August 6, 2008
When will the falling house prices finally plateau? This question is on the lips of a number of real estate market analysts and investors who are looking for the promised turnaround in a housing sector that continues to disappoint. Although regulations are becoming more stringent in the lending market and the real estate sector has seen some overall positive trends, the big factors of foreclosures and a reticent buyer attitude has continued to make property prices fall.
Some home analysts are wondering where the bottom prices are. For millions of American homeowners, the same question is being analyzed. With a stalled real estate market, homeowners are sitting tight, waiting for the storm of failing prices to past. While they wait, their home equity is slowly sliding by and the value of their home dips more and more. Many potential home buyers have decided to wait on the sidelines rather than risk selling their home for too little of a profit. And for those individuals who are in the market for their first homes, the unsteady market has played a role for these non-homeowners as well. The ability to secure a mortgage, and establish a good rate, has proven to be trickier as the market continues to spiral downward.
Last week, the National Association of Realtors stated that the median price of homes decreased 6.1% compared to a year ago. Sales from the previous month had also fallen 2.6%, which was a higher percentage than had been previously estimated by experts.
What hope lies on the horizon for home buyers and sellers alike? Fortunately, there are major housing packages that are currently in Congress that can help to turn the situation around. A beneficial package was passed by the House last week that would boost the market by assisting first-time home buyers.
However, analysts state that there are a number of factors that could make the housing market go up or continue to fall in the future. One of these factors is foreclosures. The increased wave of foreclosures has given banks a higher inventory of these properties. In turn, the banks have become eager sellers, wanting to get their foreclosed properties off the books as quickly as possible before prices fall again. However, the surplus of motivated sellers and a stale feeling coming from the potential buyers has locked a number of potential sales. As long as the lock continues, the prices on the properties themselves continue to drop down.
Rising energy and fuel costs coupled with poor mortgage situations have been to blame for the rise in foreclosures. However, so long as this trend continues, the drop in prices will follow suit. In addition, there is the question of over-saturation. During the real estate boom years, new housing developments sprang up quickly and were bought even faster. With the halt in the housing market, however, these projects are now additional surplus with reluctant buyers, leaving these homes vacant or worse, unfinished. As long as these trends continue, the prices in properties will continue to drop until more positive steps are taken.
If you are thinking how can I sell my house fast to get out from under this large mortgage, contact your local we buy houses professional. They existing in every major metro area and will give you an offer for your home. Their service is free and there is no obligation for you to accept their offer.
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Posted by Shaun G.
August 4, 2008
Have you been looking for a new home lately? If you are one of the lower numbers of Americans looking for a new home and a new mortgage, you might be in for a surprise. New mortgages have gotten more difficult to secure as the housing sector fights to eliminate the defaulting mortgage disasters that have dictated the market activity lately.
While new mortgages might be more scarce, the long-term impact of more stable mortgages cannot be underestimated. Much of the trouble in the housing market currently is due to poor choices by uneducated home buyers and shady practices by lending businesses who were looking for a quick profit without regard to the overall impact these unstable mortgages would have on the economy.
The recent troubles of Freddie Mac and Fannie Mae are in direct result to the ailing mortgage market. Borrowers are paying for the mistakes of others by paying roughly 10% more in monthly mortgage costs. Why the higher costs for people that have not defaulted on their own payments? These additional costs are the answer to the lack of confidence in the real estate market. In other words, not only are new mortgages more scarce, they cost more as well, doubly hitting new home buyers. Unfortunately, these negative aspects do nothing to stimulate the stagnant real estate market as a whole.
The cost of borrowing money has increased as businesses like Fannie Mae and Freddie Mac have had to borrow money in the bond market to pay for the current mortgages they have received from lenders. As the negative financial situation of Fannie Mae and Freddie Mac sustains, the additional costs are filtered down to lenders looking to establish a new home mortgage. Also, as it is more expensive for Fannie Mae and Freddie Mac to obtain mortgages, it will increase overall mortgage rates as well.
Last summer, the 30-year, fixed-rate mortgage was roughly 1.5% higher than the yield on a 10-year Treasury note. Now, the rate is about 2.5% points and have increased .3% since late June alone as a reflection of the troubles of Freddie Mac and Fannie Mae.
More and more lenders are tightening their standards, either because of their own reluctance to get brought into the current mortgage mess or because of new government standards that will most likely dictate the new regulations. Some of the new standards include escrow accounts for taxes and a more thorough review of the future home buyers income and ability to pay the full mortgage payment each month. As more and more lenders are scared they will lose mortgages, they are demanding that current applicants provide a very clean and precise application to avoid future complications.
Initially, when the mortgages problems began, the government called on Fannie Mae and Freddie Mac to help with assisting lenders whose loans were defaulting. Now with the questionable status of the Fannie Mae and Freddie Mac government sponsors, there is a risky and worried feeling in the marketplace, calling into question the ability of these sponsors to help lenders at all.
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Posted by Shaun G.
August 3, 2008
Upgrade your kitchen and master bath and you will instantly see a high financial payout is the common wisdom in the home improvement market. But putting in high-end appliances and upgrades to your home does not instantly ensure a full recoup of the costs plus profit. There are other factors involved in a smart home improvement plan.
Updating a kitchen with all of the latest high-end materials like granite countertops and cherry cabinets used to be a sure-fire way to improve a home, and its price on the market. Nowadays, however, home sellers are discovering that they might have taken on too many home improvements and priced themselves out of their neighborhood.
There is much more inventory on the market currently than there was during the real estate boom. For this reason, home buyers are less and less impressed with granite countertops and custom design work. However, for the sellers who have spent thousands with the hope that the improvements would help them sell their homes fast and for more money, a nightmare awaits. Upscale renovations are now returning roughly 70% of their initial costs, giving many home sellers a startling shock. Sellers who have thought their upgrades to be a sure thing are instead left wondering what went wrong.
The danger and pain of over-improving a home is growing. Fewer and fewer high-end projects are seeing the profits that were promised and investors are not seeing the return they expect.
An upscale bathroom renovation can cost an average of $50,590. However, analysts estimate that only $34,588 can be added to a home value, making only a 68.4% return. In 2006, bathroom renovations would show a 72.8% return. Kitchens can have a better return overall with roughly 74.1%.
If a homeowner is making the changes only to help with the home sale and price, the results might not be what they expect. However, if the homeowner wants to upgrade the kitchen, bath or overall layout of the home for themselves as well as future home sales, these renovations are the smarter move. These homeowners can enjoy the upgrades and recoup their costs in future sales years after the renovations have been completed. In other words, if you do upgrades for your home for yourself and your family, you are making the smart investment. If you are making these changes only for a no-name sellers increased interest, you will not see a big return on your investment.
The impact of these reports on negative returns on upscale improvements has shown a decline in the demand for high-end materials. The demand for luxury appliances declined from 65% to 47% in 2007. Items like wine refrigerators decreased from 53% to 49%.
Where are the upgrades that make the most sense for your property? Increasing curb appeal is always a smart move. With a strong curb appeal, the property is more apt to get serious buyers who are interested in the home. The return on these investments can be up to 88%, but if the curb appeal secures your future sale, it is worth every penny.
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Posted by Shaun G.
July 29, 2008
There are a number of quick and easy tips and tricks you can do to improve your home. Before you start making changes, however, analyze if the change you want to make will have the impact that you are looking for. After all, sales pitches can sometimes fall short of your reality and knowing what you are getting into beforehand can help you make the right choices for your budget.
Changing old single-pane windows to the new double-pane ones can be a smart upgrade for most homes. However, you may hear the enticing statistic that just by changing your old windows to the new, more efficient versions you will cut your heating and cooling bills by 50%.
While the new double-pane windows will be twice as efficient for your home, windows only make up a portion of your homes frame. If you have fewer windows, your energy savings will be proportional to the space covered by these new double-panes. If you have just a fraction of your home using window space, your energy savings might only be 25%. Considering that the price of installing new windows can run as high as $1,200 per window, you will be long gone before your new windows pay for themselves in saved energy costs.
On the other hand, if you need new windows, it makes sense to get the more energy efficient ones. Also, you can use the double-paned items as a future selling point if you plan sell property in upcoming years. For this reason, the choice for double-pane windows would be a smart move. However, if you are installing the windows in a home with less window space only to enjoy reduce energy costs, the price might not be worth it for you.
A recent study from the 2007 National Association of Realtors showed that many sellers got close to 80% of the cost of new windows back with the sale of their home. However, character can make a big difference. If you put in the wrong windows and lose some of your homes architectural style, you can see the loss when it comes time to sell your home.
Look at the current pattern of your windows. If they are multiple pieces of glass separated by dividers, you should consider putting in new windows that feature the same pattern. If the cost of true divided windows is too much for your budget (custom windows can start at $2,000), look into the standard solution of snap-on grilles that give the appearance of divided glass from the inside.
Keeping the character of your home overall is a very important step when considering upgrades and changes to your house. Removing built-in cabinets or mantelpieces can strip the home of the intrinsic value that future buyers are looking for, so before you make any upgrades that involve removing some of the older details of the home, think about the future. Downscale the home and you will be downscale the price as well.
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Posted by Shaun G.
July 23, 2008
Its been debated. Its been argued. Now, after more than a year of debating, Congress seems set on passing a bill that will help to stop the increasing numbers of home foreclosures in the real estate market. This bill would hopefully stabilize a very shaky real estate and housing market, and benefiting the economy as a whole.
The impact of the rising foreclosures on the overall economy has been widespread and wholly negative. Cities like McDonough Georgia, Stockbridge Georgia, Atlanta, and Augusta Georgia, are far from being affected. As more and more homeowners realize they cannot afford the ticking time bombs that define their mortgages, the number of defaulted mortgages increases. The government has decided to finally step in and provide assistance that will prevent more foreclosures in the future, as well as assisting those individuals in need of help right now.
However, housing expert analysts state that even if the latest bill passes in Congress, the most optimistic forecasts show that only 400,000 of the ailing 3 million homeowners will be saved. The rest will still be stuck in the poor economic state they have found themselves in. In other words, the bill will alleviate some of the troubles, but will certainly not be enough to stem the tide of foreclosures overall.
The latest news coming from Fannie Mae and Freddie Mac have complicated matters for the bill and for homeowners alike. The Bush administration has added on assistance for these government backed sponsors to the housing bill, which has caused some negative reactions within the government, particularly among Republicans.
The increase in foreclosures has caused an overall decline in home prices. Since the majority of a homeowners overall financial portfolio is in their home equity, a downturn in home prices has dictated a loss in overall economies for families across the country. The addition of vacant homes and slower housing market has also left many construction companies and development planning business in the lurch as fewer and fewer new home sales are being reported.
One proponent of the new housing bill suggests that 4 billion should be spent in communities with a high number of vacant homes to buy and refurnish these properties. The idea behind the funding would allow these properties to be rented and keep them from becoming the new homes of vagrants, drug dealers and homeless people. The presence of these empty homes can bring down the overall value of a neighborhood, affecting even those homeowners that have not defaulted on their mortgages.
Opponents to the bill argue that putting tax dollars to buy foreclosed homes helps only the ailing lenders, but not the overall homeowners who have lost their home and equity. At the end of the day, the 4 billion would go towards these businesses rather than the citizens and homeowners who need it most. A better use of the money, opponents state, is to revise mortgage costs and help them to refinance their mortgages to keep their homes and stay afloat in the troubled market. Overall, efforts are being considered to help the failing housing market and those homeowners struggling to make their monthly payments.
If you are currently thinking, how can I sell my house in McDonough Georgia, sell my house in Stockbridge Georgia, sell my house in Atlanta, or sell my house in Augusta Georgia, then consider contacting your local home buyer. These professionals exist in every major metro area and are real estate professionals. They are real estate investors who solve complicated real estate selling situations and offer hope to those Georgia home owners who are about to loose their house.
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Posted by Shaun G.
How To Sell My House Fast 