Real Estate Information

Buyers are Getting Great Deals Buying Foreclosures

Friday, May 02, 2008

by Roman Pavlik

To determine when a market is turning from buyer to seller advantage, one only needs to look at foreclosures in the area and see what's happening with that inventory. As prices meet the true market, buyers and investors come out of the woodwork, days on market begin to decline, multiple offers appear and the absorption rate drops.

In Prince William County, Virginia more than 1,000 buyers have written contracts in the last 30 days, which outpaces April 2007 by 104 percent. Meanwhile, nearly 40 percent of those contracts are classified as either short sale, foreclosure or bank-owned.

The average list price on those contracts, which include all housing types, stands at more than $288,000 – that's a drop of 33 percent from April 2007's average list price of $430,000. While the market may be hurting for sellers – the buyers are definitely winning and eating up inventory.

Falling home prices and rising inventories are putting home buyers in the best position they've had this decade

Wednesday, April 23, 2008

by Roman Pavlik

Unfortunately, those same falling home prices and rising inventories are putting home sellers in the worst home-selling position they've had this decade.

It's quite a quandary for housing consumers.

Economist Hahn reports that a direct impact of this national reporting is that consumers do not realize that, in reality, real estate markets are local, not national, and that the doom and gloom reports broadcast nationwide are not necessarily a true reflection of what is happening in their particular market. He also believes the interest rates are so good right now that this factor alone could actually trump any sort of loss, real or imagined, that a buyer could be worried about by putting in an offer now.

Selling your Home in a Market full of Foreclosures

Sunday, April 20, 2008

by Roman Pavlik

Take a look in just about any neighborhood and you may find the sign of distressed times. Foreclosures are on the rise and that can cause a lot of panic for sellers who aren't in the same financial crisis.

Get clear about your market-length time. Having an accurate picture of how long you can have your home on the market will help you to price it correctly. Remember, that buyers aren't going to pay a premium price out of sympathy simply because the seller owes more on the mortgage. Price your home based on its worth, not on what you owe.

Work with an agent. Now more than ever, an experienced agent can help provide the advice and knowledge sellers need to get their home sold. Agents can also help to aggressively market your home so that it doesn't get lost in a sea of foreclosure homes.

There still are Hot Markets: Kansas City is Experiencing Steady Growth

Friday, April 18, 2008

by Roman Pavlik

In the center of the country stands a market that has weathered the latest real estate downturn. While surrounding markets fell in the double digits, Kansas City -- a market split between two states -- has moved forward with level prices and sales volume in the last 12 months. In an era of slipping prices and volume, just keeping up with a year earlier is quite an accomplishment -- one KC has accomplished very well.

The economic forecast for the rest of 2008 is for an addition of 19,000 jobs for the region, which is on top of last year's 19,000 jobs. The Kansas City Chamber reports the regional economy grew more rapidly than expected last year, surpassing employment growth estimates by 53 percent.

A good time for buying: Lower house prices on the horizon

Friday, April 11, 2008

by Roman Pavlik

The just-released PMI Spring 2008 U.S. Market Risk Index ranks 50 of the largest metropolitan statistical areas (MSAs,) and calculates that home prices will likely be higher in some areas, and lower in others. Overall, prices will be lower in two years in 381 of the largest MSAs, and MSADs.

"Excess supply is responsible for much of the risk we're seeing in the market," says David W. Berson, chief economist and strategist for The PMI Group. "The excess supply of housing in the United States is 9.2 months for existing homes (the 20-year average has been 6) and 9.8 months for new homes (the 20-year average has been 5.5), which will continue to depress prices for MSAs in risk ranks 1 and 2."

For a complete outlook, visit PMI Insurance online. And remember, real estate is local. Your MSA may be up or down, but your home price may be moving in the opposite direction. To be sure, talk to a real estate professional.

Afford More Home with Joint Ownership

Tuesday, April 08, 2008

by Roman Pavlik

Joint ownership may be the way into or out of a real estate market that is keeping you from going solo.

Whether you are a buyer overwhelmed by escalating prices or an owner undermined by financial over-extension, joint ownership may offer an acceptable alternative to being squeezed out of the real estate market.

To see an article on this topic click here:

http://www.luxurylifestylemiami.com/Real-Estate-News-Article.asp?Id=0677141&articleurl=http%3A%2F%2Frealtytimes%2Ecom%2Frtpages%2F20080408%5Fjointowner%2Ehtm

Buyers are realizing it's a great time to buy a second home!

Wednesday, April 02, 2008

by Roman Pavlik

In the midst of all the gloom and doom on the housing front, one remarkably-bright statistic has just been announced: Last week the National Association of Realtors reported that 12 percent of all existing home sales last year were not primary residences, they were instead vacation homes.

It turns out that a lot of us have second homes at the lake, the beach, in the mountains or just somewhere different.

The implicit reservoir of wealth represented by vacation property owners is important because it means there are large numbers of people out there with dollars that can be used to stroke the economy. If this trend holds up, it also means that about 600,000 second homes will be sold this year, a big and positive number at a time when big and positive numbers should be welcomed

Setting Goals to be Successful in Real Estate and in Life

Monday, March 31, 2008

by Roman Pavlik

Your ability to plan, set goals, and create action plans to accomplish your goals is the mark of someone who is truly successful. This skill to set goals is a life-long endeavor. It is a habit that must be cultivated daily for a lifetime. This single activity will have the greatest impact on your life over any other achievement skill

To be disciplined in setting goals is to sit down with paper and pen and make a list of things you want to acquire, attract or accomplish in the next several years. Earl Nightingale said, "The problem with people is not achieving the goals we set, it is actually the process of setting them in the first place." We are all goal seeking organisms. Your subconscious mind will work on the goal you give it until it is accomplished. You must only set this vast powerful computer in motion by setting the goal.

Ingenuity in infill for urban areas!

Tuesday, March 25, 2008

by Roman Pavlik

New Homes: Skinny Infill That Works

Like many urban areas, fitting new construction into existing neighborhoods while keeping the flavor of the area is always a challenge. In fact, Portland, Oregon's citizens began complaining about lackluster new construction so much that city officials decided to do something proactive about it.

What they came up with is a shining example of design ingenuity. Two slender residences now sit snugly together on a home site on Portland's Knapp Street (formerly containing one single-family home). The tidy three-bedroom, two bath homes selected by the city were designed by Berkeley, CA-based architects Roxanna Vargas and Trent Greenan to act as models of what skinny infill should embody. Graced with exposed cedar outriggers, heavy timbering and deeply recessed windows, the Knapp Street homes epitomize the Pacific Northwest style.

Economist suggest the market will improve as the year goes on

Saturday, March 22, 2008

by Roman Pavlik

Though the economy for the entire nation is sluggish now, many economists are expecting a rebound by the second half of next year. Real estate agents in the Northeast report seeing situations where correctly priced homes are receiving multiple offers.

Economist Yun's predicting the fiscal package should provide a huge boost to the US economy and the real estate market.

The bottom line seems to be that, though the market isn't humming along as strongly as it was a few years ago, the Northeastern states are still managing to stay active and this trend should continue in the rest of the country as well.