Archive for tag Real estate market
May 13, 2011 at 07:11 AM
When it comes to landscaping, possibilities are endless. For the most part, if you can dream it, it can be created. Unfortunately, not all of us have the creative gene or the desire to tackle an intense do-it-yourself project. Also, most of us are not experts on blending concept and functionality.
There is so much that goes into landscaping! From the overall design, to choosing the right trees and flowers…landscaping is an art. Pick the wrong evergreen, and you will have deer visiting your yard late at night for a midnight snack until there is nothing left but branches. Pick the wrong flowers, and they may not grow back the following year.
Recently, my wife and I built a new home. Of course, with building comes landscaping. After careful consideration for several weeks, we decided to reach out to contractors and ask for written quotes. We were very surprised at the wide range of prices. The quote was to include finished grading, storm drainage, a 30 head in-ground water sprinkler system, and Kentucky Blue Grass seeding. The gap between the highest and lowest bid was $4,700.00!
After careful consideration of the bids, and meeting with representatives from each company, we decided to go with a Waukesha based company, Hardscape Concepts. We personally met with the owner, Jim, and were very impressed with his presentation and the personal commitment he made to our project. He was very detailed is his approach and walked through step by step what would occur from start to finish. He even informed us that he did additional work such as concrete, patio pavers, retaining walls, and ponds and water systems, that we are also giving some consideration to at a later date. His crew was on time each day, took time to update us on their progress, and because of some bad weather that limited their ability to work on a Friday, came and spent the entire day on Saturday catching up for the time we lost through no fault of their own.
We are very happy with the quote, the work performed, and would definitely work with Jim, and Hardscape Concepts, in the future.
Brian A. Peters, M.B.A., M.S.A.
Shorewest Realtors
Brian.shorewest.com
Posted by: 
Brian Peters
Comments
·
">
April 18, 2011 at 07:22 AM
If you are currently considering whether or not now is the right time to buy a home, you are in luck. You have probably heard the term “buyer’s market.” A buyer’s market means market conditions favor buyers as opposed to sellers. This could not be any more true as we head in to spring 2011.
Southeastern Wisconsin is saturated with properties with a tremendous range in price. Properties are currently listed by sellers for a variety of reasons which may include, but are not limited to, relocation, financial hardship, divorce, and other changes in familial status. Sellers in these situations don’t necessarily want to sell, but have to sell. Because these sellers have to sell, and because there are so many properties on the market in which they must compete against, prices have fallen.
In addition to a high volume of properties on the market, interest rates remain at record lows. Over the span of your loan, these record low rates can save you tens of thousands of dollars; not to mention keep your monthly payments down.
As a buyer’s agent, I am very excited about the possibilities that are out there. The wide selection of properties and low prices increase the likelihood of finding exactly what my buyers are looking for. In many instances, I am able to find properties that even exceed expectations.
I want to remind you that as a Realtor, I do not receive any upfront payment for my services. I am only paid after a successful closing. Why do I mention this? Because if you are looking to buy a home, I want to help you find exactly what you are looking for. I want to help you find the right location, the right size, the right style, and of course, the right price. If you might be in the market for a new home, or are even curious about what is available, I encourage you to call me and tell me how I can help you.
If you would like to learn more about homes in Southeastern Wisconsin, or are looking to purchase a property, call me at 414-418-2119. I look forward to working with you!
Brian A. Peters, M.B.A., M.S.A.
Shorewest Realtors
414-418-2119
Brian.Shorewest.com
Posted by: Brian Peters
Comments
·
">
April 15, 2011 at 04:26 PM
In today's economic environment, many people are wondering where to put their money. There are a lot of investment products available that range from conservative to aggressive, and everything in between. If you were to consult ten different financial professionals, you would likely get ten different investment recommendations. The truth is there is no magic crystal ball and all investments carry with them various degrees of risk and reward outcomes. The key to successful investing is to minimize risk. For me, minimizing risk means looking at the big picture first, and details second. Understanding what is going on in the economy will help you determine which opportunities yield the best potential. For example, in the last decade, gold prices have gone up over 400%. Some factors are, but are not limited to, inflation, supply and demand, the European debt crisis, as well as global politics. Any one of these factors probably wouldn't be enough to drive gold prices as fast or as high as they have, but several factors taking place during the same time frame can cause more drastic change.
Real estate investing has similar rules. Any one economic or market factor is not likely to have an overwhelming affect; but a combination of a few or more, will. There are several television shows, books, and websites that talk about how much money you can make flipping houses! Can you make a lot of money flipping houses? You absolutely can. Is it a given that if you buy a house and fix it up you will be able to sell it for a profit? The answer is, no. When flipping homes, there are several factors you need to take into consideration.
1) Your Market
The number one rule in real estate is location. People that are successful at flipping homes generally select properties in a desirable market. They want to make sure that when they are finished with the remodeling portion of the project, they will have buyers lined up ready to make an offer on their property.
2) Material and Labor Costs
When purchasing a "fixer upper", it is important to conduct a thorough and accurate assessment of the property. Ask yourself, is the property structurally sound? What changes need to be made to the property in order for it to sell for top dollar?
3) Carrying Costs
The most overlooked element in home flipping are carrying costs. From the time a property is purchased, through the remodeling phase, all the way to the day the property eventually sells, there are carrying costs associated with the project. Monthly mortgage payments, property taxes, other miscellaneous loans, are all factors that need to be considered.
Here is an example:
Property: 123 Main St.
. Purchase for $200,000
. 25% of the purchase price was cash and the balance of $150,000 is mortgaged
Remodeling:
. New kitchen cabinets $25,000
. New kitchen floor $2,000
. New living room and bedroom carpeting $8,000
. Master bath gutted and refinished $11,000
. Jack and Jill bathroom refinished $3,000
. New paint throughout $3,500
. Landscaping for curb appeal $22,000
Total material and labor cost $74,500
Timeline:
. 3 months to complete the remodel
. 3 months to market and sell the property
. Six months of carrying costs = $6,796
For illustration purposes, I have chosen a property in a community that will most likely sell in 90 days or less based on sales data. If I were looking to take on this project, the project alone would be at a cost of approximately $281,296.00. Based on a comparative market analysis, it is reasonable to assume this property will bring in around $359,000 when sold. The total profit, at a sale price of $359,000, would be $77,704. However, this return is only a projection and is not guaranteed. If problems were found during the remodel, material and labor costs could rise. If the property does not sell in 90 days or less, there will be additional carrying costs. If the market changes from the time the project is started, to the time the home is listed, the property may not sell for the initial amount expected. My personal rule of thumb for home flipping a home is a 25% return. I want to be reasonably confident that the property I invest my time and effort on will realize a 25% or greater profit when the home is eventually sold. I need this cushion to feel comfortable about potential problems or complications that may occur. In some instances, you may get a far better return. In other instances, you may not. Small profits, or breaking even, is not an option. Home flipping projects are not easy and if you spend six months to make a small amount, or break even,chances are you won't be flipping houses very long.
The most important element of home flipping is the initial property search. Only a very small fraction of homes on the market have the potential to turn a 25% profit in 180 days. The best opportunities are foreclosures and distressed properties, in a desirable market, in a market that is not over-saturated. As an investor, be patient, do your homework, and be honest with yourself. Know what you are getting yourself into before rushing to purchase a property. In doing so, you will increase your chances of realizing a sizable return on your investment.
Brian A. Peters, M.B.A., M.S.A.
Shorewest Realtors
Brian.Shorewest.com
Posted by: Brian Peters
Comments
·
">
March 23, 2011 at 07:06 AM
In 2010, MSNBC ran a story announcing that Milwaukee had topped the annual list becoming the worst-selling housing market in the entire country.
As someone that calls Southeastern Wisconsin home; as someone who enjoys traveling and has seen much of the United States; and as a real estate professional; I can not help but ask myself the question…why?
Over a century ago, Milwaukee competed with Chicago as one of the Midwest’s largest metropolitan cities. They both offered a beautiful location, nestled along the shores of Lake Michigan, with various attractions and night life. Both cities were home to thriving businesses and offered job opportunities to those looking for employment. So what happened? What catapulted Chicago to become the nation’s third largest city and caused Milwaukee to eat their dust? The short answer is the railroad and the long answer is politics.
Around the turn of the 20th century, Chicago and Milwaukee were two cities competing for the rights to a major Midwestern train station linking rails from the east coast to those in the west. Chicago triumphed, won the rights, and from that point on, the landscapes of the two cities have never been the same. Chicago has become a major hub for business and industry on a global scale. Milwaukee has grown, but not to the extent of their neighbors in the South.
However, times have changed. We are no longer dependant on the railroad to the extent we were a century ago. Land is a premium and there is only so much lake frontage to go around. Why is Chicago still a desirable place to call home and Milwaukee is...well…Milwaukee? The answer is politics.
Since losing the railroad hub to Chicago, Milwaukee has been plagued with some of worst leadership in the nation. During the first half of the 20th century, Milwaukee became a center for socialism. Milwaukeeans elected three Socialist mayors during this time: Emil Seidel (1910–1912), Daniel Hoan (1916–1940), and Frank Zeidler (1948–1960). Milwaukee is the only major city in American history to have done so. These leaders have been pro-union, anti “big” business, and have stifled most attempts to capitalize on Milwaukee’s geographic location and beautiful vistas. In the later half of the 20th century, Milwaukee has not performed much better in terms of development. Liberal leadership has continued pro-union, anti-business sentiments, which ultimately cost Milwaukee a recent loss to Chicago. Miller Brewing Company decided in 2008 that the business and political climate in Milwaukee was not in their best interest an opted to move their headquarters from Milwaukee to Chicago.
So now in 2010, we are told Milwaukee is the worst-selling housing market in the country. In thinking about this sad state of events, being a person that loves my state and calls Southeastern Wisconsin home, I tried to look past the doom and gloom. Another local Wisconsin company [West Bend Mutual] reminds us that every dark cloud has a silver lining; and then it hit me. Milwaukee is at the bottom. It has nowhere to go but up. If you are looking to start a business, in a major metropolitan city, it is unlikely that you will find a better piece of real estate, at a lower price, then you will find in Milwaukee. If you are a home buyer, and you want city living at an affordable price, there is an abundance of condominiums on the market located right downtown, only a short walk from some of Milwaukee’s best bars, restaurants, and entertainment venues. Why pay a premium to live in downtown Chicago when you can experience a very similar lifestyle at a fraction of the cost?
How often have you said, or have heard others say, “Man, I wish I would have gotten in on the ground floor of [THAT] opportunity!” Some people bought Google, Microsoft, Wal-Mart, and other great investments for pennies on the dollar. Some of those people made more off their small investment than they made working a life time at a 9-5 job. Milwaukee is a ground floor opportunity. Will politics still play a major role in progress, growth, and development? It absolutely will. However, it was Gandhi that said, “Be the change you want to see in the world.”
Milwaukee is a beautiful diamond in the rough. It has the potential to be so much more than it is. It is a ground floor investment with the potential for greatness. Like most investments, however, the rewards will go to those with the vision to see what could be; those bold enough to put money behind that vision; and those willing to take actions necessary to turn potential into reality.
Brian A. Peters, M.B.A., M.S.A.
Shorewest Realtors
Brian.Shorewest.com
“Your success is my business!”
Posted by: Brian Peters
Comments
·
">
March 22, 2011 at 11:42 AM
As a Realtor, my objectives when selling a property are rather straight forward: Sell my client’s property as quickly as possible for the best possible price. For years, home buyers have purchased homes with belief that when it came time to sell, they would make a profit. More recently, we have experienced a recession that has dramatically affected the housing market. Much of what is currently transpiring is due to several factors such as lax lending standards, historically low interest rates, and speculation.
With interest rates low, loans were being issued at a more rapid rate. Lax lending standards allowed borrowers that wouldn’t have typically qualified for loans to receive them. With more money pumped into the real estate market, supply was comparatively low and demand was high. One of the most fundamental rules of economics is when supply is low and demand is high, prices go up.
.jpg)
In recent years, practices have become unsustainable. A greater number of borrowers have failed to make their payments and have ultimately defaulted on their loans. More and more homes on the market have become short sales, foreclosures, and sellers that need or want to sell because it has become increasingly difficult to carry the cost of their property. In regards to short sales or foreclosures, in most instances the bank or lender is not looking to receive “market value” on the property; rather, they are trying to recover the outstanding loan amount on the property.
With more and more homes on the market, and fewer buyers looking or qualified to purchase, supply is high. Although interest rates in the early part of 2011 remain at historic lows, lenders are now more cautious about whom they issue loans to and want to be certain that those they are issuing loans to are both able and likely to make required payments on their loan. Again, basic economics…when supply is high and demand is low, prices fall.
As a home seller, you want to sell your home for as much as you possibly can. This makes perfect sense. However, a home, or any item for that matter, is only “worth” as much as a ready and able buyer is willing to pay for a particular piece of property. At this time, I want to offer some simple advice if you are currently in the market as both a seller and a prospective buyer.
1) Before you place your home on the market, have a Realtor perform a market analysis for you. The best way to determine what your home is “worth” is to learn how much similar properties in your area have recently sold for. In addition to learning how much homes have sold for, also ask your Realtor for a list of properties that have recently expired. In most instances, a listing has expired because the property was listed above, or a seller was not willing to accept an offer, at a price a particular market would bear.
2) After you have reviewed properties that have both sold and expired, familiarize yourself with listings that are currently active in your area. Again, think about supply and demand. If supply is high and demand is low, and you want to sell, pricing your home more competitively will make it easier for you to attract potential buyers.
3) HERE IS THE OFTEN OVERLOOKED TRICK – talk with your Realtor about homes in the area in which you would like to move. Have your Realtor find you homes in your desired location that are a great value. These may be homes that offer the most square footage, upgrades and amenities, acreage, etc., in the area in which they are located. Value is a personal judgment that takes into account what is received for the price that is paid.
As a seller, you may not be able to make a profit on your home when selling. However, you may still be able to come out even or ahead if you understand how to be a savvy buyer. In this market, it is even more important to work with a good real estate professional. When working for their seller, a good agent will be able to determine the correct list price for your property, market the property effectively, and takes steps necessary to ensure a successful closing. When working for their buyer, a good agent will help their buyer find a property that not only meets their needs, but is also a good value. A wise investor can come out ahead in any nearly any market, whether good or bad, if they understand economics.
You may have heard the saying, “Smart investors buy low and sell high.” In this market, I would also argue that you can come out ahead if you are willing to sell low and savvy enough to buy lower!
Brian A. Peters, M.B.A., M.S.A.
Shorewest Realtors
Brian.Shorewest.com
“Your success is my business!”
Posted by: Brian Peters
Comments
·
">
March 17, 2011 at 06:42 AM
Whether on Wall Street, or in Real Estate, wise investors buy on the basis of value. When looking at value, there are a number of different items for consideration. Of course, we all know about price, but there are certainly others. Personal values can mean as much, and to some even more, than monetary value. When in the market for a property, consider the following:
1) What location do I want?
When considering location, also ask yourself why you picked a particular location. In doing so, it will help you get a better understanding of what your purchasing values are. Are you a city person of county person? Do you have a car or need access to public transit? Do you have a reason to look at certain communities that are well known for their school system? Do you want a newer home or one in an established community? Is shopping important to you? Is there a specific need you must have such as a home on lake, in a golf community, a condominium complex with a host of onsite amenities, or possibly an area that has abundant acreage so that your home feels like a private retreat?
2) What are my needs?
Many people begin the buying process by telling their Realtor, I am looking for an “X” bedroom home, with “Y” baths, that is around “Z” square feet. This is a great start. I also ask buyers, not only to consider what they want, but why they want certain features. Buying with purpose helps many buyers gain a better understanding of X, Y, and Z, becomes it helps them determine how they would use various rooms of a home when touring potential purchases.
3) How long do I plan on making this place my home?
There are short-term and long-term buying decisions that need to be addressed. When a buyer is looking at a short-term property, they need to consider factors such as, what is the average number of days on the market in a given area? Some neighborhoods see homes sell in weeks, while others have homes remain on the market months or even years before selling. Does a particular area hold its value better than others? When the economy fluctuates, some communities have greater price volatility for various reasons. Are you buying a “fixer-upper”? If you are looking to buy a property, put some sweat equity in it, and sell it for a profit, you need to know exactly what the local market allows in terms of pricing so you don’t find yourself putting more into the home than you will get out of it. Lastly, a consideration that is often overlooked is financing. If you intend on making your new home a short term situation, you don’t need a conventional 30 year fixed mortgage. You can save yourself money by choosing a 7/1, 5/1, etc. Adjustable Rate Mortgage (ARM).
4) What are your “non-negotiable” must haves?
When looking for new home, many of us have a preconceived notion of what we “must have”. In doing so, we may have buying blinders on and lose out on other great opportunities that could be equally as perfect for us. For example, a buyer may tell their agent, “I want a three bedroom home, with three bathrooms, on a one acre lot, that is not older than 10 years, in a particular city.” While having an idea of what you want is fantastic, it is important to keep an open mind. Your Realtor may find a home that meets or exceeds the buyer’s needs in 4 of 5 of the requirements, but learns the home is 20 years of age. However, the home has been completely remodeled in the past two years which means it is modernized and has many of the amenities a buyer would find in a new home. Having a Realtor you trust, and being open to what they have to offer, can mean you not only get what you are looking for, but it may even exceed your expectations.
5) Lastly, of course, we have PRICE
When Forbes Magazine releases their annual list of the world’s wealthiest people, one name that is at or near the top of the list each year is Warren Buffet. Incidentally, Warren Buffet made much of his wealth through real estate transactions. A great quote to keep in mind is, “Price is what you pay. Value is what you get.” As a buyer, you have to determine a property’s value. If you are buying the property for financial reasons, and want to be reasonably confident that you will turn a profit on the sale of the home when you decide to sell, the end result goal has to be considered as part of the buying strategy. As a buyer looking to improve the likelihood of making a profit when reselling, it may be advantageous to look at foreclosures, short sales, and distressed properties. When making an offer, it is important to understand that the offer may get rejected and that the seller may not be willing to part with the property for what you, as a buyer, are willing to pay for it. A buyer purchasing for investment purposes has to be willing to leave emotion out of their buying decision and willing to walk away from the deal and move on to another option. Conversely, if as a buyer you have a very specific wish list, plan to be in the home for a longer period of time, and are shopping for a property in a very desirable neighborhood, there may be a premium to get exactly what is desired. For this type of buyer, the value is not in how much is paid for the property, but that the property is exactly what they are looking for.
At the end of the day, every buyer is different. What is important is that each buyer consider what is important to them, what their needs are, and what their personal values are. Knowing the value of something is more than knowing what its price is!
If you are looking to buy a home and what to learn more about properties near you, please visit me on the web at Brian.Shorewest.com
Brian A. Peters, M.B.A., M.S.A.
Shorewest Realtors
Brian.Shorewest.com
“Your success is my business!”
Posted by: Brian Peters
Comments
·
">
March 15, 2011 at 06:52 AM
When you are looking to buy a new home, one of the first steps you take is determining your price range. There are several factors that influence what price you are able to afford; and more importantly, what price range you are comfortable with. Some such factors include:
- Annual income
- Current debt
- Monthly fixed expenses
- Monthly variable expenses
- Future expenses
- Mortgage rates
- Private mortgage insurance (PMI) *if applicable *
- Property taxes
These are just a few of many financial considerations you, as a buyer, need to take into account when purchasing a new home. While it is true that your lender will help guide you in terms of what you can afford, it is important to consider these items for yourself.
One of the most often overlooked factors in purchasing a new home are property taxes. For example and simplicity sake, let’s say you are purchasing a new home and taking out a mortgage in the price range of $285,000. You plan on obtaining a 30-year fixed rate mortgage at the rate of 5%. In this scenario, you are looking at monthly payments of approximately $1,530 which is the principle loan amount plus interest (P+I). However, this does not account for taxes. There are two primary ways to approach property taxes. The first method is to escrow the amount and include it with your monthly mortgage payment. In doing so, you are saving incrementally so that when the payment is due at the end of the year, the money will be set aside for you to make the payment. The second option is to hold on to your money, and when the payment comes due, write the check out to your municipality on your own. There are benefits to option number two; mainly, you have the money to invest and use as you see fit during the year. * For details regarding option number two, it is best to consult your financial advisor.
As many of you know, taxes vary from community to community. In some instances, they may vary considerably. This means that purchasing a $285,000 home in one city may have a considerable difference in what is owed in property taxes annually than a city only minutes away. For example, let’s say you were looking to purchase a $285,000 home in the Village of Hales Corners, Wisconsin. In doing so, you annual property taxes would be approximately $6,324. This would make your monthly payment around $2,057.
However, five to ten minutes away, you found another $285,000 home that you like. This second home is located in the city of Muskego, Wisconsin. Your property taxes in Muskego, on a $285,000 home, would be approximately $4,580 a year. This would make your monthly payment around $1,912.
It is remarkable to many buyers that considering a property only minutes away, could save you hundreds, and in some cases thousands of dollars each year!
So, when you consider buying your next home, make sure you ask your Realtor how taxes will affect your monthly payments.
Click here to learn more about how much home you can afford.
Brian A. Peters, M.B.A., M.S.A.
Shorewest Realtors
Brian.Shorewest.com
Posted by: Brian Peters
Comments
·
">
March 14, 2011 at 08:19 AM
Are you looking to buy a new home? Are you looking to sell your home? When selecting a realtor, you have options. There are many companies in Southeastern Wisconsin. However, none have the reputation or success that Shorewest Realtors has had. To put Shorewest's success into perspective, in 2009 they sold 8,870 properties. That is more than their next three competitors combined. So, what makes Shorewest Realtors so successful:
* Number one in sales and market share – Our exceptional sales associates list and sell more homes than any other company in Wisconsin.
* Entry into the Multiple Listing Service (MLS) – This service exposes your home to all the buyers in the area working with member brokers.
* Our industry leading website – Allows for searches by location, price range, category and number of bedrooms, with full-color interior photos and Guided Home Tours™. Buyers can find open houses and agents, access a mortgage calculator and much more. Through myShorewest, they can also customize and save searches, and receive e-mail alerts about newly listed properties.
* Shorewest intranet system – Your property is instantly shared with all Shorewest sales associates and their interested buyers.
* 24-hour bilingual hotline – Provides detailed descriptions of all our listings in English and Spanish. And buyers can connect directly to our sales associates who know the most about our properties.
* Shorewest TV – Our 24-hour TV channel features property photos, detailed descriptions and listing agent’s contact info.
* Highly visible For Sale sign – Our recognizable signs can be seen from blocks away. In fact, over 60% of our phone inquiries come from Shorewest yard signs.
* 700 open houses per week – More open houses than anyone else means we can attract more buyers than anyone else.
* Extensive, consistent exposure – Shorewest advertises in more than 60 specialized publications, including key northern Illinois periodicals.
* Affiliate of Luxury Portfolio – Allows us to market fine homes locally, regionally and internationally with the prestige they deserve.
* Relo® Home Search – Our partner for national home searches, Relo connects out-of-state buyers with properties like yours.
* Home Services Coordinators – Helps you with details such as home cleaning and repair, transferring utilities, storage facilities and more.
If you are looking to buy or sell a home, please visit:
State of Wisconsin
Waukesha County
Milwaukee County
Jefferson County
For general home sale information
As always, "Your success is my business!"
Brian A. Peters, M.B.A., M.S.A.
Shorewest Realtors
Brian.Shorewest.com
Posted by: Brian Peters
Comments
·
">
March 14, 2011 at 07:35 AM
For those that love the game of golf, there is nothing better than living in a golf community with the course in your own backyard. In many instances, living in such a neighborhood requires a considerable amount of wealth, or the willingness to accept becoming “house poor." But fear not…there is another option.
If you want to live in a wonderfully beautiful golf community, amidst sizable homes that are architecturally diverse, in a quiet subdivision with a charming layout, than look no further than the Fairways at the Broadlands, located in Western Waukesha County, in the Village of North Prairie.
If you aren’t captivated by this point, yes, there is more. The homes in the Broadlands are positioned on lots that are approximately one acre in size. The benefit to the size of the lots is that homeowners do not feel on top on their neighbors which is the case in other golf communities where the developer opted to divide lots into smaller parcels.
The course has it’s own clubhouse that includes a golf pro shop, a casual dining establishment, and a banquet hall which can be booked for a variety of special occasions ranging from weddings, to homecomings, to Christmas parties, etc. The neighborhood boasts a number of community events such as men’s, women’s, and couples league golf leagues, ladies' night out events, game night, and other social gatherings that are hosted by different members of the community upon invitation.
This neighborhood makes you feel like a million bucks, even if you do not have a million bucks to spend on a home. If you are looking for a charming neighborhood, within the boundary lines of Waukesha County, that offers a great bang for your buck, look no further than the Fairways at the Broadlands.
Brian A. Peters, M.B.A., M.S.A.
Shorewest Realtors
Brian.Shorewest.com
Posted by: Brian Peters
Comments
·
">
November 19, 2009 at 04:05 PM
Without a doubt, this is the best time ever to buy a home. Interest rates are lower than they’ve ever been, and home prices are at record lows. Far and away this is how savvy buyers build wealth. For too long most Americans have over-borrowed and over-spent. This coupled with job losses, medical problems, divorce, etc., have led us to where we are today. However, not all is lost. You see, one of the best kept secrets to building personal wealth in today’s market in real estate is… Short Sales!
A short sale is when a the owner of a property owes more on a home than what it’s really worth, and usually is in default. With that in mind, you as the buyer are in a prime position to get a home that is an outstanding deal. For example, a home that just a year ago would have easily sold in the $300K’s, is now for sale for roughly $259K. This is an outstanding deal, as this home has been well kept, newer, very large, almost 3300 square feet, four bedrooms, two baths, three car garage… you get the drift.
Where’s the wealth building part of it you may ask? See, market value is determined when both buyer and seller agree on a price of something. In this case that something is a house. AT THIS TIME, there is no better place to put your money than in real estate. As the economy continues to rebound, and it always will, the house that just a year ago was valued in the $300K’s, and is now selling in the mid $250K’s… That’s a no brainer! Where else (other than your job) can a person get that much equity that quickly? All this being said, use common sense. Seek out a professional that knows the market well, and can guide you seamlessly through the short sale process as a Buyer. I would recommend that buyers seek out only those real estate agents that are certified as an Accredited Buyer’s Representative (ABR), as these agents have achieved a level of competency that many other agents have not yet achieved. These agents know the in’s and out’s and intricacies of the home buying process like the back of your hand. Additionally, and there’s not a lot of these out there, but when you can, also seek out agents that are intimately familiar with the short-sale process, for example, those agents that hold the Certified Short-Sale Professional (CSP) designation. Not only do they know the buyer side of the transaction, but know the seller’s side of the transaction in great detail.
For more information on short-sales, (or foreclosures), please don’t hesitate to contact me, as I specialize in both of these areas, and by the way, yes, I am an Accredited Buyer Representative (ABR), and also a Certified Short-Sale Professional (CSP). There you go, happy shopping and remember you’re building wealth!
Posted by:
Pete O’Connor
Comments Off
·
">
April 07, 2009 at 08:11 PM
Whether you’re thinking about buying or selling, 2009 will definitely shine! Think about a time when you’ve made a great decision but didn’t know how great it really was until you looked back on it. This is the year that buyers, and some sellers, are going to look back and think exactly that!
Let’s say you want to buy a new home but aren’t sure you can sell your existing home. First, if you are considering moving up to a larger home, 2009 is a fantastic time to sell! You may not have as much equity in your home as you had a couple of years ago, but you will be able to get a terrific deal on your new home. For example, you own a $250,000 house and need to sell it to buy a larger $350,000 home. While it's true that in 2006 you might have sold your home for $260,000, you also would have paid $375,000 for your new house. In other words, in this market you may lose $10,000 on your current home, but you will be save $25,000 on your new home, for a net gain of $15,000!
Read the complete article >
Comments Off
·
">
