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8 Tips for Finding Your New Home
A solid game plan can help you narrow your homebuying search to find the best home for you. Read
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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
The real estate downturn has turned some
very popular retirement destinations into bargains.
To determine where the prices are most attractive, U.S. News & World Report examined price-to-income data for 384 metropolitan statistical areas. This expresses the relationship between owner income and home values.
Here are 10 retirement havens where homes are most affordable by this measure:
1. Bend, Ore.
2. Napa, Calif.
3. Fort Meyers, Fla.
4. Fayetteville, Ark.
5. Las Vegas
6. Sante Fe, N.M.
7. Punta Gorda, Fla.
8. Phoenix
9. Santa Cruz, Calif.
10. Burlington, Vt.
Source: U.S. News & World Report, Luke Mullins (07/08/2010)
To determine where the prices are most attractive, U.S. News & World Report examined price-to-income data for 384 metropolitan statistical areas. This expresses the relationship between owner income and home values.
Here are 10 retirement havens where homes are most affordable by this measure:
1. Bend, Ore.
2. Napa, Calif.
3. Fort Meyers, Fla.
4. Fayetteville, Ark.
5. Las Vegas
6. Sante Fe, N.M.
7. Punta Gorda, Fla.
8. Phoenix
9. Santa Cruz, Calif.
10. Burlington, Vt.
Source: U.S. News & World Report, Luke Mullins (07/08/2010)
Congress approved a bill that would extend the tax credit deadline to
midnight September 30, 2010 on contracts that were signed by the
midnight April 30 deadline. According to NAR, nearly 200,000 buyers who
were unable to meet the original deadline due to outstanding issues will
now be granted an extension.
Some 52 percent of single home buyers in
April chose suburban locations over urban and rural areas, according to a
survey by Coldwell Banker of 1,000 single buyers.
· More than 53 percent of single home owners reported that they purchased a home because it was more cost effective than renting in their area, while 68 percent of single home owners purchased a home that was less expensive than they believed they could have afforded to pay.
· Some 55 percent have less than a 30-minute commute to their office or work from home.
· Singles don't shy away from foreclosures - especially single men. Thirty-eight percent would currently consider purchasing a foreclosed/short sale home, compared to 29 percent of single women.
· Of the 13 percent of single home owners who own their home jointly with another person, 49 percent made the purchase with their parents. Forty percent live less than 30 minutes or even in the same neighborhood as their parents or extended family. An additional 12 percent live with at least one family member.
· Number of bedrooms is important to 27 percent of single women, while only 18 percent of men were concerned.
Source: Coldwell Banker Real Estate (06/18/2010)
· More than 53 percent of single home owners reported that they purchased a home because it was more cost effective than renting in their area, while 68 percent of single home owners purchased a home that was less expensive than they believed they could have afforded to pay.
· Some 55 percent have less than a 30-minute commute to their office or work from home.
· Singles don't shy away from foreclosures - especially single men. Thirty-eight percent would currently consider purchasing a foreclosed/short sale home, compared to 29 percent of single women.
· Of the 13 percent of single home owners who own their home jointly with another person, 49 percent made the purchase with their parents. Forty percent live less than 30 minutes or even in the same neighborhood as their parents or extended family. An additional 12 percent live with at least one family member.
· Number of bedrooms is important to 27 percent of single women, while only 18 percent of men were concerned.
Source: Coldwell Banker Real Estate (06/18/2010)
RISMEDIA, May 25, 2010--Those who missed taking advantage of the
first-time buyer tax credit but who are still planning the purchase of
their first home, continue to have a wealth of opportunities in today's
marketplace. A few smart steps can save first-time buyers thousands of
dollars. Here is a look at some of the ways how:
1. Don't buy if you don't plan to stay
If you can't commit to remaining in one place for at least a few years,
then owning is probably not for you, at least not yet. With the
transaction costs of buying and selling a home, you may end up losing
money if you sell any sooner - even in a rising market. When prices are
falling, it's an even worse proposition.
2. Start by shoring up your credit
Since you probably will need to get a mortgage to buy a house, you must
make sure your credit history is as clean as possible. A few months
before you start house hunting, get copies of your credit report. Make
sure the facts are correct, and fix any problems you discover.
3. Choose carefully between points and rate
When picking a mortgage, you usually have the option of paying
additional points- a portion of the interest that you pay at closing- in
exchange for a lower interest rate. If you stay in the house for a long
time- say three to five years or more- it's usually a better deal to
take the points. The lower interest rate will save you more in the long
run.
4. Hire a home inspector
A home inspector can let you know if you're about to buy a lemon of a
house or warn you about potential problems. At best, you can move into
the house confident that it's in good shape; at worst, the inspector's
report can let you back out of the deal if the house has major,
unexpected problems. Most typically, the home inspection can allow you
to negotiate the home price to account for necessary repairs.
5. Get professional help
Even though the Internet gives buyers unprecedented access to home
listings, most new buyers (and many more experienced ones) are better
off using a professional agent. Look for an exclusive buyer agent, if
possible, who will have your interests at heart and can help you with
strategies during the bidding process.
6. Bonus Tip: Be patient
Buying a home is one of the largest purchases most people will make in
their lifetime. The key to avoiding buyer's remorse is to be completely
comfortable before signing on the dotted line.
According to a release from the National Association of Home Builders
(NAHB), Indianapolis was the most affordable major housing market during
the third quarter of this year. Check out the rest of the top 10 by
reading this press release. (NAHB Press Release, November
19, 2009, NAHB.org)
