October 31st, 2007 categories: Real Estate
To save money on a home renovation project, it’s a no-brainer to do the work yourself. Get the skills necessary through free workshops at your local hardware store.
For example, Home Depot provides free hands-on clinics on topics such as installing flooring, tiling a backsplash and installing a wireless home network. You can also find handy video how-tos at HomeDepot.com, Lowes.com and ThisOldHouse.com.
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October 31st, 2007 categories: Finances
During the housing boom, new-home builders were like the hosts with the hottest invitation in town. They could raise prices with every newly opened phase of a development and display a “take it or leave it” attitude toward buyers. Now, amid the downturn, homebuilders are the hosts everyone avoids. In July, new-home sales nationwide were down 10% from the previous year, and the National Association of Home Builders expects them to continue falling until the second half of 2008.
The decline in home starts (down 25% nationwide for the year ended in July) and permits for future projects (down by almost one-third) reflect builders’ much-reduced expectations. In many formerly hot markets, they’ve pulled back even more. In Orlando, Fla., and in Riverside-San Bernardino, Cal., east of Los Angeles, permits are down nearly 50%. In Las Vegas and the Twin Cities, they’ve decreased nearly 40%. The more inventory on the builders’ books, the greater their carrying costs and the more motivated they are to cut a good deal. That spells opportunity for new-home buyers. 
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From Kiplinger’s Personal Finance magazine, November 2007
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October 30th, 2007 categories: Real Estate
From CNNMoney.com:
For purposes of comparison for the current situation, imagine the Detroit metropolitan area, which the Census Bureau estimated had 2.08 million households in its 2000 Census. Now picture virtually every house or condo empty, with a for sale sign in the front yard of every home, from inner-city Detroit to its suburbs, all the way to nearby cities such as Flint and Ann Arbor.
There are always some homes vacant and for sale, even in a booming real estate market.
But the combination of overbuilding by home builders in the middle of the decade and problems in mortgage markets this year that made it more difficult for buyers to get the financing they needed to buy a home has swelled the inventory of vacant homes on the market. more
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October 30th, 2007 categories: For Fun
If you haven’t already seen it , you have to check out this site: www.cyberhomes.com. It’s free to use and even though it’s not quite as accurate as the MLS, it’s a great way to get an idea of comps quickly. The database includes more than 100 million property, ownership, sales, and mortgage records, covering more than 85% of the U.S. population. And what’s even better about it, is that you can view just about any home in the United States in 360 view (N,E,S,W) as well as home prices around it. Type in your own address to get an idea of how it works. Have fun with it and pass this one along!
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