Challenges in the real estate market often leave many wondering what their next move should be. Navigating the pitfalls of large investments must incorporate more than random and rash decision making, rather calculated risks that are well planed out with foresight and strategy.
When pondering the real estate conundrum of buy, sell, or rent it is important to take an accurate look at your financial status. Reviewing not only your current financial situation, investments, and savings but also your future earnings and debts.
Using tools like mortgage calculators and income calculators can help you calculate accurate numbers based on personal financial information. These calculators are offered at no cost and help eliminate the calculation error people tend to make when attempting mathematical problems without double checking the outcome.
Tags: home buying, home selling, real estate, rent
Miami, Florida, like many other US cities, is suffering from a drastic rise in home foreclosures. According to foreclosure filing statistics from the Miami-Dade County Clerk of Courts , county foreclosures in 2009 are up 62% since last year.
Besides Help for Homeowners Program and Homeowner Affordability and Stability Plan offered by the Federal Government, the City of Miami’s Department of Community Development Foreclosure Program is assisting eligible, low income homeowners that are facing foreclosure within the city limits.
The program will supply qualified applicants with $7,500 to assist homeowners pay for late fees and delinquent payments associated with their home mortgages.
The program is only available to property owners that posses one property and, if eligible, are receiving foreclosure prevention counseling from a HUD-certified counseling agency. There are six other qualifiers home owners must meet to be eligible for this program. To view the complete list of requirements visit the City of Miami website .
Tags: florida, foreclosure, miami
In response to a crumbling real estate market, last year the federal government attempted to increase the sale of homes to first time buyers by offering a tax incentive. For many reviewing the tax credit stipulations, it was more or less not as enticing as had been anticipated. Now, the government is doing more to allure buyers back into the real estate market with the 2009 First Time Home Buyers Tax Credit.
The maximum credit amount has been increased from $7,500 last year to $8,000 this year. The amount given is determined by 10 percent of the cost of the home. For those seeking to purchase a home under $80,000 then they will receive a credit based on the actual amount and a home over $80,000 the maximum awarded is $8,000.Eligibility for the tax credit is from January 1, 2009 to December 1, 2009. Home buyers must have closed on their home on or between these dates.
To qualify, buyers must be purchasing their first home for principal residence. Principal residence means the credit will not apply for a second home or vacation home. The purchaser, as well as their spouse can not have owned a principal residence in three years previous to their current purchase. Also, those using revenue bond financing can use the credit, unlike last year where no credit was given if state or local bond funding was involved.
The credit, in its entirety will be recaptured on the sale of the home if sold within three years of purchasing the home with the tax credit. Take note that after this period the credit will not be recaptured in the event of sale.
If the home is purchased on or after January 1, 2009 or before December 1, 2009, there is NO repayment of the tax credit. The 2008 tax credit required new home buyers to repay the credit each year with their tax filing for a period of 15 years. This is one of the most beneficial changes to getting new buyers in the market. No repayment!
The new tax credit is much more beneficial to new home buyers. More money without having to pay it back.
Tags: first time home buyer, free, money, tax credit
The sky has been falling on the real estate market for over a year. In a time of economic crisis where housing values have dropped and unemployment rates have increased, many Americans are left wondering when all the tragedy will give way to recovery.
While we have yet to reach a definite point in recovery, that is there are no significant and consistent trends of improvement noted as yet, there are signs of recovery being possible.
News of large scale builders like Pulte-Centex merging has been seen as a sign of decline by some real estate watchers. However, concluding that the companies were the second and third largest builder in the US, and now after the merger they are at number 1 in size, scale, reach and sales, is an indicator that business is continuing and those in the real estate game are making bold moves to ensure future success. Yes, it is an indicator that these companies foresaw hardship, but the ingenuity of the merger shows that there is a brave sense of leadership that will make changes in order to promote industry and stabilize the market.
Another positive trend to note is the rise in mortgage applications last week for home purchases and refinancing. According to the Mortgage Bankers Association this is an increase of 77 percent, compared to the same time period in 2008. This type of influx shows a raising hope for potential American home buyers and a willingness to invest in the market.
Mortgage rates are still below 5 percent. Having such an affordable rate for qualified borrowers is an important part of making entry into the market easier. Of course lending has tighter conditions for borrowers, which will ultimately cause some slowing in the market but ultimately will prove to be a stabilizer. In fact loose lending practices has helped contribute to the current downturn.
Tags: finance, real estate, recovery
In a world of fast food, express lanes, and microwaveable meals that illicit angst during minutes of waiting, impatience is now the virtue and waiting is unheard of. This mindset of getting everything immediately can be a bad frame of reference for new home buyers seeking their first mortgage. With such a substantial amount of money being invested, there are crucial steps first time home buyers should not rush through.
For first time home buyers, mortgage loans are a necessary means to buying their first home. This can commonly be in the form of special mortgage loan directed toward first time home buyers that require very little down payment. Exploring the available options first time home buyers have available will not only help to realize the dream of home ownership, but ensure it is a sound investment as well.
Tags: finance, mortgage, new home buyer
The future of our planets health is a cause for constant debate. With no clear agreement on the actual outcome wasteful living is having on the planet, the one agreed upon item is that we are depleting our natural resources at an alarming rate. For those conflicted on this fact, while desiring a new home, a compromise does exist. Green communities.
A green community is a developed area that has blended the natural habitat of the area and the lifestyle of the new inhabitants. The required criteria of a green neighborhood includes:
1. Design: A green home design is based on several factors. Does the home incorporate its natural surroundings with minimal disruption? Considering the natural surrounding before building helps ensure a green community. Also, based on the direction, a home can receive more natural light based on the positioning of the home and what direction rooms are facing for natural light. Not only is it about saving on utilities, but what type of intrusion the neighborhood has on the surrounding environment environment in regards to design.
2. Location: While some developers will demolish a natural habitat in order to develop a neighborhood, a green community ensures the location is a suitable mix for cohabitation between the existing creatures in residence and their soon to be human counterparts.
With an ever evaporating pull of natural resources, many consumers are taking the initiative to combat the harmful effects of wasteful resource management. The environmentally helpful effects of turning off your water while brushing your teeth or keeping your computer unplugged when not using it have become just a few of the numerous tips for helping conserve our depleting natural resources.
Now imagine what the effects our ecosystem would feel if new home buyers sought green homes and communities. For those looking to live in the tropical climate Orlando Florida has to offer, there are numerous Green Communities that offer this mix of beauty and nature preserving function.
- Palm-Coast Home
Palm Coast Classic offers a beautifully crafted selection of homes from 1700 - 2400 square feet in a wonderful new city, long recognized for relaxed living and friendly neighborhoods. Palm Coast is a golfer’s paradise with six of Florida’s finest golf courses. This community is located on the Atlantic Ocean with access to the Intracoastal Waterway, making it a favorite among beach and boating enthusiasts. The schools are excellent and shopping is convenient and pleasant.
Beautifully preserved nature areas, lakes and large trees surround the community. Listed as a Green Community, a natural invitation to the wonderful Florida wildlife attracts serenity to the neighborhood. Palm Coast is designed with the purpose of preserving the beautiful nature and wildlife indicative to the area.
Global warming, Global Warming, GLOBAL WARMING! Like Bloody Mary, if you say it enough it comes to fruition. This term has also cultivated a new culture of environmental awareness. While experts disagree on the actual validity of global warming as a principal, it is unanimous that we have a direct impact on the resources available to future generations based on what we do with resources today.
Because of this heightened awareness, people are looking to take steps in reducing their carbon footprint in today’s consumer market. New home construction is no different. Not only is it possible to help the future of our environment by building ecologically conscious homes, but save money as well. Here are some simple steps you can take to make your new home green on the cheap.
Windows
While installing energy efficient windows are initially more expensive than the single pane counterpart, they reduce heating and cooling cost. Remember that the long run expenses can be much more than the initial payment.
Low Flow Fixtures
Federal standards on new fixtures are 2.5 gallons per minute, but a low flow fixture can Read the rest of this entry »
In the mid 1600’s an Indian Emperor erected one of the most lasting symbols of 
eternal love for his wife who died during their fourteenth child’s birth. The structure is the Taj Mahal. While most couples argue about who will take out the trash, this tragic couple had their love immortalized in a structure that has withstood the test of time. With over 300 years of standing, it begs to reason that not only is it a monument to love, but a testament to the durability of a sound and custom built structure.
It is not feasible for most people to live up to this standard of erecting an eternal monument for their love, but it is possible to have a custom built home that reflects true care and adoration before the story turns tragic. Along side the emotional appeal a custom built home has, it can also be a practical decision to ensure all the desired necessities and luxuries a discerning home owner would want are obtained.
Home buying is an expensive and serious investment. The decision of choosing a buyer should reflect
serious considerations that will ensure the buyer gets the best deal for the money spent. There is an abundance of builders that need and want your business. With so many choices what should you look for when selecting a new home builder? Here are 10 questions every buyer should ask before choosing a builder for a new home construction.
1. Do you have references?
Typically, a builder has a list of satisfied clients that have agreed to be references. Talk to those that have utilized their service to get an idea of what it will be like when you work with them. It is also a good idea to get the unsolicited references. Knock on the potential neighbor’s door and get there off guard response.
2. How experienced are you?
Get the stats. Find out how long your builder has been in business and what kind of track record they have. Contact the Better Business Bureau to check if there have been any complaints filed against the company.
3. Are you flexible?
Ensure the builder is equipped to give you what you want. Consider all the amenities desired and see if the builder can accommodate all of the wants you have.
4.What financing options do you offer?
Tags: home buying tips, new construction, real estate advice
