Eight great reasons to buy that dream vacation home right now...
RISMEDIA, May 14, 2007-So you want to buy a vacation home. You've been daydreaming about a cabin in the mountains, perhaps, or a charming cottage near the sea.
Maybe you even have the property picked out. You know you can swing it financially, but you're not quite sure you're ready to take the plunge. Is this the right time to buy real estate … really? Vacation property expert Christine Karpinski says absolutely yes-and backs up her answer by citing the results of a new report by the National Association of Realtors®.
For the complete story, click here...
12 May 2007
05 April 2007
Fundamentals and an Upswing
It appears that our perception of an improving market is supported by some industry experts. As activity increased here on the Coast in Q1, it seems to have done the same nationwide as a whole.
The following quote comes from Camille Kazas' newsletter - she can be found at North American Title (www.nat.com) in Sebastopol...
Existing-home sales rose strongly in February according to the National Association of Realtors®. February’s increase was the biggest monthly rise in three years – matching the 3.9 percent sales of March 2004.
Here’s what some industry experts are saying:
David Lereah, NAR’s chief economist - “Fundamentals have improved in the housing market and buyers see a window now with historically-low mortgage interest rates and competitive pricing by sellers.”
NAR President Pat Combs - “Overall, home prices should rise slowly this year, and many buyers have an opportunity now that was only a dream during the five-year boom.”
Federal Reserve Chairman Ben Bernanke -"Overall, the economy appears likely to continue to expand at a moderate pace over coming quarters.”
The potential for investing in a new home or income property is excellent now.
The following quote comes from Camille Kazas' newsletter - she can be found at North American Title (www.nat.com) in Sebastopol...
Existing-home sales rose strongly in February according to the National Association of Realtors®. February’s increase was the biggest monthly rise in three years – matching the 3.9 percent sales of March 2004.
Here’s what some industry experts are saying:
David Lereah, NAR’s chief economist - “Fundamentals have improved in the housing market and buyers see a window now with historically-low mortgage interest rates and competitive pricing by sellers.”
NAR President Pat Combs - “Overall, home prices should rise slowly this year, and many buyers have an opportunity now that was only a dream during the five-year boom.”
Federal Reserve Chairman Ben Bernanke -"Overall, the economy appears likely to continue to expand at a moderate pace over coming quarters.”
The potential for investing in a new home or income property is excellent now.
18 March 2007
How To Find 'Green' Contractors
by Broderick Perkins of Realty Times
Greening up your home can come with energy savings, a value boost, tax benefits and a smaller carbon footprint.
Not only do you and your household's bottom line benefit from green home improvements, so does the planet.
Unless the work is quality work, however, you may not get the personal financial benefits you seek, nor the pinch of planet cooling the Earth could use.
Click here for more tips on building green.
Greening up your home can come with energy savings, a value boost, tax benefits and a smaller carbon footprint.
Not only do you and your household's bottom line benefit from green home improvements, so does the planet.
Unless the work is quality work, however, you may not get the personal financial benefits you seek, nor the pinch of planet cooling the Earth could use.
Click here for more tips on building green.
U.S. mortgage reset may boost foreclosures
By Ilaina Jonas
NEW YORK, March 19 (Reuters) - About 1.1 million additional home foreclosures are expected over the next six years as adjustable-rate mortgages -- which made home buying more affordable to U.S. buyers in recent years -- reset to higher payments, according to a study by research firm First American CoreLogic.
The expected $112 billion in losses won't break the mortgage industry but will inflict pain on lenders and borrowers affected by the defaults, said the study, released on Monday.
"It's less than we spend on alcohol. It's less than we spend on the lottery and gambling," said Christopher Cagan, director of research and analytics, and author of the report Mortgage Payment Reset, The Issue and the Impact.
"The price of gasoline has far more impact. We have $60 billion a month in trade deficit that dwarfs this," he added.
Click to see the entire article.
NEW YORK, March 19 (Reuters) - About 1.1 million additional home foreclosures are expected over the next six years as adjustable-rate mortgages -- which made home buying more affordable to U.S. buyers in recent years -- reset to higher payments, according to a study by research firm First American CoreLogic.
The expected $112 billion in losses won't break the mortgage industry but will inflict pain on lenders and borrowers affected by the defaults, said the study, released on Monday.
"It's less than we spend on alcohol. It's less than we spend on the lottery and gambling," said Christopher Cagan, director of research and analytics, and author of the report Mortgage Payment Reset, The Issue and the Impact.
"The price of gasoline has far more impact. We have $60 billion a month in trade deficit that dwarfs this," he added.
Click to see the entire article.
04 March 2007
New Stability Takes Hold
Last year’s correction in housing markets was sorely needed after five years of a booming expansion. But now there are signs that the correction is behind us and a year of stability lies ahead.
A quick recap: By the end of 2005, home prices were inflated, and property investors and speculators were ubiquitous, pushing to the sidelines home buyers who couldn’t afford lofty prices in boom regions. Some households also postponed buying because they believed prices would eventually drop. Then property speculators fled, dumping inventories. And home owners looking to sell remained stubbornly wedded to their listing prices.
The sky never fell in 2006. There were no bursting bubbles. But air came out of some over inflated balloons those markets that experienced frothy appreciation. Final 2006 figures show existing-home sales down 8.4 percent for the year, new-home sales down 17.3 percent, and housing starts down 12.9 percent.
This year will be better. Home sales appear to have bottomed out, reaching a cyclical low in September 2006. Since then, home sales have been inching up, albeit modestly. Inventories have stabilized, with the national months’ supply hovering around 7.3 months since July 2006.
For the entire Realtor.org article, click here.
A quick recap: By the end of 2005, home prices were inflated, and property investors and speculators were ubiquitous, pushing to the sidelines home buyers who couldn’t afford lofty prices in boom regions. Some households also postponed buying because they believed prices would eventually drop. Then property speculators fled, dumping inventories. And home owners looking to sell remained stubbornly wedded to their listing prices.
The sky never fell in 2006. There were no bursting bubbles. But air came out of some over inflated balloons those markets that experienced frothy appreciation. Final 2006 figures show existing-home sales down 8.4 percent for the year, new-home sales down 17.3 percent, and housing starts down 12.9 percent.
This year will be better. Home sales appear to have bottomed out, reaching a cyclical low in September 2006. Since then, home sales have been inching up, albeit modestly. Inventories have stabilized, with the national months’ supply hovering around 7.3 months since July 2006.
For the entire Realtor.org article, click here.
28 February 2007
LUXURY HOME MARKETS SLOW IN CALIFORNIA
There are a significant number of "luxury" homes on the Coast and the trend for most of California appears to be relevant to us here. This article comes to us from the California Association of Realtors...
During last year's fourth quarter, luxury home prices in Los Angeles, San Diego, and San Francisco declined on a quarter-to-quarter basis for the first time since 2004, according to the First Republic Prestige Home Index™, which tracks homes valued at more than $1 million in key California markets. Despite the quarterly decreases, limited inventories continue to drive the luxury markets, and prices appreciated by single digits on an annual basis in all three areas.
In Los Angeles, fourth quarter luxury home prices were up 2.9 from a year ago and the average luxury home is now valued at $2.35 million. High-end homes in San Diego and San Francisco also recorded modest annual gains last quarter, rising 3.3 percent and 1.5 percent, respectively. According to the index, the average luxury home in San Francisco is now valued at $2.92 million, while the average luxury home value in San Diego is $2.15 million
During last year's fourth quarter, luxury home prices in Los Angeles, San Diego, and San Francisco declined on a quarter-to-quarter basis for the first time since 2004, according to the First Republic Prestige Home Index™, which tracks homes valued at more than $1 million in key California markets. Despite the quarterly decreases, limited inventories continue to drive the luxury markets, and prices appreciated by single digits on an annual basis in all three areas.
In Los Angeles, fourth quarter luxury home prices were up 2.9 from a year ago and the average luxury home is now valued at $2.35 million. High-end homes in San Diego and San Francisco also recorded modest annual gains last quarter, rising 3.3 percent and 1.5 percent, respectively. According to the index, the average luxury home in San Francisco is now valued at $2.92 million, while the average luxury home value in San Diego is $2.15 million
Big Rise in Home Sales
From the National Association of Realtors. It appears that the reduction in prices are bringing buyers back into the market...
Sales of existing homes rose in January by the largest amount in two years, raising hopes that the worst of the severe slump in housing may be coming to an end. Median home prices, however, fell for a sixth straight month.
The National Association of Realtors reported this week that sales of previously owned homes rose by three percent last month, the biggest one-month increase since a 3.3 percent increase in January 2005. Sales of existing U.S. homes rose three percent to a seasonally adjusted annual rate of 6.46 million in January, the highest in seven months.
Sales of existing homes rose in January by the largest amount in two years, raising hopes that the worst of the severe slump in housing may be coming to an end. Median home prices, however, fell for a sixth straight month.
The National Association of Realtors reported this week that sales of previously owned homes rose by three percent last month, the biggest one-month increase since a 3.3 percent increase in January 2005. Sales of existing U.S. homes rose three percent to a seasonally adjusted annual rate of 6.46 million in January, the highest in seven months.
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