Local Real Estate 
This blog category contains entries related to local real estate.
There are currently 52 blog entries related to this category.
Real Estate Review, Cash Vs. Mortgage
Monday, March 14th, 2011 at 1:29pm. 93 Views, 0 Comments.
Often people considering investing in real estate weigh the option of cash vs. mortgage. There are some great deals in today’s market and often offering a cash deal can make a deal even sweeter. When cash is involved there is no mortgage, therefore no chance of a financial contingency getting in the way of closing. Cash is king, but is cash the best avenue for you and your real estate transaction?
Cash is great for:
- negotiating power
- negating a financing contingency speeding up a closing date
- eliminating a monthly loan payment
BUT cash has its downside as well, a cash deal:
- ties up assets
- eliminates a mortgage interest tax deduction
Buying a property with cash to get the best deal possible could be…
High End Real Estate Pulling in Wealthy
Thursday, March 10th, 2011 at 4:59pm. 71 Views, 0 Comments.
High end real estate is pulling in the wealthy, otherwise known as the people who have the money to buy expensive properties at hugely discounted prices. While the recessional economy has taken its toll on many, there are people who survived with plenty of cash still left in their bank accounts, as well as those who have made a great deal of money from these tough times.
The recession proved to be a great platform for investors who had money to invest, and now that there is a light at the end of the tunnel these investors see great opportunity in buying luxury real estate at a tremendous savings.
Sales for condos valued at less than a million dollars fell in 2010, whereas sales for condos valued at over a million dollars increased quite…
Combating High Property Taxes
Friday, March 4th, 2011 at 1:55pm. 54 Views, 0 Comments.
Combating high property taxes is something people should be aware of in a time when condo values have dropped significantly. It can be a puzzling question to many homeowners, if my condo’s value has dropped 25% why have my property taxes not decreased by the same amount? Your property tax bill can be adjusted if you make an effort to challenge it.
The first step is to take a good look at your property tax bill. This year’s assessment and last year’s assessment should be listed, as well as a breakdown of how your taxes are allocated and added up. You should have a good idea of the value of your property and whether or not you have been assessed properly. A good next step is to approach your Assessor’s Office.
What to…
Pros and Cons of Sellers Conducting Inspections
Tuesday, March 1st, 2011 at 2:25pm. 56 Views, 0 Comments.
There are pros and cons to sellers conducting home inspections before listing and selling a condo. Many people in the real estate business see the merit of an inspection before listing a condo because it enables problems that could become deal breakers to be resolved before they ever become known to a potential buyer. Of course a pre-listing home inspection can also unveil a laundry list of issues that a condo owner may not be prepared to deal with or pay for.
If a seller decides to do an inspection before putting his condo on the market he has a choice of fixing the issues that present themselves, or opting not to. A condo owner has to disclose the inspection items when under contract and therefore must be prepared to fix problems,…
Real Estate Recovery Picking Up Speed
Monday, February 28th, 2011 at 1:38pm. 59 Views, 0 Comments.
The real estate recovery appears to be picking up speed. Helping to accelerate the sales of condos is the extremely low cost involved. While condo values may still drop in many areas, it appears that volume may start accelerating. The high number of foreclosed condos has pushed the prices of condos very low in many parts of the country, helping to create extremely reasonable affordability.
An interesting examination of real estate sales data uncovers the fact that cash buyers are representing a large percentage (roughly one third) of the nation’s condo sales. Today’s buyers market is a boon for real estate investors who are clearly seeing that the bottom is here, whether it has already hit or is close to being hit. January showed…
Update Your Kitchen on a Budget
Thursday, February 24th, 2011 at 2:42pm. 69 Views, 0 Comments.
It is possible to update your kitchen on a budget. Remodeling a kitchen can turn out to be one of the most expensive projects in a condo, as the price of new cabinets, new appliances, new counters, and installation can all add up to a hefty price tag. Of course often a kitchen is what sells a condo, and considering the kitchen is one of the most lived in rooms in a condo this makes sense.
If you are considering selling your condo and don’t have a lot of money to pour into it to prepare it for sale, consider some low-cost improvements that will update your kitchen without breaking the bank.
The kitchen sink is a great place to start. Faucets are in and come in a wide variety of modern forms these days. A simple faucet replacement can…
Good Credit Goes Hand in Hand with Acquiring a Mortgage
Wednesday, February 23rd, 2011 at 2:28pm. 64 Views, 0 Comments.
Good credit goes hand in hand with acquiring a mortgage these days, especially a loan with a reasonable interest rate. That being said, examining your credit rating should be the first step you take before applying for a home loan.
A free credit report is accessible from AnnualCreditReport.com, which will give you access to your credit rating from the three main credit reporting agencies, Experian, Equifax and Trans Union. What these reports will not give you is your FICO score, something that can be purchased for roughly $15.
The FICO score is what lenders go on when determining whether to lend money and under what terms. The FICO score is achieved by weighing out your payment history (whether you pay your creditors on time) and your…
Real Estate Update, Affordability Driving Buyers Market
Tuesday, February 15th, 2011 at 4:32pm. 66 Views, 0 Comments.
Examining the nation’s real estate uncovers that people buying real estate are doing so because of the incredibly high affordability levels. While mortgage rates have been dipping and rising in recent weeks, housing prices have continued to drop, if ever so slightly in comparison to a year or two ago. The high inventories in most markets are keeping prices from rising and sellers are forced to swallow the fact that if they want to sell they have to do so for less than originally thought.
Low home values, low mortgage rates and high inventories have created an ideal time to buy real estate. These are the best affordability levels with respect to real estate that have been seen in years and those buying are the people who do not want to…
Tax Benefits of Selling Real Estate
Monday, February 14th, 2011 at 2:30pm. 30 Views, 0 Comments.
There are tax benefits to selling real estate. Most people are aware of the tax benefits of home ownership and the ability to write off the mortgage interest paid when it comes to filing an annual tax return. In addition the tax laws regarding capital gains that are received when selling a condo are in a seller’s interests. If a homeowner’s profit is $250,000 or less he does not have to pay a capital gains tax. Likewise if a couple owns a condo together they can earn up to $500,000 tax-free profit off the sale of their condo. This is one tax benefit that makes investing in a primary residence very appealing indeed.
There are a few rules to follow in the capital gains scenario of selling a condo. The first rule is that the condo has…
Short Sale Frustrations
Friday, February 11th, 2011 at 2:15pm. 44 Views, 0 Comments.
Short sale frustrations could easily be the reason so many condos head to foreclosure. The lengthy time frame to complete a short sale, combined with hanging in the balance waiting for the mercy of the lender is wearing to say the least. A short sale can be a great way to avoid foreclosure and save a credit rating but it often takes thick skin and a whole lot of patience.
One of the most frustrating things about a short sale is the fact that if the condo were already foreclosed upon it could be sold immediately, possibly for less than it would sell for a short sale price, so why won’t the bank simply agree to a short sale? Either way the bank is losing money, why go through the foreclosure process if the condo could be sold as a short sale?…
