by CRESTICO | Oct 30, 2009 | CRESTICO
Our country’s economy, like many things, is on a cycle and just like the old adage says, what goes up, must come down. We experienced a boom in Real Estate in the early 2000s and we are merely seeing the after effects of that boom now. While perhaps you may not be able to purchase a million-dollar oceanfront property this year, or even next; you will still be able to realize your very own version of the American dream.
The Mortgage Bankers Association issued a statement saying "Sales of existing homes will rise 11 percent in 2010, and sales of new homes will climb 21 percent over this year." This is great news for everyone, particularly future homeowners! What this means is that we are entering a part of the real estate cycle where things will start going back up. Just like everything else, you have to practice patience and good judgment when buying a home. Homes in the lower end of the market, also known as "entry level" or "starter" homes are a great place to start. Buying a starter home will not only ease you into the concept of owning a home, but will also familiarize you with the process of actually purchasing it. Additionally, while living in your new home, you will be able to experience the trials, tribulations and joys associated with being a homeowner.
Having a great real estate agent is the first step in this process. You will need someone to guide you through the market, not only in terms of prices and mortgages but also in terms of choosing a home that fits your lifestyle. Remember, your agent has access to multitudes of customers, buyers and sellers and the best way for you to take advantage of everyone else’s experience is to work with an agent who is experienced!
by CRESTICO | Oct 6, 2009 | CRESTICO
Is It A Good Time To Buy A Home? The simple answer is YES! It is still a good time to buy a home. With the help of the right agent, you can make this "good time" into a "great time" for you and your family. The news is full of stories about the housing crisis, homeowners losing their homes, and the overall bad state of the economy. Not all of this news, however, has to translate into dissuading you from buying a home. In fact, right now is a very good time, especially for some, to jump in and achieve the American dream of home ownership. As of late, the housing market is starting to look better. Read on for more information about why it is still a good time to buy a home.
First, the government is looking to help you. If you are a first time buyer (which, to the government, is defined as anyone who has not owned a home in the last three years), you are entitled to a maximum $8,000 tax credit. Additionally, Interest Rates are at all-time lows and the Federal government is taking steps to insure and make these loans available to more and more people.
Leverage. Leverage is defined basically as borrowing money to supplement existing funds for
investment. Imagine if you invested ten thousand dollars in stocks and those stocks earned ten percent, you would have earned one thousand dollars. But investing ten thousand dollars on a home, and having that home's value increase ten percent; effectively, you would have earned ten thousand dollars. Which sounds like a better investment to you?
Next, you have to live somewhere. And so does everyone else. According to nationwide statistics, approximately 800,000 new households are created each year in the United States alone. Each of these households will need housing, regardless of the state of the economy. This fact alone ENSURES the recovery of the housing market.
Cycles. The economy is a cycle, and like a cycle, what goes down must come back up. Once this happens, it will create INSTANT equity for you. That means you will have earned FREE money just by living in your home, which you are going to do regardless of where you live. Why not buy a home and earn free money in the process?
Mortgages. Many people think a mortgage is just like paying rent, right? WRONG! With the right fixed-rate mortgage, you are basically ensuring the same payment for thirty years. If you try to rent an apartment for thirty years, odds are that every year or so, your rent will be increased. That does not happen with mortgages.
Ownership. Owning a home is a GREAT accomplishment and it allows you to express yourself in the best way possible. You can decorate it any way you want, furnish it, paint it, and improve it and all the while you will be increasing its value and the value of your investment. Ownership also gives you and your family a sense of stability and a place to lay your roots.
These are only a FEW of the reasons why right now is a good time to buy a home. A qualified agent will be able to answer any questions you may have and also give you more reasons to consider investing in your next home!
by CRESTICO | Apr 3, 2009 | CRESTICO
Is It A Good Time To Buy A Home?
The simple answer is YES! It is still a good time to buy a home. With the help of the right agent, you can make this "good time" into a "great time" for you and your family. The news is full of stories about the housing crisis, homeowners losing their homes, and the overall bad state of the economy. Not all of this news, however, has to translate into dissuading you from buying a home. In fact, right now is a very good time, especially for some, to jump in and achieve the American dream of home ownership. As of late, the housing market is starting to look better. Read on for more information about why it is still a good time to buy a home.
First, the government is looking to help you. If you are a first time buyer (which, to the government, is defined as anyone who has not owned a home in the last three years), you are entitled to a maximum $8,000 tax credit. Additionally, Interest Rates are at all-time lows and the Federal government is taking steps to insure and make these loans available to more and more people.
Leverage. Leverage is defined basically as borrowing money to supplement existing funds for investment. Imagine if you invested ten thousand dollars in stocks and those stocks earned ten percent, you would have earned one thousand dollars. But investing ten thousand dollars on a home, and having that home’s value increase ten percent; effectively, you would have earned ten thousand dollars. Which sounds like a better investment to you?
Next, you have to live somewhere. And so does everyone else. According to nationwide statistics, approximately 800,000 new households are created each year in the United States alone. Each of these households will need housing, regardless of the state of the economy. This fact alone ENSURES the recovery of the housing market.
Cycles. The economy is a cycle, and like a cycle, what goes down must come back up. Once this happens, it will create INSTANT equity for you. That means you will have earned FREE money just by living in your home, which you are going to do regardless of where you live. Why not buy a home and earn free money in the process?
Mortgages. Many people think a mortgage is just like paying rent, right? WRONG! With the right fixed-rate mortgage, you are basically ensuring the same payment for thirty years. If you try to rent an apartment for thirty years, odds are that every year or so, your rent will be increased. That does not happen with mortgages.
Ownership. Owning a home is a GREAT accomplishment and it allows you to express yourself in the best way possible. You can decorate it any way you want, furnish it, paint it, and improve it and all the while you will be increasing its value and the value of your investment. Ownership also gives you and your family a sense of stability and a place to lay your roots.
These are only a FEW of the reasons why right now is a good time to buy a home. A qualified agent will be able to answer any questions you may have and also give you more reasons to consider investing in your next home!
by CRESTICO | Jan 31, 2009 | CRESTICO
LISTING YOUR HOME AT THE RIGHT PRICE
You have finally decided that you want to sell your home. Where to start? The most important thing you must consider is the price. This is going to be the first impression a potential buyer gets of you and your home. If you price it too high, you risk discouraging buyers and reducing your home’s appeal after only a short time. Industry standards dictate that most listed homes see a reduction in demand and interest after about 3 weeks. Industry practice has also shown that if you price your home too low, market factors will raise the price to market. This is because you will receive multiple offers on a low price and potential buyers will end up bidding more and more to get your home. 2 things you should consider when attempting to determine a price are Supply and Demand. Now, we have all heard these terms in our high school economics and government classes but what do they mean to you, a potential home seller? They mean you must consider how many homes are on the market in your area (supply) and how many people are looking to buy them (demand).
Here are a few other thing to consider when trying to set a sale price for your home:
Comparable Listings. A good starting point is to take a look around your neighborhood. Compare your house to the others on your block (we generally recommend considering homes up to but not further than a 0.5 mile radius from your home). And don’t just look at today’s prices. Do a little research and go back a few months. Look at recently sold as well as currently listed properties. Spend some time gathering information, this will all be useful to you in determining a price base. Compare things like year built, square footage, lot size, pools, second stories, driveways, garages and carports. Look at old listings, expired listings and withdrawn listings to determine the number of days each comparable property was actually on the market. Pay attention to sales price in relation to listing price. Discrepancies in the two may indicate trends in the local area.
When considering active listings, remember these are the homes that buyer looking to purchase in your area will be looking at and mentally comparing to your home. Attend open houses in your area and take tours, check out the competition. Make a note about anything that strikes you and apply your perceptions to your own home’s open houses and tours. We at Crestico have preferred partners that are specialists at Staging. Staging is when you prepare your home in an aesthetically pleasing manner so as to entice and induce buyers.
After you have gathered all the information you need, your next step is to make sense of it and set a price. Another thing to consider would be what type of market it is, buyer’s or seller’s. This seems tricky, but your Crestico Agent will be able to sort it all out with you and explain it in easy to understand terms. Call today to speak with an agent who is ready, willing and able to help!
