With the current situation of the U.S. economy, a lot of international investors are looking for investment opportunities to take advantage of the weak dollar and decreasing house values, within the housing market. According to Forbes, the following are the most attractive housing markets for investment:
1. NY
2. Washington D.C.
3. L.A.
4. San Francisco
5. Seattle
6.
Boston7. Chicago
8. Las Vegas
9. Phoenix
10. Orlando
The full article can be read
here.
Labels: housing market, investment
posted by B. Samii @ 9:28 PM
How many times in the past 12 months have you heard the real estate market referred to as a "Buyers Market"? About a zillion. And while it is true that we certainly are in a Buyers Market, it isn't clear to many prospective buyers what that really means. There are a number of obvious reasons why the current market is advantageous to buyers, but there are also a number of advantages that are not apparent. Here are the top five reasons why now is "the time to buy".
1. Sale Price - Not only are the prices of homes dropping, but it is not unusual for buyers in this market to offer 10-15% below the asking price for a home, and to get it! Sellers are much more willing to negotiate now than they have been in years, putting buyers in a position to buy homes that they simply could not have afforded in the market conditions that existed a few years ago.
2. Time - Since there are fewer buyers in the market today, there is less competition to make an offer quickly on a property that is of interest. Properties are staying on the market much longer, allowing buyers more time to look at a number of properties without feeling pressure to make a quick decision.
3. Financing - RATES ARE LOW. Great rates are available, and mortgage professionals are more service oriented than ever. Most mortgage professionals are available 24/7 to their clients to answer questions, give advice, and research the best alternatives to achieve the lowest rate possible. 100% financing is still available to qualified buyers who don't have a down payment. In addition, there are more and more programs available to assist first time homebuyers.
4. Inspection Concessions - Once they have a buyer, a seller does not want to lose them. After the home inspection, buyers in today's market are able to bring any and all concerns that they have to the sellers attention, and in most cases – the sellers will fix the problems, cutting the costs (and the headaches) for the buyers when they move into their new home.
5. Closing Costs - It is not uncommon in this market for buyers to ask sellers to pay for their closing costs. In many cases, buyers are able to get $5,000 worth of their closing costs paid for by the seller, enabling them to use that money to increase their down payment, purchase appliances, or make improvements to their new home.
If you are considering
buying a home, now is the time.
Labels: buyers market, first time home buyer, housing market
posted by Lisa @ 4:04 AM
The Long and Short of "Short Sales"
Over the past 6 months, there has been a substantial increase in the number of "short sale" properties on the market. As an increasing number of homeowners in Massachusetts have become unable to pay their mortgages, "short sales" have provided a desirable alternative to foreclosure. In a short sale transaction, a lender agrees to accept less for a property than the current remaining balance on the mortgage, allowing a seller to accept a lower offer for their home than they would otherwise be able to. In a tight market where home prices continue to drop and properties are sitting on the market for months, having the flexibility to accept a lower price can be crucial in expediting the sale of a property. Though lenders do take a loss on short sale transactions, it is a better alternative than the foreclosure process, which can often take up to a year and cost a bank an average of $50,000.
Short Sales are advantageous to all parties in involved:
- Sellers are able to avoid foreclosure and preserve their credit.
- Lenders are able to reduce their losses and avoid the foreclosure process.
- Buyers are able to take advantage of reduced pricing and get a great deal on a property.
However, the short sale transaction generally does not run as smoothly as the traditional real estate transaction and requires patience from all parties involved, particularly the buyer. Generally, short sale transactions take an additional 30-60 days to close, leaving the buyer in limbo for a couple of months after their anticipated closing date. For some buyers, this requires finding temporary housing, storing belongings, and pushing off new home purchases and improvements indefinitely. Short sales are a great way for buyers to get into properties that they otherwise could not afford. However, short sales are not for everyone. They can take a long time to close and be very frustrating - but in the end, if the deal is that good, it's worth the wait.
Short Sales in MA.
Labels: housing market, massachusetts real estate, short sales
posted by Lisa @ 2:33 AM
Although
home prices have remained steady over the first six months of 2007, home (and condo)
sales volume have dropped, according to a report prepared by the New Hampshire Association of Realtors (NHAR).
In addition, homes and condos are staying on the market 15% and 28%, respectively, longer than they did in 2006.
Nevertheless, the Granite State fares well compared to the rest of the country. "During this serious housing downturn in other parts of the nation, values in New Hampshire are holding up quite well," stated NHAR demographer Peter Francese.
Though, this might change for the second half of 2007 as
banks keep tightening their lending policies. This has the potential to place more downward pressure on both home sales and prices.
For buyers and investors, the
lagging NH real estate market is looking delicious -- the slow down in home sales and growing inventory provides lots of opportunities on the buy side.
Labels: housing market, new hampshire real estate
posted by B. Samii @ 2:10 AM
