Archive for the 'Buying Real Estate' Category
Oct 03, 2008, post by Oldman
The changes in the current real estate market require home buyers to apply a different strategy to their home purchasing than in an up market. Buyers who adjust their strategy to take advantage of lower home prices will be able to avoid costly mistakes, and find success in purchasing a home at a good price. Remember, although there are expected ups and downs in the market, real estate continues to be a wise investment. The current market requires more planning, but you can still find success in today’s market. Listed below are some helpful strategies for buying in the current real estate market.
Seek out properties in areas that have remained fairly stable or have only experienced a slight decline. These areas will turn around the quickest when housing prices increase.
Study the pricing trends in the particular area where you are planning a purchase. This will help you determine if the home you are planning on purchasing is a good investment and will retain its market value.
- Look at the number of houses that are for sale in a given area where you are planning to purchase.
- Check the asking price.
- Analyze how many homes sold in this area within the last month, the last 3 months, the past 6 months, and the past 12 months.
- Determine the sold prices for the houses, the discount on the home prices, and whether the closing was a Seller Paid Closing. If so, ask what percentage the seller paid at closing.
- Look at the Days on the Market (DOM) for these homes.
Analyze the Comps (Sold Comparables) This is one of the numbers that you must pay attention to during the home comparison process. In the current market, comps are important but the number of “Days on the Market” (DOM) helps to tell the rest of the story. First: Analyze the length of time the properties are sitting on the market before they sell. Second: Look over the last 3 to 12 months of the sold comparables. Have the homes been discounted? Check to see how many homes are for sale in the same area and check the asking prices.
Review the provisions of The Housing and Economic Recovery Act of 2008. Many eligible homeowners and first time buyers may find home ownership more affordable. The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the home purchase. Additional provisions include a modernized and expanded FHA loan program, assistance for veterans, and the HOPE for Homeowners Act 2008. If you are considering the purchase of your first home, an interest free refundable tax credit of $7500 includes purchases on or after April 9, 2008, before July 1, 2009.
Aug 18, 2008, post by Oldman
Row homes are a classic housing style that is enjoying a revival because of the advantages it brings to home owners. Owners have full control over the building and the ground on which it is built. Since there is no common area to maintain, there is no home owner association, and no HOA fees.
In high density areas, a new style of row home is cropping up – homes that are contemporary in style, designed with outdoor patios, decks, roof gardens, and built with sustainable materials. This means minimal maintenance and greater affordability. During construction, some row home contractors offer retrofitted design options.
Several inches of space, covered by flashing and hidden from view, usually separate row homes from each other. This style of construction makes it unnecessary to have a homeowners association. Legally, these homes are considered separate entities due to the 2 or 3-inch separation between homes. Outwardly, they look like attached town houses. The properties are divided from each other by an imaginary lot line, making it possible for each owner to have full control over the home and the land.
This centuries old style, row homes, can be found throughout the world, in New York, Paris, London, New York, Australia, New Zealand, Singapore and Malaysia. The style and type of material used in constructing row houses vary. Many homes are primarily red brick in construction, with stone and marble accent. Some communities have homes that are built of solid granite. In architecture and city planning, a row home or terrace house is a style of housing in use since the late 17th century, where a row of identical or mirror-image houses share side walls. The first and last of these homes is often called an end terrace or end unit, and is often larger than the homes in the middle.
In the United States, Thomas Carstairs, a Philadelphia builder and architect designed the first row houses or terrace housing in 1799 for the Philadelphia developer William Sansom. Carstairs Row in Philadelphia was part of the first speculative housing developments in America. Many of Philadelphia’s row houses date back to colonial times. Prior to this time houses had been built individually, not in rows. In Philadelphia, Baltimore, San Francisco, and Washington DC, homes built side by side with the dividing walls being common on each are simply called row houses or row homes, and are quite common. In New York City and various urban centers around the country, a particular type of row home made of a brownish-red sandstone is called a brownstone. Despite the narrow lots, many brownstones are relatively large. Some newer row homes in these areas are often referred to as “attached houses”. In much of the Southern United States, they are referred to as row homes. In the Midwest and Great Plains they are referred to as “townhomes.” In the United States the term, “row home”, usually describes a two story, housing unit that shares a wall with one or more neighboring units.
Aug 10, 2008, post by Oldman
As soon as you enter this clean, lovely home and set foot on the hardwood maple flooring, you will feel the stress of the day melt away. Enjoy the warming morning light that enters on the private deck and through the kitchen window. Entertain on the deck or enjoy the ocean breezes from the master balcony. Move-in ready with new kitchen cabinets, mirrored closet doors and fresh paint. The new, energy efficient appliances make cooking and cleaning up a breeze.
If you are looking for a condo that lives like a home, you must see this town home with an attached garage! Live in a peaceful park like location with trees abound and parks nearby. Park your car in the garage and enjoy the convenience to all. The Southern California lifestyle at its best! Walk or bike to UCSD, shops, restaurants, movie theaters, banks, pharmacy, post office, and beaches.
Bring an Offer Now! Priced at $369,000. Tour the property. To view additional properties log onto Denay Trinidad or Schedule an Appointment Today!
Contact Denay, a La Jolla realtor who specializes in the La Jolla real estate market. Please feel free to call me with any questions: Cell: 619-925-7087, Office: 858.459.3851 ext. 206 or by E-mail: info@denaytrinidad.com
All information deemed reliable but not guaranteed. Buyer to verify all information before close of escrow.
May 09, 2008, post by Oldman
As a rental property owner, I am always looking for ways to maximize the rental income and keep my units marketable without having to do any major renovations. I am always keeping my eye out for potential properties that I can buy, and easily rent out that will cover the mortgage and a little more. That being said, one of the biggest mistakes that I see other landlords and rental property owners make is that they are reluctant to or just flat out won’t put any money into their properties because Read the rest of this entry »
May 07, 2008, post by Oldman
OPEN HOUSE -Saturday, 5/17, 1-4pm & Sunday, 5/18, 1-4pm
7811 Eads Ave., La Jolla, CA
Prepare to unwind as soon as you enter this highly upgraded and tranquil condo. Enjoy the ocean views and interior design that captures all sights of the sea and sky. This elegant and private 2 bd/2 ba features koa hardwood floors, custom lighting, limestone and granite throughout & sumptuous carpet in bedrooms.
Whether you are buying for your primary home or vacation home, this condo is sure to make you feel like you are staying in a luxurious hotel. Park your car and walk everywhere. The Village of La Jolla is at your doorstep. Enjoy life in the center of La Jolla’s finest restaurants, shops, Museum of Contemporary Art, La Jolla Recreation Center, library, tennis courts and La Jolla Cove. Furniture negotiable.
Contact Denay, a La Jolla realtor who specializes in the La Jolla real estate market. Please feel free to call me with any questions: Cell: 619-925-7087
Office: 858.459.3851 ext. 206 or by E-mail: info@denaytrinidad.com
All information deemed reliable but not guaranteed. Buyer to verify all information before close of escrow.
Apr 19, 2008, post by Oldman
Just because a house is in foreclosure, does not make it a deal.
Depending on the area of San Diego that you are searching, you can find some good deals on Foreclosures. In areas where there are many bank owned properties you can find good deals. In areas where there are not many Foreclosures, the banks command market value.
The deal needs to be structured well too. Yes, you want to say yes to a seller, so they can receive what they need. But you also must structure the deal so you have your minimum 15% profit, and also cover your costs. The goal is to find win-win deals, Read the rest of this entry »
Mar 29, 2008, post by Oldman
Fannie Mae announced yesterday the details of the new conventional loan limits. While these changes were made to buoy the sagging home finance market, please note the measures are conservative.
In a nutshell, here are some of the highlights:
1. The new loan limit for San Diego County will be $697,500
2. Eligible products are 30 and 15 year fixed rate mortgages and 5/1 adjustable rate mortgages – both fully amortizing and interest only.
3. Borrowers with existing first and second mortgages can NOT consolidate the two loans.
4. Borrowers must wait six months from their purchase or last refinance before closing loans on this program.
5. No cash out refinances loans will be permitted. Read the rest of this entry »
Mar 29, 2008, post by Oldman
By Jonas Elmerraji
When you’re looking to buy a home, there are plenty of choices available. One of them is the condominium. As you may already know, a condominium is a large property complex that is divided and sold in individual units. Compared to a single-family dwelling, ownership in a condominium includes partial ownership in shared “common property”. This presents unique challenges for condominium buyers. If you’re considering buying a condo, read on to learn a little more about this type of property and what ownership entails. Read the rest of this entry »
Mar 28, 2008, post by Oldman
by Glenn Curtis
1. Request Your Property Tax Card and Study It
Few homeowners realize they can go down to the town hall and request to view (or receive a copy of) their property tax cards from the local assessor’s office. The tax card provides the homeowner with information the town has gathered about the property over time.The card includes information about the size of the lot, the precise dimensions of the rooms, and the number and type of fixtures located within the home. Other information may include a section on special features, or notations about any improvements that have been made. Read the rest of this entry »
Feb 05, 2008, post by Oldman
By: David Chazin
In conjunction with Sagemark Consulting, a division of Lincoln Financial Advisors, a registered investment advisor. Mr. Chazin is a regular contributor to PlannerConnect.com. This article is for educational purposes. 1031 exchanges have restrictions and limitations.
When the time comes to sell your real estate, some owners of highly appreciated real estate could be staring at a substantial capital-gains tax bill. Read the rest of this entry »
