Like good versus evil, old home versus new home is forever being contemplated. Sure, there are positives on both ends: an old home has more character, for instance, but a new home has less destruction. While price, location, and size will all ultimately be factors in your decision to buy a house, age weighs in as well. When debating between old and new, consider the following benefits of a house fresh off the presses.
You Won't be Sold a Lemon: We all know it happens: we buy something that's been used only to find out - thousands of dollars later - that it was a lemon. This kind of thing can apply to computers, electronics, cars, and, yes, even houses. Maybe you buy an old house only to discover that the plumbing doesn't work, at least not in the typical sense of the word. Perhaps you realize, once winter hits, that the furnace is on the fritz. Maybe that "tiny" termite problem the previous owners disclosed is really not so small. Whatever constitutes your house turning into a lemon, buying new assures that it won't.
Less Things are Bound to Break: It's a fact of life: the older things are, the more likely they break. It may sound ageist, but older home are known for having more problems that those brand new. From everyday wear and tear to the erosion of the roof, from a leaky kitchen faucet to a backyard filled with weeds, used homes can be on their last leg. Even if they aren't, older homes are often without the technology of brand new ones. You might be able to live without a house wired for high speed Internet, but it's not very likely.
The Renovations will be Minimal: One of the best things about a brand new house is there is no need to renovate...at least not for a few years. Everything is, well, new, so why replace it? This is very convenient for you: house hunting, house buying, and moving is stressful enough, the last thing you need is to add to your load by buying a house that needs a lot of work.
You Get First Dibs on Decorating: Lime green walls, shag carpet, a mural dedicated to the cast of Star Wars, it's amazing how some people decorate their houses. As a brand new home owner, however, your house is yours for the decorating. Like a blank canvas, your home gives you the proverbial paint brush and a chance to make a masterpiece.
The House Will Appreciate: Chances are, you won't stay in one house forever. You'll move, you'll upgrade, you'll downgrade. Whatever your reasons for moving, you'll likely need to sell your house. A new house, or at least one that is new when you buy it, is more likely to increase in value, an old house is more likely to do the opposite, giving you, and your checkbook, something that you might not appreciate.
Thursday, December 27, 2007
Thursday, December 20, 2007
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Friday, December 14, 2007
Significant downward adjustments” expected in the Real Estate market
If Warren Buffett says so… we better listen. After all, the “Oracle of Omaha” didn’t become one the greatest value investors of all time, by making loose predictions.
A $10,000 investment in Buffett’s Berkshire Hathaway in 1965, would grow to be worth nearly 30 Millions by 2005. By comparison, $10,000 in the S&P 500 Index would have grown only to about $500,000 during the same period. I don’t know about you, but I like to listen to people that outperform the markets consistently.
This is what Warren Buffett said at the Berkshire Hathaway’s annual meeting (May 2006):
"What we see in our residential brokerage business [HomeServices of America, the nation's second-largest realtor] is a slowdown everyplace, most dramatically in the formerly hottest markets. [Buffett singled out Dade and Broward counties in Florida as an area that has experienced a rise in unsold inventory and a stagnation in price.] The day traders of the Internet moved into trading condos, and that kind a speculation can produce a market that can move in a big way. You can get real discontinuities. We've had a real bubble to some degree. I would be surprised if there aren't some significant downward adjustments, especially in the higher end of the housing market."
This is not news to Real Estate investors in some previously ‘hot’ markets that are starting to feel the overheating effect. What nobody can predict is the size and duration of this adjustment.
A $10,000 investment in Buffett’s Berkshire Hathaway in 1965, would grow to be worth nearly 30 Millions by 2005. By comparison, $10,000 in the S&P 500 Index would have grown only to about $500,000 during the same period. I don’t know about you, but I like to listen to people that outperform the markets consistently.
This is what Warren Buffett said at the Berkshire Hathaway’s annual meeting (May 2006):
"What we see in our residential brokerage business [HomeServices of America, the nation's second-largest realtor] is a slowdown everyplace, most dramatically in the formerly hottest markets. [Buffett singled out Dade and Broward counties in Florida as an area that has experienced a rise in unsold inventory and a stagnation in price.] The day traders of the Internet moved into trading condos, and that kind a speculation can produce a market that can move in a big way. You can get real discontinuities. We've had a real bubble to some degree. I would be surprised if there aren't some significant downward adjustments, especially in the higher end of the housing market."
This is not news to Real Estate investors in some previously ‘hot’ markets that are starting to feel the overheating effect. What nobody can predict is the size and duration of this adjustment.
Since October 2002, the Real Estate Index has climbed from 136.59 to 293.72, producing a total return of 115% in less than 4 years.
Now, let’s look at what the Dow Jones Index did during the same period:
Now, let’s look at what the Dow Jones Index did during the same period:
Saturday, December 8, 2007
Land and Real Estate in Arizona
Moving to Arizona has the ultimate choices from purchasing raw land to purchasing land in a more rural area to add a manufactured home to building a luxury custom home. Finding land is easy; Finding land that is worth purchasing is a totally different story.I can specifically tell you about Arizona although this might be prevalent in other areas also. What to watch out for are Land fissures, Drinking water (how far you have to drill to install a pump), natural washes, and natural washes that become re-routed from other building and area growth, and most importantly flood plains.If you purchase land on a hill or close to a mountain expect to have above average ground movement and more costs for the foundations. Also high speed internet may become an issue unless you can get used to using a high speed cell card. If you are dreaming of a home with land to have horses and other friendly domestic animals you might check with city ordinances first. For example if you purchase land that was recently annexed by Surprise AZ. You might be surprised by the no farm animal ordinances. Even if homeowners nearby already have this type of animal living on the land they have owned for many years this can be a huge issue if that is what you were planning for your land. Keep in mind that Arizona water is a very big topic here, being in a desert water conservation is very important. Wells that are functioning now might have to be dug deeper in the future as the land around is developed. Large subdivisions moving in around you can lower a water table pretty fast and cause you to have to make modifications to your well, the storage tank and also how deep your well is.
Tuesday, November 27, 2007
Real Estate Market
Everyday we see or hear another headline or news story about how bad the housing market is. The media is the leading culprit when it comes to slamming the current market. With hundreds of daily newspapers, 24 hour news TV channels and endless news outlets on the Internet, the media is always looking for new content. The current market is an easy story to latch onto and report statistic after statistic. Yes, it is true. The market has slowed down and homes are staying on the market for many more days.
Before we get all up in arms and think the world is coming to an end we should step back and look at the facts. The current Mortgage Rate in my location of Charlotte, NC is 6.25% which is better than it was 4 years ago when I purchased my own house at the height of the housing boom. If you think 6.25% is high you should ask what your parents mortgage rate was when they purchased their first house. Depending on their age it may be up around 15 to 18%.
Another big headline I have seen is “Home Buyers having Loan Approval Difficulty!” In the past years when the market was considered great banks and lenders where very quick to approve almost anyone. These days things are returning back to normal. You must have a decent credit score and a decent dept to income ratio. This is really how things should be and the way they were before the housing boom.
It is also very diffacult to get 100% financing anymore. Most loads require 20% down. Many of us forget that this also was the norm before the boom. Things were so good and so easy that we all quickly forget what was normal. This is what is simply called a “correction”. Take a look at the stock market. For a long time all it did was climb. It climbed all the way to 14,000 and then it dropped 1000 points were it has hovered for weeks. When markets continue to climb it often drives up prices for the consumer as it did in the housing market. It takes a correction to bring things back to normal.
Let’s get back to our original topic. “Bad Real Estate Market? / Good Real Estate Market?” What is a Good Real Estate market? Most people would say a good market is when it is a sellers market. Everyone is selling so prices rise quickly as they did during the boom. Buyers have no choice but to pay what seller’s are asking. Not so good for the buyer huh?
Now lets talk about a so called, “Bad Market”. Today’s market is considered a bad market by most. It’s only bad if you are a seller. The market is currently great for buyers. Sellers are having trouble selling for their homes at their asking price so there are many great bargains out there. When it is good for one side it is bad for the other or somewhere in between.
Then why is there less activity overall in the housing market you ask? Other than having to come up with 20% down the only other reason is all the media hype that is scaring people into doing nothing. If you are a buyer, now is the time to buy. Great deals, low prices, low rates and plenty of inventory to choose from. As a buyer you can’t ask for much more.
I ask…….. Why is a Sellers Market a great market and a Buyers Market bad? The state of the current market is nothing more than scared consumers waiting around for……they don’t know what. If you are a buyer the only thing you can be waiting for is to sell your current home or prices to go back up. If you do not have a house to sell and you are a buyer you have better get going. Think about it!
Before we get all up in arms and think the world is coming to an end we should step back and look at the facts. The current Mortgage Rate in my location of Charlotte, NC is 6.25% which is better than it was 4 years ago when I purchased my own house at the height of the housing boom. If you think 6.25% is high you should ask what your parents mortgage rate was when they purchased their first house. Depending on their age it may be up around 15 to 18%.
Another big headline I have seen is “Home Buyers having Loan Approval Difficulty!” In the past years when the market was considered great banks and lenders where very quick to approve almost anyone. These days things are returning back to normal. You must have a decent credit score and a decent dept to income ratio. This is really how things should be and the way they were before the housing boom.
It is also very diffacult to get 100% financing anymore. Most loads require 20% down. Many of us forget that this also was the norm before the boom. Things were so good and so easy that we all quickly forget what was normal. This is what is simply called a “correction”. Take a look at the stock market. For a long time all it did was climb. It climbed all the way to 14,000 and then it dropped 1000 points were it has hovered for weeks. When markets continue to climb it often drives up prices for the consumer as it did in the housing market. It takes a correction to bring things back to normal.
Let’s get back to our original topic. “Bad Real Estate Market? / Good Real Estate Market?” What is a Good Real Estate market? Most people would say a good market is when it is a sellers market. Everyone is selling so prices rise quickly as they did during the boom. Buyers have no choice but to pay what seller’s are asking. Not so good for the buyer huh?
Now lets talk about a so called, “Bad Market”. Today’s market is considered a bad market by most. It’s only bad if you are a seller. The market is currently great for buyers. Sellers are having trouble selling for their homes at their asking price so there are many great bargains out there. When it is good for one side it is bad for the other or somewhere in between.
Then why is there less activity overall in the housing market you ask? Other than having to come up with 20% down the only other reason is all the media hype that is scaring people into doing nothing. If you are a buyer, now is the time to buy. Great deals, low prices, low rates and plenty of inventory to choose from. As a buyer you can’t ask for much more.
I ask…….. Why is a Sellers Market a great market and a Buyers Market bad? The state of the current market is nothing more than scared consumers waiting around for……they don’t know what. If you are a buyer the only thing you can be waiting for is to sell your current home or prices to go back up. If you do not have a house to sell and you are a buyer you have better get going. Think about it!
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