other words, has correctly identified the way you want to take title to the property, and it is reflected in these documents. It is can be extremely time consuming to correct these documents after the fact. Keep in mind that these are legally binding documents and they are worthy of your careful review.
Make Sure You Inspect the Property During the Final Walk-through
Just before closing you will be required to re-inspect the property which is often referred to as the final walk-through. In all fairness to the seller, don’t use this step as the time to bring up unnecessary issues that had never been addressed in your purchase contract. By the same token, you should not view this as a mere formality and fail to make sure that the house is in the condition that you have been promised. Ask yourself the following questions: Is everything the way you expect it to be? Have all the necessary repairs or other corrective work that was promised or had been stipulated in your purchase contract been completed? Expect to spend some time during the final walk-through and allow yourself enough time to really pay attention and diligently check on things. Usually the whole process will take an hour to an hour and a half. This step is important so that you don't arrive at your new house and find unexpected surprises that will be difficult to take care of after the fact.
Double Check all Closing Documents Before You Sign Them
The most important thing to remember is that before closing you want to be certain that all the conditions of the purchase contract have been met. You want to make sure that all instructions have been completed. Before signing your name to any closing documents, take the time to check and double check that everything is correct-- interest rate, fees charged and condition of the property.
Most likely the whole process will run smoothly; but, if not, this is the time to catch any problems and proactively resolve them.
http://www.content.onlypunjab.com/Article/Home-Buyers--What-is-the-Closing-and-How-Can-I-Prepare-For-It-/4200320092003369046
Double-Check All Monies and Financial Calculations
A day or two before closing, you should review your final closing statement or HUD-1 Statement, whichever is used in your area of the country. You should take the time to examine all calculations and be certain that you are given credit for all your deposits and any other credits due to you from the seller or for other items agreed upon between yourself (the buyer) and seller on your purchase contract. Go over all the lender, title, escrow and additional fees, to be sure that they are what you had been told and that you had agreed to them. Check the math calculations on the closing statement. This is the time to catch any errors, as they do occur and get them corrected as soon as possible.
Review All Paperwork and Closing Documents
Carefully review the preliminary report or the guarantee of title insurance, to verify the exact legal description of the property and any liens, encumbrances or other items which may have been discovered on the property. Make sure that all items are removed that you did not agree to in writing. Verify that the title or escrow agent has your correct vesting, or in other words, has correctly identified the way you want to take title to the property, and it is reflected in these documents. It is can be extremely time consuming to correct these documents after the fact. Keep in mind that these are legally binding documents and they are worthy of your careful review.
Make Sure You Inspect the Property During the Final Walk-through
Just before closing you will be required to re-inspect the property which is often referred to as the final walk-through. In all fairness to the seller, don’t use this step as the time to bring up unnecessary issues that had never been addressed in your purchase contract. By the same token, you should not view this as a mere formality and fail to make sure that the house is in the condition that you have been promised. Ask yourself the following questions: Is everything the way you expect it to be? Have all the necessary repairs or other corrective work that was promised or had been stipulated in your purchase contract been completed? Expect to spend some time during the final walk-through and allow yourself enough time to really pay attention and diligently check on things. Usually the whole process will take an hour to an hour and a half. This step is important so that you don't arrive at your new house and find unexpected surprises that will be difficult to take care of after the fact.
Double Check all Closing Documents Before You Sign Them
The most important thing to remember is that before closing you want to be certain that all the conditions of the purchase contract have been met. You want to make sure that all instructions have been completed. Before signing your name to any closing documents, take the time to check and double check that everything is correct-- interest rate, fees charged and condition of the property.
Most likely the whole process will run smoothly; but, if not, this is the time to catch any problems and proactively resolve them.
http://www.content.onlypunjab.com/Article/Home-Buyers--What-is-the-Closing-and-How-Can-I-Prepare-For-It-/4200320092003369046
San Diego Real Estate - A Home Buyer's Guide to San Diego
San Diego is one of the most popular places to live in California. There's plenty of culture and outdoor activities, beautiful beaches, and great weather practically year-round. So if you're considering buying a home in San Diego, you'll have plenty to support your decision.
San Diego's Geography
If you plan to buy a home in San Diego, California, you'll need to be familiar with the basic geography. In San Diego County, you could have a home by the ocean, a home in the mountains, or a home in the desert without going too far in any one direction. There's no shortage of geographical diversity in San Diego!
San Diego sits on the coast of Southern California, just a few miles north of the Mexican border at Tijuana. When looking at a map of the U.S., you'll find San Diego in the extreme southwestern corner of the map.
San Diego's Population
San Diego is the second-largest city in California, and the 8th largest in the United States. In 2005, the city of San Diego had a population of 1,255,540, and San Diego County had a population of 2,933,462. San Diego's continues to grow steadily, as people pour into the city for its beautiful weather and lifestyle.
San Diego's population growth shows no signs of stopping. Whether that's a good or bad thing depends on who you ask. But if you're buying a home in San Diego, it's something you need to keep in mind.
Home Builders in San Diego
Because of the city's consistent growth, you'll find a large variety of home builders in San Diego, California. As with home builders in any other state, you should carefully review the credentials and past work of a San Diego home builder before choosing one. If at all possible, try to talk to a homeowner who worked with the builder in the past.
San Diego Schools
The quality of schools is important for all San Diego home buyers, regardless of whether or not you have school-aged children. Schools have a direct impact on home values. So before buying a home in San Diego, you need to do a bit of homework on the school situation.
Most public schools in San Diego fall under the San Diego Unified School District (SDUSD), the second-largest school district in California, serving nearly 133,000 students. As for colleges and universities, San Diego is home to the following:
* University of San Diego
* University of California, San Diego
* San Diego State University
* Platt College (Design, multimedia, etc.)
* A variety of technical, vocational and art-related schools
San Diego Real Estate Agents
When buying a home in San Diego, it's a smart idea to have a real estate agent assist you. After all, San Diego real estate can be pretty expensive -- the last thing you want to do is make a costly error during the home buying process.
If you have a friend or family member who has bought a home in San Diego recently, ask if they would refer their agent. Otherwise, you can search online or check the San Diego Association of Realtors website.
It's best to choose an experienced agent who was been part of the San Diego real estate scene for some time. The San Diego real estate market moves quickly, and the average home price is higher that the national average, so you'll need an experienced pro in your corner.
http://www.content.onlypunjab.com/Article/San-Diego-Real-Estate---A-Home-Buyer-s-Guide-to-San-Diego/4200320092003369044
San Diego's Geography
If you plan to buy a home in San Diego, California, you'll need to be familiar with the basic geography. In San Diego County, you could have a home by the ocean, a home in the mountains, or a home in the desert without going too far in any one direction. There's no shortage of geographical diversity in San Diego!
San Diego sits on the coast of Southern California, just a few miles north of the Mexican border at Tijuana. When looking at a map of the U.S., you'll find San Diego in the extreme southwestern corner of the map.
San Diego's Population
San Diego is the second-largest city in California, and the 8th largest in the United States. In 2005, the city of San Diego had a population of 1,255,540, and San Diego County had a population of 2,933,462. San Diego's continues to grow steadily, as people pour into the city for its beautiful weather and lifestyle.
San Diego's population growth shows no signs of stopping. Whether that's a good or bad thing depends on who you ask. But if you're buying a home in San Diego, it's something you need to keep in mind.
Home Builders in San Diego
Because of the city's consistent growth, you'll find a large variety of home builders in San Diego, California. As with home builders in any other state, you should carefully review the credentials and past work of a San Diego home builder before choosing one. If at all possible, try to talk to a homeowner who worked with the builder in the past.
San Diego Schools
The quality of schools is important for all San Diego home buyers, regardless of whether or not you have school-aged children. Schools have a direct impact on home values. So before buying a home in San Diego, you need to do a bit of homework on the school situation.
Most public schools in San Diego fall under the San Diego Unified School District (SDUSD), the second-largest school district in California, serving nearly 133,000 students. As for colleges and universities, San Diego is home to the following:
* University of San Diego
* University of California, San Diego
* San Diego State University
* Platt College (Design, multimedia, etc.)
* A variety of technical, vocational and art-related schools
San Diego Real Estate Agents
When buying a home in San Diego, it's a smart idea to have a real estate agent assist you. After all, San Diego real estate can be pretty expensive -- the last thing you want to do is make a costly error during the home buying process.
If you have a friend or family member who has bought a home in San Diego recently, ask if they would refer their agent. Otherwise, you can search online or check the San Diego Association of Realtors website.
It's best to choose an experienced agent who was been part of the San Diego real estate scene for some time. The San Diego real estate market moves quickly, and the average home price is higher that the national average, so you'll need an experienced pro in your corner.
http://www.content.onlypunjab.com/Article/San-Diego-Real-Estate---A-Home-Buyer-s-Guide-to-San-Diego/4200320092003369044
Tips To Make The Best Deal For Selling Houses
Want to sell your house in Las Vegas? But before venturing into selling or buying, ensure that you take the help of a real estate agent. Selecting a real estate agent for yourself can be a time-consuming affair. It is important to know which agent will provide you the best deal. The smartest way to tackle is to take the opinion of as many real estate agents as possible about a land and weigh the pros and cons of their opinions. Compare their rates and analyze the best rate given by these agents.
Also, ensure that the agent advertises about your house on other sites in addition to company websites on the Internet. There is a tendency to limit the advertisement only to company websites and this may act as a deterrence in getting the best bargain. What’s more, if the agent values your inputs and pays attention to your requirements, then your road to making your property marketable and profitable will become smooth and easy.
However, it is true that you may need to shell out commission to the agent, but that comes at the expense of the expertise and experience of the agent. True that you will get the same information on the Internet but you will not come across the kind of experiences on the Net or on websites that an agent may provide you. Your investment in an experienced and knowledgeable real estate agent will prove to be fruitful and valuable in the long run.
http://www.content.onlypunjab.com/Article/Tips-To-Make-The-Best-Deal-For-Selling-Houses/4200320092003364249
Also, ensure that the agent advertises about your house on other sites in addition to company websites on the Internet. There is a tendency to limit the advertisement only to company websites and this may act as a deterrence in getting the best bargain. What’s more, if the agent values your inputs and pays attention to your requirements, then your road to making your property marketable and profitable will become smooth and easy.
However, it is true that you may need to shell out commission to the agent, but that comes at the expense of the expertise and experience of the agent. True that you will get the same information on the Internet but you will not come across the kind of experiences on the Net or on websites that an agent may provide you. Your investment in an experienced and knowledgeable real estate agent will prove to be fruitful and valuable in the long run.
http://www.content.onlypunjab.com/Article/Tips-To-Make-The-Best-Deal-For-Selling-Houses/4200320092003364249
Before You Make An Offer - 3 Things A Buyer Should Examine About a Home's Exterior
So, the curb appeal has attracted you in examining the interior of the home in the first place, and after examining the house with your realtor, you have come to the conclusion that this house suits your needs and budget. This is the point where a buyer needs to squelch down some of their understandbly giddy emotions, put the brakes on, so to speak, and should begin to rationally assess some of the potential pitfalls the exterior of the home may present. The following are a few important things you should consider about the exterior of the home before you make an offer.
1) Views
When considering making an offer on a home, one must be very careful when it comes to views. Views, beautiful as they may be, are often seductive and can influence the buyer to overlook serious, costly problems a potential home may have. Furthermore, a buyer should beware of overvaluing the view. A beautiful view today may just be a view of your neighbor’s bathroom in a year. Be sure to investigate local legal regulations regarding new construction in the area, the height to which homes can be built, the restrictions you may have in altering the view as a homeowner and whether pre-existing homes can add second or third floors. Your due diligence will pay off in at least assuring you that you will be able to enjoy the view you paid so much for and allow you to regain it’s value at resale.
2) Landscaping
When visualizing a house with your landscaping and improvement ideas, the first thing to consider is whether you will be allowed to make the changes that suit your tastes. Many houses these days are built within developments and that means rules and regulations by the score that govern exterior changes. Many developments have strict rules regarding landscaping and any additions to properties such as hot tubs, decks and similar exterior improvements. Most of these rules tend to be very restrictive and potentially would disallow the very improvements you might be considering. Before you rush off to make an offer on a property, make absolutely sure you understand what you can and cannot change about the property.
3) Open Land or an Empty Lot
Too many prospective buyers, especially those with pets and children, tend to look at empty land adjacent to their lot as an added plus when buying a property. In their minds eye, they may see their children playing baseball after school on lazy, summer evenings and these visualizations cloud their ability to see the potential problem about an empty lot. If there are vacant lots of land around a property you are considering buying, you must investigate them. You will want to find out what the future plans for those lots are? Are they zoned only for residential use or is commercial zoning available?
You may find yourself seriously regretting your purchase if you find out after the fact that they are approved for commercial use. Before you make the offer on such a property, you need to investigate the matter and give some serious thought as to whether the property will suit you. How will you feel about living next to a business area? How much traffic will it add to your neighborhood? How much noise pollution will there be? What will the commercial development do to the value of the home? These are all questions you must consider before buying the property.
If you have assessed the property in light of the items mentioned above and have found that you are still satisfied with the home, than you are in the clear to begin to prepare your offer and if your offer is accepted, your due diligence will pay off and contribute to your “pride of ownership” and enjoyment of your home for years to come.
Nef Cortez has been a licensed real estate broker and has held various positions in the real estate and mortgage industry for over 25 years. If you would like to read more of Nef's pithy and timely advice (with the latest info on local foreclosures), visit his website at Diamond Bar Houses or read his blog at Southern California Real Estate Blog
http://www.content.onlypunjab.com/Article/Before-You-Make-An-Offer---3-Things-A-Buyer-Should-Examine-About-a-Home-s-Exterior/4200320092003363997
1) Views
When considering making an offer on a home, one must be very careful when it comes to views. Views, beautiful as they may be, are often seductive and can influence the buyer to overlook serious, costly problems a potential home may have. Furthermore, a buyer should beware of overvaluing the view. A beautiful view today may just be a view of your neighbor’s bathroom in a year. Be sure to investigate local legal regulations regarding new construction in the area, the height to which homes can be built, the restrictions you may have in altering the view as a homeowner and whether pre-existing homes can add second or third floors. Your due diligence will pay off in at least assuring you that you will be able to enjoy the view you paid so much for and allow you to regain it’s value at resale.
2) Landscaping
When visualizing a house with your landscaping and improvement ideas, the first thing to consider is whether you will be allowed to make the changes that suit your tastes. Many houses these days are built within developments and that means rules and regulations by the score that govern exterior changes. Many developments have strict rules regarding landscaping and any additions to properties such as hot tubs, decks and similar exterior improvements. Most of these rules tend to be very restrictive and potentially would disallow the very improvements you might be considering. Before you rush off to make an offer on a property, make absolutely sure you understand what you can and cannot change about the property.
3) Open Land or an Empty Lot
Too many prospective buyers, especially those with pets and children, tend to look at empty land adjacent to their lot as an added plus when buying a property. In their minds eye, they may see their children playing baseball after school on lazy, summer evenings and these visualizations cloud their ability to see the potential problem about an empty lot. If there are vacant lots of land around a property you are considering buying, you must investigate them. You will want to find out what the future plans for those lots are? Are they zoned only for residential use or is commercial zoning available?
You may find yourself seriously regretting your purchase if you find out after the fact that they are approved for commercial use. Before you make the offer on such a property, you need to investigate the matter and give some serious thought as to whether the property will suit you. How will you feel about living next to a business area? How much traffic will it add to your neighborhood? How much noise pollution will there be? What will the commercial development do to the value of the home? These are all questions you must consider before buying the property.
If you have assessed the property in light of the items mentioned above and have found that you are still satisfied with the home, than you are in the clear to begin to prepare your offer and if your offer is accepted, your due diligence will pay off and contribute to your “pride of ownership” and enjoyment of your home for years to come.
Nef Cortez has been a licensed real estate broker and has held various positions in the real estate and mortgage industry for over 25 years. If you would like to read more of Nef's pithy and timely advice (with the latest info on local foreclosures), visit his website at Diamond Bar Houses or read his blog at Southern California Real Estate Blog
http://www.content.onlypunjab.com/Article/Before-You-Make-An-Offer---3-Things-A-Buyer-Should-Examine-About-a-Home-s-Exterior/4200320092003363997
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