The Spring Show House

Women Drive Real Estate Purchases

admin — Thu, 23 Feb 2012 02:42:45 +0000

Women are working more, earning more and buying more than they ever did. Consequently, they have a significant influence on the American economy in general, and the real estate industry in particular.

The collective buying power of US women accounts for about 85 % of all consumer purchases. When it comes to purchasing patterns, women are estimated to make 94 % of home furnishings decisions, 91 % of new homes purchase decisions, and 89 % of travel decisions.

Women’s earnings have accelerated over the last few years and they have emerged as the Chief Purchasing Officers in their households. According to IRS data, women constitute 39 % of the top wealth holders in the country. This means about 2.5 million women possess a wealth of $4.2 trillion put together. Notably, the IRS estimates that by 2050, 42 % of these women will be single or widowed. The IRS further estimates that more wealth is bound to be accumulated among women.

Another growing trend that emerged in a December 2006 study by the National Association of Realtors (NAR) was that about 22 % of homes purchased between July 2005 and June 2006 were by single women who were in the 25 to 34 age range. Women accounted for a record number of 1.76 million home purchases (1 in every 5 homes), a significant increase from 14 % a decade ago. Women’s growing success in their careers, higher education, financial independence and a desire to build an early nest on their own, are some of the reasons that have spearheaded this home buying trend.

Among the vast demographic spectrum in the real estate industry, women have become a force to reckon with. Real estate agents are increasingly taking note of their female clients and the power they wield in home buying decisions. By the influence that they bring into play in home buying decisions, women form a significant and growing market that simply cannot be ignored.

If you are considering buying a home, condo, or any other real estate, be sure to seek out the services of a local real estate agent to guide you through this complex process.

Estate Agents in Slovenia – Tips on Choosing the Best

admin — Tue, 07 Feb 2012 22:19:58 +0000

Forecast growth by a respected UK investment TV show, is anticipating growth of up around 280% in the next 10 years and interest in property investment in Slovenia is at an all time high. Of course you will need an Estate Agent in Slovenia to help you with your property investment and this article will give you tips on choosing the best Slovenia estate agents.

There are many Slovenian Estate agents to choose from and here we will look at choosing one to help you get your dream property.

Here are your general guidelines for choosing an estate agent in Slovenia.

1. Cut Out Middlemen

There are lots of “middlemen” selling property in Slovenia, however most are not regulated. For your security you should only deal with a licensed estate agent that is based locally and governed by local laws. This means their business conduct is regulated by a strict code of rules, which are designed for your protection.

2. Find an Agent That Knows Slovenia

Many middlemen are simply interested in selling their own properties – these may not be the most suitable ones for you. You need to find an estate agent that knows the areas they sell in. Check how long they have been in business and that they have a good knowledge of the area you are buying in and get some references if possible.

3. You’re Aims

Are you buying property for sale in Slovenia for capital gains, rental income, or a mixture of the two? Always match your specific aims with a location that can deliver what you require and find an agent that will understand and match these needs. This is really common sense – but many investors simply buy without thinking about the above and it costs them later on In conclusion, make sure you do your homework and that means a visit to get a feel for the area and property you are investing in.

4. The Buying Process and Finance

For buying property in Slovenia will only take around a month to complete the contracts and the salient points to consider are outlined below. Once you have found your property you will be required to pay a 10% deposit which if the seller decides not to proceed will be returned to you – but doubled, under Slovenian law. If on the other hand, you decide to back out, the seller will keep the 10% deposit. Mortgages are now available to foreign nationals.

For example, Volksbank offer 70% mortgages, secured on your investment property in Slovenia not on your primary residences elsewhere. When you want too buy, you will need to produce your passport; your estate agent will then apply for a tax number for you as well as an EMSO number, both of which are required to complete a property transaction.

You should use a local Lawyer to check all paperwork, ownership details and contracts, who is familiar with Slovenian law. When sending your final payment check your banks for favorable rates – or seek out a specialist foreign exchange company. Make sure you shop around, there are big variations in currency exchange rates offered and these can make a significant difference to your purchase price.

You should also open a bank account locally – this will enable you to pay all your local costs easily and promptly. Bank accounts are easy to set up and can be done on the same day and require only a passport as proof of ID.

5. Management Of The Property

You can also get Slovenian estate agents to offer property management services.

This will include everything from finding tenants for your house to making sure the house is ready for guests and also make sure wherever you buy your Slovenia property it is safe, secure and maintained

Finally

Buying property in Slovenia can be a lucrative investment destination and if you choose the right Slovenian estate agent, you can maximize your growth potential.

Your estate agent can help you get the right property which fits your investment aims, budget and thereby maximize your long term growth potential.

Choosing the right estate agent is essential when buying property in Slovenia so make sure you do your homework!

Top 10 Tips When Shopping for Home Insurance in Ireland

admin — Tue, 24 Jan 2012 13:45:29 +0000

Shopping for home insurance should not be an ordeal. Neither should it be very expensive. The emergence of the internet for shopping has not only made it easier for consumers to buy but also increased competition among businesses to offer better deals.

This means that you, the consumer, can now review and compare products before actually buying. It is possible to combine quality, fair prices and convenience, resulting in genuine cheap home insurance.

Regardless of the economic climate at any given time it always makes sense to do your homework first Using the internet is the ideal way to make sure that a. you get what you need and b. you do not pay more than you have to.

It is particularly important when purchasing home insurance that you have all the information you need. Insuring your home is critical and knowledge is the key to making sure that your home is adequately insured.

Get a pen and sheet of paper and start listing your needs in order of priority. Below are some of the areas to consider when shopping for home insurance.

1. Buildings cover – how much cover do you actually need? Remember, the vital issue here is the total cost to rebuild to a similar condition, not the market value of your home. Are outbuildings, fences and walls covered?

2. The Society of Chartered Surveyors in Ireland can offer a very useful online guide to home rebuilding costs.

3. Make sure that your buildings cover is in line with current prices by opting for index linked re-building costs.

4. Contents cover often includes not just the contents of your home but also your personal belongings. Generally you have two options for personal content cover as part of a home insurance package, a. it is valued as a percentage of your buildings cover or b. your personal costs are insured as a separate sum.

The areas mentioned above are broadly speaking the same with all home insurance companies. It is in the area of extra benefits attached to a home insurance policy that you are most likely to find substantial differences.

Some of the benefits covered include such areas as:

1. Contents cover increased for free at Christmas due to increased value of belongings in the home at that particular time.

2. Weddings are another event that often sees the value content of your home greatly increase. This extra benefit is usually offered for a set number of days prior to and after the wedding.

3. Payment up to a limit should any of your visitors be unlucky enough to lose personal belongings.

4. With Fire Brigade call out charges increasing the importance of having that substantial bill covered is now more important than ever. At a time of such stress another bill is not something you should have to worry about.

5. If you are unfortunate enough to have to seek accommodation elsewhere, a payment may be provided up to a certain limit to cover some of those costs.

6. Cover for time spent on Jury Service, up to an agreed limit may also be provided.

There are aspects of home insurance that will apply to all. However the secret is to be clear on what your exact needs are. Use the pen and paper as mentioned before. Be crystal clear on the exact cover your home needs for the coming year.

Once you have that information it is then a lot easier to compare the offerings from the various home insurance providers. This is where you make full use of the internet, by comparing like with like, in the convenience of your own home. Quality but cheap home insurance for your needs!

Strategies For Buying Real Estate In A Slow Market

admin — Tue, 17 Jan 2012 18:44:07 +0000

The real estate market tends to be cyclical with some periods favoring buyers and other periods favoring sellers. As with other free markets, the pricing and availability of real estate is directly related to the forces of supply and demand. While many real estate markets in the United States are experiencing a substantial slowdown, other markets remain robust, and some even continue to grow. What makes the situation even more complicated is that even within a particular city or county, there may be some areas that are hot and others that are cold.

In regions of the country in which the real estate market is slowing, there are some things homebuyers can do to increase their chance of getting the property that they want on terms that are favorable. Below are some strategies to consider:

1. Clarify What You Want. Be sure to understand what kind of property you want (e.g. bedrooms, bathrooms, size, yard, location, etc.). Identify items that you “must have” and items that you would be willing to forego if your other priorities were met.

2. Consult Experts. You’ve no doubt heard the saying that “all real estate is local,” so arm yourself with the best information available. Consult a local real estate expert who can guide you about what communities are hot and which ones are not. Obviously, you are more likely to find deals in communities that have excess supply and limited demand than vice versa.

3. Understand Market Data. Obtaining and evaluating data can be one of the most powerful tools in your arsenal. Identify communities that you find desirable and ask your real estate agent to provide you relevant sales statistics. For example, your agent can provide you:

a. A summary of how many properties are available in communities that you deem desirable.

b. How long properties are taking to sell this month, last month, last quarter, last year, etc.

c. How many properties have sold this month, last month, last quarter, last year, etc.

d. Changes in the median and average price of properties for a community this month, last month, last quarter, last year, etc.

e. Data on the sales price to list price ratio (SP: LP). This ratio provides information about how much, on average, sellers are reducing their price.

f. Detailed data on properties that are similar to the type of property you desire (often known as “comparables” or “comps”).

4. High Inventory Communities. Identify, or ask your agent to identify, communities that appear to be particularly slow, and that have an unusually large inventory of homes. You will have a broader variety of options in these communities, and you may increase the likelihood of finding a better deal.

5. Loan Pre-Approval. Be sure to consult with your bank or mortgage broker and obtain a loan pre-approval document. This not only let’s you know how much you can afford, but it also demonstrates to sellers that you are a serious buyer and that your offer is worthy of serious consideration.

6. Seller’s Motivation. While information about why a seller is selling is usually confidential, there are situations in which the seller will allow their agent to disclose important factors regarding their personal situation. Be sure to ask your agent to inquire about any information that the seller has disclosed to his/her agent that can be conveyed to your agent. This information may help you decide on making an offer on a property and the price you wish to offer.

7. Home Inspection. A home inspection conducted by a qualified inspector can provide you valuable information about the condition of a property. Moreover, if there are items that need repair or replacement, you can use this information to modify your offer price or terms.

8. Expand Search Scope. As mentioned above, even within a particular city or county, there may be some areas that are hot and others that are not. Be sure to provided detailed information about what you want to your agent, so that he/she can provide you a variety of community options.

9. Be Patient. Time is on your side when there is excess supply and insufficient demand. Try not to “fall in love” with a house so much that you cannot be objective. It may be that multiple offers and counter-offers occur before you either get the property you want or decide to walk way from a deal. You may also want to look at more properties than you normally would, so that you are exposed to a variety of options.

While the above is not an exhaustive list of strategies, it is a good starting point of issues to consider when buying real estate, particularly in a market that favors buyers. Obtain the services of a knowledgeable Real Estate agent who can provide you with additional strategies to help you reach your real estate objectives.

The Difficulties in Closing a Short Sale

admin — Mon, 16 Jan 2012 18:21:27 +0000

When you short sell your house, it is a difficult decision; however, it is reassuring to know that this process is better, compared to facing foreclosure. Besides the process of a short sale, the closing could also be difficult for you. Below are some difficulties you have to undergo to be successful in your short sale.

1. The right package of your proposal must be presented clearly to the bank or your mortgage lender. You have to submit all the necessary documents such as a hardship letter, complete documentation of your financial status, the appraisal of your property and a legitimate offer to purchase your home. Bear in mind, that some lenders would not want to take your house. You must be patient in dealing with them. Make sure that you are able to submit all the needed requirements of else they will put your proposal at the bottom of their file and you may lose your opportunity to convince them.

2. You should be able to sell your house at least eighty-percent of its market value. This could be quite difficult for you since your home’s value may be lesser than the prevailing prices in the market. It is harder to sell if a government guarantee loan is not possible.

3. This process could take a lot of your determination in order to get your lender to agree on doing a short sale on your home. You must exercise friendliness and exert effort to make then like you. You have to accept that this process could also mean a longer waiting period and being passed on from one person to another and explaining your situation repeatedly. They could tell you that files got lost and that the last person you talked to has made some error.

4. Since you have to negotiate with your lender, this could take much longer than the typical selling process. This could also mean twice the work for you. The amount of waiting could be exhausting. Normally, lenders could take a month or more to respond to your proposal. Many buyers backed out from a short sale because of the waiting and red tape involved.

5. If the lender questions and disagrees with your presented value, this is another delay to the short sale process. You could lose a prospective buyer because your transactions are considered invalid without the lenders’ go signal.

6. An approval could pose a difficulty since a lender normally wants to recoup as much of their money as possible. They will determine whether the amount they get from the short sale is more than what they could get from an auction. If they believe that a foreclosure could give them more gain, they will reject your short sale offer.

These difficulties in the short sale process usually discourage buyers from looking at short sale properties. However, for those who have enough patience, this sale could mean a considerable amount of money saved on a property and a relief to the seller.

Role Of Real Estate Agent In Vacation And Second Home Markets

admin — Sun, 15 Jan 2012 18:22:09 +0000

Second home sales have been increasing over the last few years with more people becoming second home owners. In 2005 alone, 40 percent of the homes sold were second homes. Demographics, all time low mortgage rates, and healthy rise in home prices have contributed to this development in the second home market. Besides these, a major factor that has helped augment the buying and selling of second homes is the real estate professional.

The National Association of Realtors conducted research on the profile of second-home owners in 2006. According to the NAR report entitled ’2006 Profile of Second-Home Owners’, a majority of second home sales transactions are conducted using the services of real estate agents.

The statistics are remarkable; 64 % of vacation home buyers purchased their home using the services of a real estate agent by the end of 2005 – a marked increase from less than 50 % of vacation-home buyers in 2003. Also, 65 % of investment-home buyers purchased their home with the help of a real estate agent – an increase from 53 % of pre-2003. In comparison, only 14 % of vacation-home buyers and 7 % of investment-home buyers purchased directly from builders from 2003 to 2005.

The growing role of the real estate professional is evident from the following figures:

1. Of vacation home sales made, 71 % of them were second homes and 74 % of the sales were made using the services of a real estate agent.

2. Of the investment properties sold, 85 % of them were previously owned and 62 % of the sales were made using the services of a real estate agent.

The use of real estate agents in second home sales transactions varied according to the home’ location.

1. Buyers used a real estate agent more frequently while purchasing a vacation home located in a suburb/subdivision (56 %) or a rural area (57 %) than for homes in other locations.

2. About 66 % of buyers who purchased an investment property in an urban/central city area or in a suburb/subdivision, used the services of a real estate agent more frequently than those who purchased a home in other locations.

Real estate professionals continue to be the first source of information to second-home buyers (38 % of vacation-home buyers and 34 % of investment-home buyers). The real estate professional also plays a major role when second-home owners plan to buy additional properties. If you are thinking of buying a second home or vacation home, seek out the services of a real estate agent to guide you through your next home purchase.

1. The percentage of second home owners who are more likely to use a real estate agent in their next home purchase is quite high. Among vacation-home owners it is 79 % and investment-home owners 73 %.

2. Among second home owners, 65 % of vacation-home owners and 64% of investment-property owners are more likely to use a real estate agent in their next home sales.

Given these statistics, it is no wonder that the real estate agent plays a pivotal role in helping people buy and sell second homes. So whether you are a second-home buyer or seller, enlist the services of an agent for a smooth, hassle free real estate transaction.