Buyer's Market or Seller's Market?
In a buyer's market, there are a lot of homes on the market, and they may take a while to sell. To sell a house, the seller might need to offer a really good price, plus additional incentives such as help with financing. If you're buying a home in this type of market, you can take your time looking and can usually strike a pretty good deal.
In a seller's market, houses aren't on the market for long. In fact, they may sell before they are even listed. Because the market is so strong, many owners will decide to sell their homes themselves; you'll see a lot of for-sale-by-owner (FSBO) homes. If you're selling a house in this market, you're lucky. You'll probably get many good offers and not need to offer any additional incentives. If you're buying a house in this market, you may have to work hard to find a house that you like and can make an offer on before it is sold…To get your offer accepted, you should be financially ready (prequalified). Also, don't expect to submit and have accepted a contract with a lot of contingencies.
The general consensus these days are, we are in a "buyer's market." What do you think? Leave us your comment.
Existing Home Sales Post Biggest Rise
U.S. existing-home sales unexpectedly climbed in February, but subprime-market woes could chill demand farther down the road.
According to the National Association of Realtors, home resales rose to a 6.69 million annual rate, a 3.9% increase from January's revised 6.44 million annual pace. January's rate was originally estimated at 6.46 million.
The median home price was $212,800 in February, compared with a revised $210,900 in January and a revised $215,700 in February 2006.
The February resales level was above Wall Street expectations of a 6.33 million sales rate for previously owned homes.
Delinquency rates for subprime mortgage loans rose at the end of last year. Wall Street is worried tighter lending standards for borrowers with less-than-sterling credit could slow home sales in the future.
NAR chief economist David Lereah predicts subprime problems could cost between 100,000 and 250,000 annual sales of new and existing homes over the next couple years. "Will it affect the housing market? Yes," he said. "But it's not going to lead to an economic recession."
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Making a Home Less of a Fire Hazard
Many homeowners lose their houses due to fire each year. In some of the cases it could have been avoided. There are a few issues every homeowner should keep in mind in order to make his house less of a fire hazard.
Every homeowner should make sure the wiring in his house is up to code. It is recommended to ask a professional to check the wiring in your house.
Another way to prevent your house from catching fire is to make sure all the items that don't work properly are unplugged. At the same time, all items that work properly, such as heaters or irons, should not be left plugged in and unattended.
Last but not least, it is advisable that every floor in a house should have at least two smoke detectors. The battery used by smoke detectors should be replaced at least every two years so you can be certain they always work properly.
Do you know any other ways to prevent your house from catching fire? Feel free to leave us your comment below.
How to Fend Off a Foreclosure
Homeowners behind in their mortgage payments can get help from lenders eager to get bad loans off the books.
As the sub-prime mortgage meltdown sends delinquencies soaring, up to 1.2 million homeowners could lose their homes this year. But in some cases, that doesn't have to happen.
Indeed, lenders have said repeatedly that they don't want to foreclose on homes. They generally don't make money by taking over a delinquent owner's property, so it's a losing proposition that they consider to be a last resort.
Just what are lenders prepared to do to ease the difficulties of mortgage borrowers? The help they generally offer falls into two categories: Steps that will help borrowers keep their homes and ones that will not.
Get the details here…
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A Matter of Small Things When Buying a House
When looking for a house, the majority of the potential homebuyers usually pay more attention to the things of considerable size – big house, big rooms, big yard etc. What is usually being overlooked are the small things that can create big problems later.
One thing usually overlooked by a future homeowner is the closet space in the house. Often times it is only after moving in a that a homebuyer discovers the closet space in the house is not ample for the whole family. One possible solution to this problem would be to purchase a wardrobe and ask the seller to pay for it. The seller may or may not agree. Moreover, the new wardrobe may take a lot of space in your previously spacious room making it less attractive and comfortable.
The second thing likely to be overlooked is whether there are ample electrical outlets in every room. The problem of having too few outlets can be solved by using extension cords. However, if the same problem occurs in several rooms, solving it with extension cords could become a fire hazard.
The third small thing that can be a big problem later is whether all the rooms have heating and air conditioning. If the problem is spotted before buying the property, the seller may pay for new heaters and air conditioners. However, overlooking a small detail like this may equal a great number of very cold, as well as some unbelievably hot nights.
Are you a cautious or a reckless buyer? Share your experiences with us. We would love to hear from you!
