Did you know the net worth of the average American family who owns their own home is $180,000; the average for renters is $4,800. Don’t miss the opportunity, this time it may never come again… really!
- Many National Housing Survey respondents expect home prices to decline over the next year.
- Only 9 percent of those polled think now is a good time to sell a home.
- More than 20 percent of people expect their personal financial situation to deteriorate in the next year.
- Some 41 percent reported significantly higher expenses when compared to their situation a year ago. Read more: http://moneywatch.bnet.com/spending/blog/home-equity/fannie-mae-releases-national-housing-survey/5628/#ixzz1YP8c4ZSx
More often, though, pricing your home too high works against you in some important ways. Here are three of them: 1.) Agents react. Real-estate agents — yours and the buyers’ — may not want to waste time with a home that’s unlikely to sell. 2.) Buyers react. Buyers who like your house but pass on your property because of the price may find something else and close a deal before you drop your asking price to a level they’d accept. 3.) You need that money. Even if you get your full asking price, the time it takes to get it may cause you to miss out on the house you want to buy. You may have to settle for something that’s not as suitable. Even worse, you may end up spending more than you had planned, offsetting the premium you got on your sale.
Setting a proper sale price is both an art and a science. A key step is to shop carefully for an agent who can help you, looking for one who is very familiar with your community and comes with good references. Steer clear of dabblers who sell only a few homes a year. You want a pro who is on top of the market and will value a good reference from you. Finally, keep an eye on the “traffic” – the number of potential buyers who come through your property. A good agent will have a sense of how many buyers are looking. If you are not getting your share, it’s a sign you are reaching on price. If dropping your price is inevitable, it’s better to do it sooner than later. Call Danette O’Neal Realtors.
Click here to read the transcript of President Obama’s speech to a joint session of Congress about jobs and the economy, as provided by the White House. There are four reasons why the bill should pass: 1.) It crosses industries. That encourages all industries to increase their hiring across the board, and reduces the likelihood that one or two industries will be unfairly advantaged. 2.) It efficiently uses revenue. The President’s plan emphasizes benefits to two critically important groups: teachers and wage-earning adults. Our children need to be prepared to compete in a global economy and our infrastructure needs to be repaired anyway, so why not build jobs while we’re rebuilding schools, roads, bridges, and airports? 3.) It targets job growth. Large corporations have recovered faster from the recession than small businesses. The President’s proposal would grant payroll tax cuts to small businesses that hire new workers or raise workers’ wages. It would also allow those same small businesses to continue to write off the investments they make in 2012. With those added revenues, small businesses might well be more likely to succeed, offering continued employment opportunity to their workers. 4.) It crosses party lines.
The demand is up and rents are rising in the rental market. Foreclosures have turned more than 4 million former homeowners into renters, job losses and market uncertainty have many reluctant to become homeowners. The best time to buy is when most others are sitting on the sidelines. You can benefit, here’s what you need to know: 1.) Mortgage rates are at a 40-year low, and homes in many areas are ultra-cheap. 2.) That, in turn, has enabled landlords to charge more. 3.) The typical investor buys local and hangs on to his investment for 10 years. 4.) Whereas leverage is dangerous when buying stocks, it can be a good long-term strategy with real estate. Investors: 1.) Banks now require 20% to 25% down and 6 months’ mortgage, taxes, and insurance payments in reserve; 2.) Brush up on your people skills: Owning means responding to tenant complaints; 3.) Save time by hiring a Realtor to find good opportunities, tenants and manage your investment. Read more…
Congress is unlikely to reach a long-term agreement on the National Flood Insurance Program (NFIP) before the program expires on Sept. 30. The debt-strapped program covers flood damage not typically covered by standard homeowners’ insurance. Experts believe that lawmakers will reach another temporary fix for the program, which have kept the NFIP going since 2008. Meanwhile, the U.S. House already has passed a measure that would enable the program’s premiums to rise up to 20 percent annually and make other changes to the program to improve its solvency. The U.S. Senate, on the other hand, introduced legislation that would ensure premiums rise up to 15 percent per year and completely forgives the program’s debts, which the House bill does not do. The Senate Banking Committee has plans to take up the legislation the week of Sept. 5. About 5.6 million homes and businesses are insured by the NFIP. Reprinted from LARealtors.org. Click here to read the entire article.