Real Estate Outlook: Existing-Home Sales Rise Again

Real Estate Outlook: Existing-Home Sales Rise Again

The National
Association of Realtors latest existing-home sales survey shows that sales are
on the rise again. This is the third straight month of increases as well the
rate rising above year ago levels. December saw a 5.0 percent rise and is now
3.6 percent above December 2010. The entire of year of 2011 experienced an
overall 1.7 percent rise in existing-home sales over 2010.

Lawrence Yun, NAR
chief economist, said these are early signs of what may be a sustained
recovery. "The pattern of home sales in recent months demonstrates a
market in recovery," he said. "Record low mortgage interest rates,
job growth and bargain home prices are giving more consumers the confidence
they need to enter the market."

Regional increases
were seen across the board, but had the largest increase in the Northeast which
rose by 10.7 percent for the month of December. Next in line was the Midwest,
rising 8.3 percent. The South and west followed suite, rising 2.9 and 2.6
percent respectively.

This rise in
existing-home sales has led to a dip in available inventory, which is welcome
news for many sellers who are facing steep competition. NAR reports
"available inventory has trended down since setting a record of 4.04
million in July 2007, and is at the lowest level since March 2005 when there
were 2.30 million homes on the market."

Total housing
inventory fell a staggering 9.2 percent in December to 2.38 million homes for
sale. "The inventory supply suggests many markets will see prices
stabilize or grow moderately in the near future," Yun said.

NAR President Moe
Viessi, broker-owner of Veissi & Associates Inc., in Miami, said more
buyers are expected to take advantage of market conditions this year. "The
American dream of homeownership is alive and well. We have a large pent-up demand,
and household formation is likely to return to normal as the job market
steadily improves," he said. "More buyers coming into the market mean
additional benefits for the overall economy. When people buy homes, they
stimulate a lot of related goods and services."

Partially to blame
for pent up demand has been the large amount of contract failures. The NAR says
failures were reported by 33 percent of NAR members in December, unchanged from
November; they were 9 percent in December 2010.

Declined mortgages
and depressed home values leading to loan values under appraised values are
heavily at fault. A recent Government Accountability Office (GOA) found that
the appraisal process needs more monitoring procedures.

A recent NAHB
survey shows that one out three builders have lost signed sales contracts
because of flawed appraisals.

NAHB
Chairman Bob Nielsen says, "The current system is not working." He
called for resolution of a flawed appraisal process. He says the current system
"fosters price instability, puts more families in danger of default or
foreclosure, and undermines the housing and economic rec

Remodeling Improvements That Entice Buyers

by Phoebe Chongchua

Over the last few years, some homeowners have opted to stay put for the time being and that’s caused them to consider remodeling instead of moving. But most homeowners know that one day they might need or want to sell their home so which remodels help to add value and entice buyers?

There are a few areas that are better than others to improve. It’s pretty easy to understand why these home remodels are enticing buyers when you consider the way the housing market has been for the past several years.

Here are a few of the renovations that are adding value to homes and creating appeal from home buyers.

Aging in Place

With the tough economic times, more short sales and foreclosures, extended families are combining homes and reducing their cost of living by residing together in one larger house. The National Association of Home Builders found that 62 percent of builders in a survey were working on home projects that were helping families “age in place”. Included in these types of remodels are placing a bedroom on the entry-level of a home, wider doorways that would accommodate a wheelchair, and overall modifications for the elderly including reducing steps outside and inside.

At one time, these designs might have been unattractive but with many Americans wanting to “age in place” and extended families living together, remodels like these are becoming common, necessary, and valued.

Savvy Kitchen

The great rooms that bring the kitchen and the eating areas together are still popular. More space is preferred so families can have room to sit and spend time together over a meal even if that means having less space to actually prepare the food. Cabinets and shelving are being customized to suit the homeowners’ needs and many are favoring pantries or utility rooms. Kitchens are taking on the look of a chef’s cooking space with open shelving and islands to help homeowners be able to quickly prepare meals and still mingle with guests and family.

Totally Wired

Fast-placed, busy buyers who often work from home will find smart homes that are wired and built to handle all the high-technology needs a huge plus when it comes time to market and sell their homes. Another plus is having space-saving workstations in the home. Remodeled homes that feature floor-to-ceiling bookcases and wiring for home offices are increasingly becoming the norm in many homes.

Outdoor Living

This continues to be a popular trend to bring the outside in. Making the most of living spaces, even those in the garage and outside, is a huge benefit. Homeowners are capitalizing on all possible livable space by creating outdoor living rooms complete with wiring for entertainment, cooking, and relaxing. Outdoor furniture is also being featured inside as well as outside the home, blending the line between the two.

According to the Census Bureau, 2011 home starts were bigger and featured more amenities than in the previous year. It seems houses are growing again. The average new-home’s square footage is was 2,522 in 2011, up from 2,381 square feet.

Not all remodels add value to the home. The balance of achieving what you like in a home and which improvements can potentially increase the sale of your home, can allow you to make smart home improvement choices.

Published: February 24, 2012

Real Estate In Spring Texas

Beginning Your Real Estate Search

If you are beginning your real estate search, be sure to consider real estate properties in Spring, Texas. Spring Texas is an area filled with great commercial businesses that provide daily conveniences to its residents. Also, Spring Texas real estate tends to ensure good school districts and campuses for your children. For those prospective homebuyers who are looking for an area with both businesses available and schools that have outstanding records of excellence, real estate in Spring Texas should be of particular interest to you. Call a Spring Texas real estate agent today and talk about the many properties in Spring that are for sale at this time. Owning real estate in Spring Texas will save the gas that you expend driving to the store each week and provide your children with the chance to excel in a school district that has an amazing reputation. Your gas bill and your students will thank you.

Spring Real Estate

Think of that moment when, while you are attempting to whip dinner together and get it out on the table in a timely fashion, you realize that you have forgotten to purchase a key ingredient. Real estate in an area without many stores in the surrounding area, this can be an extremely unfortunate occurrence, if you do not have the time to drive all the way out to the grocery store. If you were a real estate owner in Spring Texas, you would have two options of how to solve this issue. You could drive the very short distance to any of the local Spring Texas stores and pick up the ingredient that you are missing, or you could load up the family in the car and drive them the also very short distance to a local restaurant. No matter which option you take, your family will either be thrilled to eat your culinary masterpiece or overjoyed to take an impromptu trip to one of the fantastic restaurants that surround the real estate properties in Spring. These conveniences are a key reason for you to consider purchasing real estate in Spring. It is terribly sad for those who own real estate in remote areas who cannot quickly correct a situation such as the one above. Well-connected and populated suburban areas like Spring Texas can give you real estate in the quiet of the suburbs as well as the conveniences of business.

Spring Texas Schools

The school systems in the Spring area are definitely among the top reasons to begin looking at purchasing real estate in the Spring area. Everyone wants the very best for their children and, more often than not, that “very best” includes real estate that offers a fantastic education. Where children begin their education is important to where they will finish their education when looking at real estate. Without the programs and resources of a respectable school district, students can get lost in the cracks and fall behind academically. Purchasing real estate in the Spring area is a solid move on behalf of your favorite student’s educational future. In Spring, the school districts are constantly being assessed and are constantly being praised for their excellence. Programs to increase the rigor of the school experience are available for those exceptional students and assistance programs are available for those students who are having a bit of trouble keeping up with the normal curriculum. Whether your student is a brainiac or is falling a little behind the rest of his class, schools in the Spring districts have extra resources to offer them.

Real Estate In Spring Texas

Purchasing real estate in the Spring Texas area can be fantastic for both saving you time and improving your children’s education. Everyone wants to simplify their lives. Why not simply move to an area that does that for you? In Spring, as a real estate owner, you will have quick access to all the things that you need and also an awesome public school system in which you can enroll your children.

Real Estate The Woodlands Texas

The Woodlands Texas Real Estate Market

When navigating the real estate market in the Woodlands, Texas, homeowners can be puzzled by the bustling business and large number of real estate properties for sale in The Woodlands Texas. For this reason, any real estate specialist will suggest that a homebuyer immediately consult a real estate agency in The Woodlands Texas for consultation previous to the beginning of their property search. While pictures on real estate websites are helpful for beginning a home search, a real estate agent in The Woodlands Texas is necessary for a serious and thorough real estate shopping experience. Unfortunately, shopping for a new home is not as easy as going to the department store and picking out something you like in the correct size. The real estate market is a complex business sector that homebuyers need assistance understanding. In order to conduct a thorough search, not be deceived by web profiles and rest assured that you got the best deal on your real estate property, you need to consult a real estate agent before beginning your quest to find the home for you and your family.

What Homebuyers Are Looking For

Sometimes, homebuyers in The Woodlands Texas are unsure of exactly what kind of real estate property they are looking for. In this scenario, it is especially necessary that a real estate agent be guiding them through the home buying process. Maybe a couple thinks that they would really like an older home with a historic history, but they have never actually toured a home of that age before. A real estate agent would be able to show the couple the home and assure that they did not only see its beauty, but also knew of the financial risks that accompany the purchase of an older historic home. Also, sometimes there are listings that homebuyers would not have ever known about if it were not for their real estate agent. When making such a large investment, homebuyers want to know that they have considered all of the options possible. The only way to know that you have truly explored every option is to have an expert suggest homes that you may not have considered touring, but that fit perfectly with your home wish list.

Internet Photos

Looking at photos on the Internet of homes in The Woodlands Texas can be extremely misleading. Homebuyers need to physically tour the home before making such a large financial commitment, and a real estate agent is the perfect tour guide for any home. Do not let a set of flattering pictures of a home trick you into purchasing a home that will become a money pit for repairs. A real estate agent can take you through the home and give you honest opinions based on his or her expertise on real estate properties. It is always best to have an expert on your side to give you advice when you are unsure about an aspect of a home. This is where a real estate agent can be an invaluable resource.

Negotiating the Price

When negotiating the price on a home in The Woodlands Texas, it is also important that you have a real estate agent at your side. No one wants to regret the deal that they made for their real estate property. Real estate agents can help to assure you that you are receiving a deal that is reasonable for the home that you are purchasing in the exact condition that it is in. Real estate agents deal with offers and counter-offers on a daily basis, it is their job. Do not attempt to play a game in which you are unaware of the unwritten rules. Bring in a veteran player and let them consult you as to what the best deal for you will be. You will not regret it.

Buying a Home in The Woodlands Texas

Buying a home is an extremely puzzling experience for any homebuyer. Do not make the process any harder on yourself by going into your search without a real estate agent. While house hunting, it is essential that you have a real estate agent from The Woodlands, Texas in your corner.

HUD Provides $400 Million in Aid

A Realtor that really cares.

by Carla Hill

Many states across the nation saw more than their fair share of natural disasters in 2011. These disasters left entire regions struggling to recover.

That's why the U.S. Department of Housing and Urban Development (HUD) has allocated $400 million in aid to eight states which experienced Presidentially declared natural disaster zones.

"Last year, I personally saw the extent of the destruction left behind by several of these disasters, the hardship these communities are feeling, and the work that lies ahead," said HUD Secretary Shaun Donovan. "These funds will supplement other forms of disaster assistance to put these states and local areas on the path toward long-term recovery."

While there were other communities affected by natural disasters in 2011, Congress and HUD focused theses funds on those areas deemed most affected and in the greatest "unmet" need. These grants are designed to help with recovery efforts.

Those areas were:

New York - $93,213,963

The State of New York will receive $71,654,116 and will target at least 80 percent of these funds to assist Schoharie, Tioga, Broome, Greene, and/or Orange Counties in recovering from the extensive flooding from Hurricane Irene and the remnants of Tropical Storm Lee. In addition, Orange County will receive $11,422,029 and Union Township will receive $10,137,818 directly from HUD to support recovery efforts.

North Dakota - $79,358,648

The State of North Dakota will receive $11,782,684. The state will direct at least 80 percent of this grant to help Ward County to recover from severe flooding. In addition, HUD is providing $67,575,964 directly to the City of Minot which was especially hard hit by the flooding and had the greatest extent of unmet needs in the state.

Alabama - $55,566,078

HUD will allocate $24,697,966 to the State of Alabama to support long-term disaster recovery, at least 80 percent of which will be targeted to Tuscaloosa, Marion, Jefferson and/or DeKalb Counties. HUD will also directly provide $16,634,702 to City of Tuscaloosa; $7,847,084 to Jefferson County; and $6,386,326 to the City of Birmingham to recover from last April's severe storms, tornadoes, straight-line winds and flooding.

Missouri - $53,985,768

The State of Missouri will receive $8,719,059, at least 80 percent of which will support long-term recovery activities in Jasper County following last spring's severe storms, tornadoes and flooding. In addition, the City of Joplin will receive $45,266,709 directly from HUD to support its efforts to recover from last year's devastating tornado.

Pennsylvania - $49,297,140

HUD is allocating $27,142,501 to the Commonwealth of Pennsylvania, at least 80 percent of which will be directed to Bradford, Dauphin, Columbia, Wyoming, and/or Luzerne Counties which had significant damage following Hurricane Irene and Tropical Storm Lee. In addition, Luzerne County will receive $15,738,806 and Dauphin County will receive $6,415,833 directly from HUD.

Texas - $31,319,686

The State of Texas will receive $31,319,686 and will target at least 80 percent of this assistance to Bastrop County which suffered the greatest extent of damage and destruction from a series of wildfires that occurred from late summer through the autumn.

Vermont - $21,660,211

HUD is allocating $21,660,211 to the State of Vermont which will target at least 80 percent of these funds in Washington and Windsor Counties which saw the greatest degree of damage, primarily flooding, from Tropical Storm Irene.

New Jersey - $15,598,506

The State of New Jersey will receive $15,598,506, at least 80 percent of which will assist Passaic County to recover from the severe impacts of Hurricane Irene. The funds are expected to help these communities meet housing, business, and infrastructure needs. In order to qualify for these grants, grantees will need to submit action plans to HUD showing how they'll use the funds and how that plan will address long-term recover.

Hopefully, this government gift will help these heavily impacted communities to take a strong step forward towards recovery.

Published: February 14, 2012

This post brought to you by Utah Burden!

Know Your Expenses Before You Buy

For many, homeownership is still a dream. Moving from renting can seem like it’s an impossible mission. But if you plan ahead and carefully budget, the goal of homeownership can be yours.

When budgeting how much home you can afford, it’s important to understand and anticipate the costs of owning and maintaining a home. Here are a few things that some first-time buyers forget to include.

Private Mortgage Insurance

This is added on to your mortgage when the down payment is less than 20 percent. You can buy a home with less money but you’ll pay the PMI which covers the lender should a homebuyer default on the loan. As you build up equity, your PMI drops off.

Taxes

Property taxes generate revenue for municipalities, counties, and schools. It’s an expense that can vary across the U.S. However, on average, it’s 1.38 percent of the home’s value. Back East tends to have the highest property taxes.

HOA Fees

Homeowners’ Association fees (HOA) can add several hundred dollars to your monthly household expenses. These HOAs help to maintain common areas, typically within condominium complexes. They also govern what can be done to the unit and the surrounding area. While there is an up side to HOAs, some buyers prefer to have more freedom over their property, perhaps, until the neighbor paints his house turquoise with red accents.

Homeowner’s insurance

Lenders require homeowner’s insurance on your property. The amount you’ll pay depends on many variables including: where you live, the age, type, size of your home. For example, older homes can cost more to insure due to the fact that they may require more repairs than newer homes. Also, high-hazard areas can cost more to insure and some insurance companies may not offer an insurance policy for your home, if you’re in a high-risk area.

Utilities and appliances

These areas can be overlooked because, often, when people are renting the appliances are taken care of. When you own your own home, be sure to consider expenses such as the water heater or dishwasher breaking down. While, you can’t exactly figure out when an appliance is going to quit working, you can set a monthly allowance aside to start establishing a household repair fund. Just don’t touch the account or when you really need it, you’ll find it’s not there for you.

Inspections, appraisals, and closing costs

Many buyers understand they will have closing costs but they fail to budget for other items such as a home inspection. Sometimes inspections are paid for by the seller but it’s usually the buyer who pays for the inspection. And, even if the homeowner recently had a home inspection and has the report, a buyer still might want to pay for an inspector to have another look to compare the findings.

Depending on the home, there may also be other inspections such as for lead paint, pests or radon gas.

While the extra expenses do add up quickly, if you carefully budget and plan ahead, the goal of homeownership is achievable and very satisfying.

Published: February 10, 2012

by Phoebe Chongchua

Homeownership Possible Within Three Years After Foreclosure

by Robert Aldana

Why Homes in the Woodlands and Spring are a Match Made in Heaven

Not everybody knows how seasons can affect how well a home can get sold or bought. Well, spring would be the best season to do so in the Woodlands due to the weather and the changes that occur during the season. This is also why homes in the Woodlands and spring agree with one another, among other reasons.

First of all, without a doubt, everybody has more time during the spring because every other season is much busier; there are summer vacations, Thanksgiving holidays and Christmas holidays, after all. The best thing about the spring is the weather. because it is so warm, it would be much more convenient to take a look at different homes within the area. Plus, if you have children, spring break will give you the perfect opportunity to take a look at how homes in the Woodlands and spring go well together.

Another reason why it would be best to look at the Woodlands homes during the spring is because down payments won’t be as much trouble during this season compared to the busier months. This is also the time when house sales remain steady while other months usually see a drop in house sales.

When looking at buying homes in the Woodlands and spring, you might come to notice that many more choices will be available to you. However, you will also have to remember that the competition is sure to be higher, too, and so sellers will be much more strict with the prices, whereas other months might give you cheaper prices because of the lower demand. Now, if it is a mortgage you are looking for, off-peak months would also be the best time to look for great deals.

It would also be much easier to negotiate during the off-peak months because the offers will be less overall. This may results in less choices when it comes to the homes, but they won’t exactly be extremely limited. There will still be many homes available for you; don’t worry.

One buyer tip you should really know: when selling your old home to make way for a new one in the Woodlands, you should think ahead and sell before anything else. This will help get rid of any unnecessary selling stress that might come about when time starts closing in and money starts becoming a problem. Remember: you won’t be able to pay off two mortgages together, so do something about it before that happens.

When you should look into buying or selling homes should ultimately depend on your own circumstances, though. However, if you want it comes to the Woodlands, looking into homes in the Woodlands and spring would usually be best.

How to Eliminate Risk in Real Estate Investment!

Magnolia Texas Real Estate

Real Estate Business

In the real estate business in Magnolia Texas, it can be difficult to navigate the relationships between the three primary actors in the real estate industry. Sellers are attempting to regain every last dollar that they have previously invested in their homes, and possibly make a little extra on the side. Buyers, on the other hand, are hoping to encounter that awesome real estate property for a steal of a price. The real estate agents in Magnolia Texas simply play the role of ambassador between these two groups, attempting to assure that they find the right buyer for the right home at the right price. The real estate industry is extremely complicated due to the varying and sometimes clashing interests of these three groups. It is very important that a prospective buyer contact a real estate professional immediately after they decide to begin shopping for a new home. The process of house hunting can be lengthy and complicated and is best begun as soon as possible. As a specialist in the field, real estate agents in Magnolia Texas can dexterously navigate the complex network of interests and relationships that is the real estate industry.

The Best Deal

In the Magnolia Texas real estate business, sellers are looking to leave their old real estate property with the best deal that they can score for themselves. When they bought the home, it is possible that it was worth more than it is now at the time of sale. In this instance, the seller in Magnolia Texas is going to try to list the home at the price that they paid for the home, even when it is really worth less in today’s market. Another interest of a sellers interests could be that the seller sunk a lot of money into the home upgrading appliances and interior aspects, and is now looking to make that money back, on top of the price they paid for the home, in the sale. It is also possible that the seller is attempting to escape a major repair to the home by cutting their losses and selling it, so that they do not have to be the ones to take the hit for the maintenance. No matter what the contrary interests of the seller, real estate specialists are expert in decoding the language of the sticker price of a home. They know what homes in the particular area in which a buyer is looking should be priced at and they can skillfully translate the seller’s intentions out of their deviation from this standard price level.

Real Estate Agents

Buyers in Magnolia Texas, on the other hand, are most of the time bargain shopping for the best home at the best price possible. Real estate agents can assist here as well; by making sure to show each homeowner to the real esate listings that they feel are genuinely good deals. Looking at a home in Magnolia Texas on a strict numerical price basis can be misleading to a prospective buyer. Real estate agents can assist the buyer in this circumstance, as they know where all of the “catches” can be in a real estate deal. It is absolutely necessary for every buyer in Magnolia Texas to consult an agent before they hop on a real estate deal that they think is red hot. Sometimes, these deals can simply mean that a homeowner is desperate to get rid of their home because there is some sort of structural fault that they hope remains hidden. Real estate agents can pick up on these vibes and help uncover hidden issues with a sale that they frequently see in the business. No one wants to get stuck with a home that has so many issues that it was not worth the investment. By throwing red flags where they usually see price issues, real estate agents can assist prospective homebuyers to avoid that nagging feeling of regret after a bad purchase. Do not get tied up in what you think is a real estate steal and then realize that the home truly was a pit for your money, as it needed half the closing price in repairs.

Magnolia Texas Real Estate

Real estate agents are the go betweens for the industry that attempt to create a space in which the real estate interests of the buyer and the seller meet. Buyers want to feel as if they are getting their money’s worth. Sellers want to feel that they have made the money back that they have put into their homes as an investment. Real estate agents play the tough, yet essential, role of assuring that both sides of the transaction receive exactly what they deserve and want.