When Buying a Home
February 13th, 2012 | 
Author: You are out driving around and see a home that looks great, so you stop to take a flyer out of the box and give the listing agent a call. STOP!! First of all, let me just remind you that listing agent works for the seller. Before you actually go in and see a home, you should absolutely have a buyer’s agent representing you. Any information you give the seller’s agent may work against you when it is time to make an offer. Secondly, if you decide to go ahead and call the listing agent, be sure to have your questions prepared and be on your guard.
The first question you will want to ask is if the property is still available? Often times agents will not let on that a property is under contract in hopes of pulling in a few buyers that they can turn on to other properties. The next thing you will want to know is if the property is privately owned, bank owned, or is a short sale? The reason being, if you are wanting to be into a home by a certain date, you may not want to make an offer on a bank owned or short sale property which can take several months to close.
Next you will want to know is the property vacant or not? This will help determine the sellers motivation and how much pressure you can put on them in the offer. An ideal situation would be one where the seller has already moved and purchased a new home and urgently needs to sell their old one.
Lastly, you’ll want to ask how firm the seller is on their price? Sometimes real estate agents can be loose lipped and give you more information than they should. In other cases, they may have already gone through part of the process of short sale or submitting an offer on an REO property and know what bottom number is acceptable to the bank.
The answers to these questions will give you the information you need to decide if you even want to look inside the property. For example, there is really no point in even looking at a short sale home when you need to be moved in 45 days.
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Property Management Training and Real Estate Investing
There are various factors which primarily contributed to Sydney Real Estate market’s recovery. First is the deficiency in stocks while the second is due to low interest rates. One factor more important than the two previously stated factors is the security that workers feel in their jobs. A secured job accounts for potential buyers to purchase properties. For this reason that the demand for real estate will probably increase also adds up to the prices of houses in the market.
It was in 2008 when the property Mercado made a dramatic turnaround and resulted to 2009 auction rates suspended at roughly 70-80 in percentage. Much higher in comparison to previous values of 50 percent and below.
Nowadays in Sydney, Houses and housing units cost only up to $650,000, therefore are sold only within a matter of a week or even a few days. While in Sydney’s Lower North Shore, Eastern Suburbs, and Mid North Shore, there can be found on houses whose prices amounts up to 4 million dollars. This none at all stock incidence is the worst of all stock levels in 10 years. However, this issue is starting to be stabilized and is expected to increase in rates as probable result of supply and demand occurrences.
But why is it that stock remains at a near to the ground rank? A number of reasons is held responsible for this. Investors and home owners who aim for a 9 percent interest are strained to put their properties on sale, but currently at this level, only a few can meet the expenses of keeping the real estate. Rentals are also gaining recently. For some who cannot afford it, they just rent instead of purchase. With the stock market being uncertain and banks offering only 3 to 4 % return, it is positive for the property market to soar up.
A tight market may also be due to the fact that some people fear they might lose their jobs so they just sit around and do nothing instead of betting on something which is uncertain. Some homeowners are afraid to sell their property as in the end they will end up renting because they cannot find anything to buy. If that happens that they wind up on a rental, they won’t be able to purchase a property should they find any because they are on a lock out lease.
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The real estate market tends to be cyclical with some periods favoring buyers and other periods favoring sellers. As with other free markets, the pricing and availability of real estate is directly related to the forces of supply and demand. While many real estate markets in the United States are experiencing a substantial slowdown, other markets remain robust, and some even continue to grow. What makes the situation even more complicated is that even within a particular city or county, there may be some areas that are hot and others that are cold. In regions of the country in which the real estate market is slowing, there are some things homebuyers can do to increase their chance of getting the property that they want on terms that are favorable. Below are some strategies to consider:
1. Clarify What You Want. Be sure to understand what kind of property you want (e.g. bedrooms, bathrooms, size, yard, location, etc.). Identify items that you “must have” and items that you would be willing to forego if your other priorities were met.
2. Consult Experts. You’ve no doubt heard the saying that “all real estate is local,” so arm yourself with the best information available. Consult a local real estate expert who can guide you about what communities are hot and which ones are not. Obviously, you are more likely to find deals in communities that have excess supply and limited demand than vice versa.
3. Understand Market Data. Obtaining and evaluating data can be one of the most powerful tools in your arsenal. Identify communities that you find desirable and ask your real estate agent to provide you relevant sales statistics. For example, your agent can provide you:
a. A summary of how many properties are available in communities that you deem desirable.
b. How long properties are taking to sell this month, last month, last quarter, last year, etc.
c. How many properties have sold this month, last month, last quarter, last year, etc.
d. Changes in the median and average price of properties for a community this month, last month, last quarter, last year, etc.
e. Data on the sales price to list price ratio (SP: LP). This ratio provides information about how much, on average, sellers are reducing their price.
f. Detailed data on properties that are similar to the type of property you desire (often known as “comparables” or “comps”).
While the above is not an exhaustive list of strategies, it is a good starting point of issues to consider when buying real estate, particularly in a market that favors buyers. Obtain the services of a knowledgeable Real Estate agent who can provide you with additional strategies to help you reach your real estate objectives. Find real estate listings Orange county property property agents, free mortgage calculator in Southern california, Orange county, Irvine, Newport beach and ocean view area. Use our quick California house search using the search box above or by browsing the city list for real estate in any California city.Search Discounted Homes and Investment Real Estate Listings for FREE! Find foreclosure properties, fixer uppers, and discounted real estate opportunities and find great real estate investments in your local real estate market.
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U.S. Real Estate Forecast From A Supply
On any given day, people can easily find articles and news stories describing an impending bust of the so-called real estate bubble. Despite this gloomy prediction, many experts believe that the recent slowdown in housing will be a gradual and modest readjustment rather than sharp bust or decline. These experts believe that factors that lead to a sharp decline in the real estate market are just not present in the current economic outlook. In fact, a recent study by the Joint Center for Housing Studies at Harvard University noted that “despite the current cool-down, the long-term outlook for housing is bright.”
The rise and fall of the real estate market is subject to the forces of supply and demand, and these factors point to stable and positive growth in the real estate segment.
SUPPLY FACTORS-Limited supply of real estate makes it scarce and usually pushes home prices up. In contrast, an oversupply of real estate tends to put downward pressure on home prices. Despite the current slow down in the real estate market, factors that impact limited supply favor continued growth in the real estate market. Some of these factors include:
1. Builders have readjusted growth plans in regions that have an oversupply of new housing. Over time, any excess inventory is likely to be depleted and equilibrium achieved between supply and demand.
2. The availability of land in certain regions, as well land use regulations and associated compliance costs will continue to restrict the supply of new homes.
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U.S. Real Estate Markets With Consistent Price Appreciation
Buying home, condo or any other real estate in a market that is protected from a bursting bubble is every investor’s dream. Knowing where to look for these bubble-proof markets and how to identify them is crucial.
There are some important factors that investors should consider when searching for stable investments such as single-family homes, condos or any other type of real estate. Some of these factors include a fast growing population (which positively impacts the demand for housing), a solid and diverse economy (which impacts employment rates and subsequent demand for housing), rising incomes (which impacts buyers’ ability to purchase real estate), a developing infrastructure (which contributes to the appeal of a city or community), and restrictions on future real estate development (which limits future supply of real estate). Investing in real estate within communities that meet these criteria may prove to be more profitable than communities that are missing one or more of these factors.
A recent report by Business 2.0 Magazine identified U.S. cities that have consistently demonstrated price appreciation in the real estate market. The October 2006 issue of the Magazine identified the top 5 real estate markets that demonstrated an upward price trend over a long period time. The top-ranking cities were:
1. San Francisco, California
2. Los Angeles, California
3. Seattle, Washington
4. Boston, Massachusetts
5. New York City, New York
San Francisco topped the list with an average annual home price appreciation of 4.2% from 1949 to 2006. In contrast, the national average was 2.3%. Strong restrictions on real estate development and a limited geography helped push San Francisco to the top slot.
Los Angeles ranked second in the report. The average annual home price appreciation in Los Angeles was 3.7% from 1949 to 2006. Reductions in available land and increasing restrictions on further development helped pushed Los Angeles to the number 2 slot.
Home prices in Seattle, which was third on the list, demonstrated an average appreciation rate of 3.2% from 1949 to 2006. While Seattle made the top 5 list, recent easing of building restrictions may cause Seattle to fall out of the top 5 over the next few years.
Boston was fourth in the rankings. The city has seen annual home prices appreciate by 3% over the period from 1949 to 2006. A strong increase in per capita income contributed to Boston’s high ranking.
New York City follows close behind with an average annual home price appreciation of 3% from 1949 to 2006. A limited geography, large population, and finite number of properties contributed to New York’s high ranking.
While there is no guarantee that any of the real estate markets listed previously are truly “bubble proof,” the factors described above may help investors find the profitable markets and avoid “bubble” markets. Since the real estate market is constantly changing, be sure to seek out the services of a skillful real estate agent to help you navigate your next real estate purchase.
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