4 Reasons to Sell Now
Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.
* Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
* Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.
* Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
* Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business.Source: McClatchy Tribune, Kate Forgach (02/07/2010)
Monday, February 8, 2010
Wednesday, February 3, 2010
What Will the Market's New Normal Be?
What Will the Market's New Normal Be?
In a new study, "Housing in America: The Next Decade," Urban Land Institute senior resident fellow John McIlwain says the housing market will not return to what it was prior to the downturn but rather that a "new normal" will take its place. He expects another 10 percent decrease in residential prices this year, a jump in the number of borrowers abandoning "underwater" mortgages, and a change in consumer perceptions of homeownership. "The emotional impact on the children and parents and disillusion about the 'joys' of homeownership will be intense; new attitudes to homeownership and the American dream will emerge," McIlwain writes. He expects home price appreciation to hover around 1 percent or 2 percent per year after the market recovers and the national homeownership rate to drop from 67 percent currently to 62 percent by 2020. In the coming decade, McIlwain expects the following:
Older baby boomers to move to urban, mixed-use, mixed-age centers near family instead of retiring to Sun Belt communities;
Immigrants to snub the suburbs in favor of more close-knit communities;
Younger boomers to face the challenges of lost home equity and a smaller pool of move-up buyers;
Generation Y to rent for long periods by choice or because they are paying off student loans or have stagnant incomes.
Source: Inman News (02/01/10)
In a new study, "Housing in America: The Next Decade," Urban Land Institute senior resident fellow John McIlwain says the housing market will not return to what it was prior to the downturn but rather that a "new normal" will take its place. He expects another 10 percent decrease in residential prices this year, a jump in the number of borrowers abandoning "underwater" mortgages, and a change in consumer perceptions of homeownership. "The emotional impact on the children and parents and disillusion about the 'joys' of homeownership will be intense; new attitudes to homeownership and the American dream will emerge," McIlwain writes. He expects home price appreciation to hover around 1 percent or 2 percent per year after the market recovers and the national homeownership rate to drop from 67 percent currently to 62 percent by 2020. In the coming decade, McIlwain expects the following:
Older baby boomers to move to urban, mixed-use, mixed-age centers near family instead of retiring to Sun Belt communities;
Immigrants to snub the suburbs in favor of more close-knit communities;
Younger boomers to face the challenges of lost home equity and a smaller pool of move-up buyers;
Generation Y to rent for long periods by choice or because they are paying off student loans or have stagnant incomes.
Source: Inman News (02/01/10)
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