Buyers often ask if earthquake insurance is a necessity here on the Coast. And while we do live right near a major fault, the choice is not a simple one. While the insurance premium may be relatively inexpensive, the deductible could really cost you. Here's a link that estimates the cost to insure your home...
The California Earthquake Authority
08 September 2006
Home Sales Forecast Lowered, Prices to Dip Temporarily - NAR
Home Sales Forecast Lowered, Prices to Dip Temporarily - NAR
Home sales during the rest of the year will be lower than earlier projections as the market works its way through an inventory and price imbalance, according to the National Association of Realtors (NAR).
Home sales during the rest of the year will be lower than earlier projections as the market works its way through an inventory and price imbalance, according to the National Association of Realtors (NAR).
06 September 2006
PSYCHOLOGICAL FACTORS CONTRIBUTE TO DECLINING HOME SALES
The housing market should continue leveling out in the coming months, according to NAR's most recent Pending Homes Sales Index (PHSI). In July, the PHSI stood at 105.6, down 7 percent from the previous month and down 16 percent from July 2005. The index gauges home sales activity for upcoming months based on the number of transactions that have signed contracts but are not yet closed. A PHSI of 100 or more generally indicates a high level of homes sales activity.
"We've never seen a general decline in the housing market against a healthy economic backdrop where jobs are being created, the economy in growing and interest rates are favorable," said NAR Chief Economist David Lereah. "Psychological factors are causing some buyers to remain on the sidelines, waiting for prices to stabilize or for more favorable news about the market and the economy. Contributing to this hesitancy is a lot of negative news stories, but in the end we believe that underlying market fundamentals will prevail."
The PHSI declined across the nation in July compared with the readings a year ago. On a regional basis, the PHSI was highest in the South, where it declined 11.3 percent to 122.3. In the West, the index fell 20.3 percent to 103.1. The PHSI also declined in the Midwest and Northeast regions, falling to 93.3 and 92.1, respectively.
"We've never seen a general decline in the housing market against a healthy economic backdrop where jobs are being created, the economy in growing and interest rates are favorable," said NAR Chief Economist David Lereah. "Psychological factors are causing some buyers to remain on the sidelines, waiting for prices to stabilize or for more favorable news about the market and the economy. Contributing to this hesitancy is a lot of negative news stories, but in the end we believe that underlying market fundamentals will prevail."
The PHSI declined across the nation in July compared with the readings a year ago. On a regional basis, the PHSI was highest in the South, where it declined 11.3 percent to 122.3. In the West, the index fell 20.3 percent to 103.1. The PHSI also declined in the Midwest and Northeast regions, falling to 93.3 and 92.1, respectively.
05 September 2006
What Good is a Home Warranty Anyway?
RISMEDIA, September 5, 2006—Buying a home warranty policy during a real estate transaction provides many benefits to the buyer, seller, and to the real estate professional as well. What are these benefits and what good is a home warranty anyway?
What exactly is a home warranty? Home warranties are one-year or 13 Month policies that cover a home’s major mechanical systems and appliances. The mechanical systems often include the plumbing, heating/furnace, electrical, water heater, and cooling systems.
Major appliances may include the washer and dryer, refrigerator, and built-in microwave.
Oftentimes, there are optional items to purchase that are not covered under the base contracts. These items can include the pool and spa, septic tank, or roof leak repair. Real estate professionals should instruct their clients to read over the home warranty contract thoroughly to understand what is and what is not covered. See article, “Home Warranty Companies are Not all the Same! Research, Compare, and Ask the Right Questions.”
When a covered item breaks due to normal wear and tear, the policy holder makes a claim with the warranty company and a service vendor comes to the home to diagnose the problem. If the item is covered, it is either repaired or replaced. The policy holder is required to pay a service call fee to the vendor at the time of service.
Having a warranty on the buyer’s new home definitely helps their pocketbooks at a time when they probably need it the most – after the close on their new home. Repairing or replacing items in a home is the last thing a new buyer needs.
What good is a home warranty to the seller? Sellers are moving out of the house, so why would a warranty benefit them? Some home warranty companies, such as HWA, offer Free Seller’s Coverage. During the period that a home is listed, HWA ensures that covered appliances and mechanical systems are repaired or replaced for a low “per visit” service call fee. HWA covers the listing period up to 180 days and if more time is needed, it can be extended for another 180 days. The home will typically sell faster when there is a home warranty attached to it because it gives the buyer piece of mind when deciding to purchase the home. The warranty will also decrease the post-sale liability to the seller. The seller will not have to deal with the problems and expenses that may occur after the home has been closed.
What exactly is a home warranty? Home warranties are one-year or 13 Month policies that cover a home’s major mechanical systems and appliances. The mechanical systems often include the plumbing, heating/furnace, electrical, water heater, and cooling systems.
Major appliances may include the washer and dryer, refrigerator, and built-in microwave.
Oftentimes, there are optional items to purchase that are not covered under the base contracts. These items can include the pool and spa, septic tank, or roof leak repair. Real estate professionals should instruct their clients to read over the home warranty contract thoroughly to understand what is and what is not covered. See article, “Home Warranty Companies are Not all the Same! Research, Compare, and Ask the Right Questions.”
When a covered item breaks due to normal wear and tear, the policy holder makes a claim with the warranty company and a service vendor comes to the home to diagnose the problem. If the item is covered, it is either repaired or replaced. The policy holder is required to pay a service call fee to the vendor at the time of service.
Having a warranty on the buyer’s new home definitely helps their pocketbooks at a time when they probably need it the most – after the close on their new home. Repairing or replacing items in a home is the last thing a new buyer needs.
What good is a home warranty to the seller? Sellers are moving out of the house, so why would a warranty benefit them? Some home warranty companies, such as HWA, offer Free Seller’s Coverage. During the period that a home is listed, HWA ensures that covered appliances and mechanical systems are repaired or replaced for a low “per visit” service call fee. HWA covers the listing period up to 180 days and if more time is needed, it can be extended for another 180 days. The home will typically sell faster when there is a home warranty attached to it because it gives the buyer piece of mind when deciding to purchase the home. The warranty will also decrease the post-sale liability to the seller. The seller will not have to deal with the problems and expenses that may occur after the home has been closed.
Subscribe to:
Posts (Atom)
