Archive for the ‘Real Estate’ Category
Take Advantage of the Sellers? Market
April 24th, 2009 | 
Author: Take Advantage of the Sellers? Market
Fortunately for anyone thinking of selling their home, we are in the midst of a sellers? real estate market, which means there are more buyers than there are properties for sale. Buyers take advantage of the warm weather in spring to check listings and look for a new home. Therefore, between the sellers? market and the time of year, right now is a great time to sell your property.
Finding the best real estate agent is the first step in selling your home. You need someone who knows your neighbourhood, who can suggest ways of increasing the value of your home and who can promote your home?s location.
It is important for your real estate agent to get your property listing onto the Multiple Listing Service (MLS) as soon as possible. MLS has all listings for sale in Toronto. While it is not difficult to find a buyer in a sellers? market, timing can be crucial in finding a more motivated buyer and getting the greatest value for your real estate.
Increasingly, home buyers are using the internet to search for property listings. The MLS website is a popular place to see homes listed for sale in Toronto. However, on the MLS website, your home is listed much of the same way other listings are; there?s no way to make it stand out from the rest. Your real estate agent needs to promote your property listing outside of MLS. Advertising through other websites and in print attracts more buyers, setting up possible multiple offer situations.
First impressions make a big difference in how quickly your home will sell. Many buyers make a decision about whether or not to place an offer in mere minutes after seeing your home. To obtain the greatest value, it is important that you do everything you can to increase your home?s curb appeal. Your real estate agent will be able to assess your property and provide recommendations to make it more appealing to prospective buyers.
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Taking Title When You Buy
Taking Title When You Buy
Taking title to a home can seem like a boilerplate event during escrow, but it is very important. The prime question is how you take title.
Taking Title When You Buy
If you are a first time buyer, you are probably wondering what taking title refers to. It is not the act of accepting a piece of paper from the seller. Taking title refers to who is listed on the title and HOW they are listed. If you are not married and are buying the home alone, you can stop reading now because you simply take the title in your own name. If you are married or buying the property with another person, things get a bit complex.
Most buyers take title in one of three ways ? joint tenancy, tenants in common or as community property. Here is a closer look at each.
Joint tenancy is a popular method of taking title. Joint tenancy simply is a co-ownership situation where the purchasing parties are both listed on the title. The advantage of this form of ownership is each person on title has the right of survivorship, meaning that if one of the owners dies, title passes automatically to the surviving owner. Joint tenancy also offers tax benefits in the form of a stepped up basis. It is beyond the scope of this article, but the general idea is that the surviving owner gets to step up the cost of the home, which saves on capital gains taxes.
Tenants in common are essentially partnerships to own a property. They are generally disfavored because of tax issues.
Taking title as community property occurs often, but the buyers often do not realize it. If you are in a community property state, such as California, you pretty much take title as community property unless you hire a lawyer to find a way not to. Community property states have an overriding policy that funds from a married couples estate, not to mention assets, are jointly owned by both regardless of anything in writing. There are, however, some advantages to this approach. Upon the death of one spouse, the other gets a major stepped up basis on the cost of the home. When the property is sold, this results in substantial savings on capital gains.
So, which title should you choose when buying a home? There really is not one correct answer. You simply need to analyze your specific circumstances to make the best choice.
Steps To Consider When You Decide To Sell Your Home
Steps To Consider When You Decide To Sell Your Home
Deciding to sell your home is not an easy event. Once you have made the decision, there are a few steps you need to follow to make it go smoothly.
Steps To Consider When You Decide To Sell Your Home
If you are thinking about selling your home, there are a lot of issues that come to the forefront. Once you decide questions likes whether it is a good time to sell, the amount of money you will get, where you will move and so on, there are less obvious steps you need to take.
Part of the process in determining whether to sell your home is a review of your current situation. In this case, we are talking about your home loan. You need to determine two things. First, what is the balance on the loan and will the sale price be sufficient to pay it off. The second factor is less obvious, to wit, you need to determine if there are any penalty clauses written in to your mortgage for an early sale. Some loans have draconian penalties, which will stop you in your tracks immediately.
If you are selling your home, you need to find another place to live. This sounds obvious, but many people leave the process to the last minute which adds unnecessary stress to the situation. If you intend to immediately buy another home, you need to sit down with a mortgage loan officer and get pre-approved for another purchase. Selling and buying a home at the same time can be hectic, so definitely get pre-approved to make everything go as smoothly as possible. If you intend to rent for a bit, make sure you find a place and that it has enough space for your stuff. If it does not, rent a storage facility and start moving things in now.
The third issue is timing. Specifically, you need to determine how long it takes for homes to sell in your area. You next need to determine how that time frame fits into your plan. If you need a quicker sell, your home needs to be offered at a lower price. If you can afford to wait, then you can price it a bit higher and sell on specific benefits the property has that others do not.
Selling a home is not as easy as simply deciding to do it. By following these steps, however, you should smooth out the process.
The Australian Real Estate Market in 2006
The Australian Real Estate Market in 2006
Australia has led the worldwide real estate boom and enjoyed record price increases over the past three years, but as 2006 gets underway many fear that the recent success of the Australian real estate market is not sustainable.
While the Australian housing market may well face a short period of economic adjustment, there are still ways to profit from the real estate sector in Australia. Real estate investors examining the market just need to look a little further afield than Sydney!
Perth in Western Australia is one city where real estate prices remain affordable and where demand for quality accommodation to buy and rent is increasing which is creating an exciting micro property investment market opportunity ripe for exploration in 2006.
The reason for Perth?s sudden popularity from a real estate perspective springs from the fact that the city is enjoying a period of economic advancement led by a vast improvement in employment prospects. Local residents in Perth are benefiting from better paying employment and an abundance of opportunity, and the city is attracting a steady flow of inward migration as job seekers move to the city to take up offers of employment.
Historically Perth?s real estate prices have lagged well behind those of Sydney and Melbourne for example, and the average home finance sought to purchase in Perth is around 30,000 Australian dollars less than the average mortgage taken out elsewhere in Australia. The lower priced accommodation is attracting more interest from investors from across Australia as well who are all seeking a housing market with legs left to run. Furthermore the real estate sector in and around Perth is enjoying interest from international real estate investors who can see the long term prospects available.
As demand for accommodation in Perth increases as the city welcomes new residents, so the prices being charged for rental housing are on the up as well. Anyone who purchases real estate to let out in Perth right now can cash in on this boom in rental rate rises and retain their property while the predicted period of property price growth develops.
Across the rest of Australia many first time home buyers have been temporarily priced out of the housing market as property prices have exceeded affordable levels. While the market readjusts over the short term there are fears that a rental accommodation crisis is looming in some of Australia?s most popular cities such as Brisbane and Sydney. This concern is of course leading to sharp increases in rental rates being charged by landlords who are well aware of how valuable a commodity they own.
While this is an unfortunate situation for those caught in the rental trap it is a perfect situation for an investor seeking immediate returns on real estate investments in Australia. Anyone who makes a real estate investment purchase in Australia with the intention to let out that property will not only make a strong income currently but they will continue to enjoy property price growth over the longer term as the market readjusts and begins to grow again in Australia in the medium term.
And finally, if you?re interested in the real estate market down under and are not an Australian citizen, overseas buyers are free to own real estate in Australia that has been granted permission for sale to foreign purchasers; and you can rest assured that the purchase process will be straightforward because it is so well regulated in Australia.
Buying Short Sale Properties: The Importance of Preparation
If you watch telly or use the web to catch up on the news, you should already know it is a purchasers marketplace. Umpteen experts say the real property market is in a tough state. Yes, this is right. That is unless you are a purchaser with great financial resources. If you are, you should analyse short selling holdings. They introduce a number of thrifty and moneymaking opportunities.\r\n\r\nWhat are short selling properties? They are properties that will soon be in foreclosure. The borrower finds themselves unable to make their mortgage repayments. Foreclosure is immenent. Homeowners want to ward off foreclosure at all costs. You may be amazed to discover that financial institutions feel similarly. Foreclosure legal proceedings are stressful, lengthy, and expensive. In some examples, a short sale is the best option. The house is sold prior to foreclosure. It is sold-out for less than the unpaid loan sum payable. In most cases, this signifies a good deal for the purchaser.\r\n\r\nWhether you want to use short sales to produce money or preserve money, homework is essential to your success. So, what do you need to be ready for as a fledgeling} short sale purchaser?\r\n\r\nTo get the run around from mortgage lenders. \r\n\r\nAs previously stated, banks consider short sales a foreclosure option. It is their last attempt to avoid it. Regrettably, short sales are not much better. Loaners can need delinquent mortgagees to make up the difference through unsecured, separate borrowings, but some simply receive the loss. No one wishes to lose money, so you might have to hold off and wait. While this is going on, the bank is hoping they obtain more short sale purchase tenders or that the negligent householders come into money.\r\n\r\nThe possibility of turning a loss with money. As previously stated, short sales present good money saving and lucrative possibilities for purchasers. Commonly|. Regrettably, many holdings are mortgaged with two or even three loans. There are also upsidedown homes, where the mortgagee owes more than the home is worth. Short Selling means a loss for lenders, but in these situations the loss is larger. Invariably have a holding professionally scrutinized and valued prior to the eventual conclusion. To make or keep money, only pay less than fair market rates.\r\n\r\nConstant contact with the mortgage lender or selling real estate agent. \r\n\r\n As noted above, some lenders give short selling buyers the run around. In the case that happens, don?t sit by and wait. Alternatively, make contact with the corresponding realtor, lender, or both. If you find yourself at the ready after two months, be firm in your position. Require an response to your purchase proposal in two weeks or state you will pull out your tender.\r\n\r\nMore awaiting. \r\n\r\nIf your purchase tender is accepted, you may have to delay a few days or even a month to get access to the property. One of the grounds why householders prefer short sales is because they stay in the house. As previously expressed, short selling can take time. Some mortgage lenders give a answer and start the sale process within a few days, but others wait months on end. Since there are no guarantees, current home residents seldom know ahead of time when they havr to be out. The mortgage lender working the sales agreement may afford them a week or more.\r\n\r\nRight about now, you may think that short sales are more pain than they are worth. They are not, particularly when compared to foreclosures. You deal directly with a professional estate agent or lender, as opposed to bidding in a high-speed auction. You get a house where the present-day residents are ready to depart; they don?t have to be pushed from the dwelling. Yes, purchasing short sales may be a long and rough road, but it is worth the ride for many.
Ten Benefits of Owning a Condo Hotel
Ten Benefits of Owning a Condo Hotel
You may have heard about the latest trend in vacation homes ? condo hotels. Suddenly, consumers have the ability to own a second home in a wonderful destination without any of the hassles of ownership. To see why the condo hotel concept has so much appeal, consider these benefits:
1. You can own a piece of a world-class property. Most condo hotels are of three- to five-star quality.
2. You?ll have a vacation home in a fantastic destination. Most condo hotels are located in premium locales ? on the beach, near golf courses, next to ski slopes and in bustling downtowns. Miami Beach, Fort Lauderdale, Orlando, Myrtle Beach, Las Vegas, Chicago and the Bahamas are some of the most popular condo hotel locations.
3. Use your vacation home when you want. Flexibility in use means you always have a place to ?get away from it all.? When you?re not using your vacation home, place it in the rental program.
4. A professional management company will take care of all maintenance and operational issues. Most condo hotels are managed by premier hospitality firms, often the biggest names in the business, Ritz-Carlton, Trump International, Hilton, Starwood and Hyatt, to name a few.
5. You receive approximately half of the rent revenue your condo hotel unit generates when you?re not using it. The management company takes care of renting your condo for you. The revenue helps offset your costs of ownership. Plus, most management companies have sophisticated reservation systems and invest in professional marketing, enabling them to keep your unit rented far more than you likely could on your own.
6. The management company deals with the guests. Part of the hassle-free nature of condo hotel ownership is that the management company handles everything regarding guests, from attracting them to checking them in and out of the hotel and solving any problems that arise during their stay.
7. You?ll have access to luxury hotel services. Unlike a single-family home, in a condo hotel vacation home, you can take advantage of all the perks of the hotel such as a brand-name spa like Canyon Ranch or Elizabeth Arden Red Door, concierge, room service, fitness facilities, pool, fine dining restaurant and more.
8. Share your condo hotel unit with family and friends. The unit is yours, so you decide how it?s used. Want to lend it to your Aunt Betty and Uncle Lou? No problem.
9. Purchase your condo hotel unit with traditional financing or even as part of a 1031 exchange. A variety of loans are available to invest in condo hotels. Condo hotels also qualify for tax-deferring strategies like 1031 exchanges.
10. Realize appreciation when you resell your condo hotel. Like traditional real estate, over time your condo hotel unit has potential to appreciate. Because of its quality location, professional hotel management and on-site luxury amenities, the value of your vacation home should increase. You keep the profits when you sell.
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Staging Your Las Vegas Home For A Sale
Staging Your Las Vegas Home For A Sale
Putting your Las Vegas home on the market is one thing, but adequately preparing it for buyers is a whole different matter. Home staging is the term used by real estate professionals to help prepare your house so that it will look its absolute best. Realtors will tell you that buyers usually make a decision about a home within the first ten seconds of their visit. Therefore, a wonderful first impression is imperative if you are to sell your home quickly. Should you stage your Las Vegas home? If so, what exactly is involved with home staging?
Although your real estate agent or broker is knowledgeable and skilled on how to market your Las Vegas home, they may not be particularly adept at interior design. That is where a home staging professional comes in. If you use one, they will work toward helping you eliminate clutter, rearrange furniture, and improve your home?s curb appeal. This may involve moving a painting from one wall to another, removing a bulky chair out of a crowded room, trimming the front yard shrubbery, etc. In some cases a Las Vegas home staging professional may recommend that you bring in additional furniture, but you must realize that there is an extra cost involved if you choose that option.
Your real estate agent should be able to refer a home staging professional to you. Most Las Vegas home staging professionals will offer a free written estimate of their recommendations and services. Ask for references from the home staging professional and call them to verify their work.
If you choose a professional who truly excels at home staging, you could recoup the costs of this service through a higher selling price.
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Texas Apartment Market
Texas Apartment Market
All Texas metro markets report current overall occupancies above 90%PRCTG%, with Austin leading the market at 93.39%PRCTG%. The lowest occupancy is found in the Dallas/Fort Worth market at 90.35%PRCTG%. Austin also leads the Texas markets in terms of rental rates, reporting the highest rents at %0.930 per square foot (psf). Average rents in the other metro markets are all below %0.870 psf. Monthly absorption was strongest in the Dallas/Ft. Worth market, as 641 units were absorbed in April. San Antonio also posted positive monthly absorption, while the Houston and Austin markets posted negative figures.
Austin Market occupancy dropped 0.07 points over the month, however at 93.39%PRCTG%, occupancy remains 2.10 points higher than in April of 2005. Average rents are currently at %0.930 psf and are %0.002 psf higher than last month and last year’s figures. Absorption dipped into the red this month, as -109 units were absorbed. Annual absorption stands at 3,589 units.
Dallas/Fort Worth Market occupancy is up 0.03 points over the month to 90.35%PRCTG%, and is 1.70 points above last year’s level. Although average rents have remained flat over the last few months at %0.867 psf, they are %0.003 psf higher than the rate seen at this time last year. Monthly absorption of 641 units brings annual absorption up to 13,575 units.
Houston Market occupancy fell 0.27 points to 90.73%PRCTG% over the month. Overall occupancy remains 4.29 points higher than April 2005’s level. Rental rates inched up %0.003 psf over the month and are up %0.027 psf over the year to %0.824 psf, while monthly absorption was -323 units. Absorption over the last twelve months is at 24,542 units.
San Antonio occupancy, at 91.69%PRCTG%, gained 0.08 points over the month and 0.47 points over the year. Rental rates are up slightly over the month, %0.001 psf, to %0.817 psf, which is %0.012 psf higher than last year’s figure. This is the third consecutive month of positive absorption, as 237 units were absorbed in April. Annual absorption totals 3,473 units.
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Taking Photos of Your Home for Listings
Taking Photos of Your Home for Listings
If you are considering selling your property, you will need photographs for your marketing efforts. If you are going to take the photographs yourself, here are some tips.
Taking Photos of Your Home for Listings
I love reading National Geographic to see the amazing photographs of far off places I will probably never visit. I consistently play the lotto, but one has to be realistic. Regardless, the photographs are works of art and I often find myself wishing I could go to the location in the photograph. This is true even though I had no knowledge of the place until I saw the photograph and probably would have blanched had anyone suggested such a trip. This is the power of a good photograph.
Photographs of properties in marketing materials should inspire the same type of response from homebuyers. Make no mistake about it, your photographs represent the first impression, known a curb appeal, the buyer will have of your property. Given this fact, it is vital that your photographs present the best aspects of your property. Simply walking out to the curb and firing off a couple snapshots is a mistake of the highest order. Don?t do it!
At this point, you should consider using a professional photographer. They understand issues such as lighting, bordering, spacing and angles. Trust me, they are worth every penny.
Assuming you are going to shoot the pictures yourself, consider the following tips:
1. Lighting is critical. First, make sure there is enough light to detail what you are shooting. On the other hand, try to avoid situations where the entire picture is to bright. Strategic shadows in a corner can add definition and the impression of uniqueness.
2. If you have a view, make sure to take a picture of it. If the view can be seen from inside the home, make sure the photograph shows as much by taking it from the interior. You want the photograph to contain some evidence that the view can be seen from inside.
3. When it comes to the front of your home, don?t take a flat picture. A flat picture is when you shoot the home dead on. Stand off to one side or the other to give it some definition.
4. On interior shoots, add props to the room such as flowers. Make sure drapes and so on are positioned in an attractive manner. Hide all cords. Really hide all pets!
5. Experiment with angles. Taking pictures of your home is not a task to be done as quickly as possible. Take as many photographs as possible and then pick out the best. This is what professional photographers do.
Taking photographs of your property is hardly a difficult task. That being said, if you put a bit of thought and effort into it, you can make your listing stand out from the others on the market.
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Texas Real Estate ? Property in the Big State
Texas Real Estate ? Property in the Big State
Everything in Texas is big, including real estate options. If you?re considering a move to Texas, here is a primer on the state.
Dallas
Dallas is a big city with a definite oil influence. There is a certain over the top feeling about Dallas, but people are pleasant and the city has first-rate services. Make no mistake, living in Dallas is living in a big city. It comes with all the negatives of a big city such as traffic, but all the positives such as professional sports teams and so on. If you prefer living in a big city, Dallas may be a good choice as real estate is surprisingly cheap.
Austin
Austin is the home of the University of Texas and one of my favorite cities. With a definite college town attitude, one can experience an odd mix of the Wild West with the liberal attitudes of college students. The town boasts famous music festivals and, of course, an avid group of college football fans. Eternal optimist, they even think they can beat the Oklahoma University Sooners in 2005.
Houston
Constantly in a friendly competition with Dallas, Houston is a city that stands on its own merits. Those merits, however, are based on the boom or bust nature of the oil industry. When things are going well, Houston is abuzz and grows in leaps and bounds. When things are going bad, the economy suffers and so do the people living there. This boom or bust scenario has led to overbuilding and the city has an organized feel to it. All and all, not a personal favorite, but to each there own.
San Antonio
San Antonio is the big city with the little town feel. Unlike Houston, it is not dependent upon the oil business, which has resulted in some careful urban planning. Now the eighth biggest city in the United States, San Antonio is an up and coming city. Of the big cities in Texas, I would consider San Antonio the best overall.
Texas Real Estate
Overall, the good news is Texas real estate is very reasonably priced. The average home price in Dallas is %260,000, while Austin comes in around %200,000. A single family home in Houston will set you back %150,000 on average, while %220,000 will do the job in San Antonio.
The bad news with Texas real estate involves appreciation. Texas has the lowest real estate appreciation rate from September 2004 to October 2005. With an appreciation rate of a little over 5 percent, not everything is big in Texas. Still, this may be an opportunity to get in on the ground floor, particularly for a great town like Austin.
One would think Texas is a take it or leave it state, but it simply isn?t true. The cities are all unique and a lack of a state income tax makes the low real estate appreciation rates easier to swallow.