Posts Tagged ‘market’

Market Update – “First Time Home Buying Secrets” Kenns New Book

Representation

Most people just do not appreciate the job of a realtor. Yes, while minimal training goes into being a realtor, it is none the less training that society at large has come to appreciate. An old law exists that underpins a primary purpose for realtors- statute of frauds. It is the adoption by nearly every state regarding this old law from England that governs real estate transactions and that it- if it is not in writing it does not exist. There are many paragraphs contained in a standard Real Estate Purchase Contract that each state has adopted peculiar to how common misdeeds and oversights have posed problems in that past. Certain situations that require addressing these things or additional items to a contract to be written up separately on an addendum underscore the importance for some training and expertise, so that people do not get exploited.

Now, many a transaction has taken place without realtors, that have gone just fine, which transactions are commonly called “for sale by owner”. But it is those that don’t go fine that sometimes lethal consequences can happen for the unrepresented and all instances do not involve the statute of frauds.

Usually, the largest body of investment of money within a person’s lifetime takes place during a real estate transaction. They can and do go wrong. Just ask all the people who bought way to high without the help of a realtor who could have warned them about the home being above market value, who are now in foreclosure and they will tell you, yes, most certainly, I should have had a realtor. Conversely, many more “for sale by owners” do not know that they have just “given their home away” for less than what is was worth. By the way, many know or have not cared and are less greedy than the rest of us, praise be to them. On a personal note as a realtor, it strikes me as how amazingly common it is, as I even myself was raised with a ‘garage-sale’ like mentality, that we expect not just a good deal when we are buying, but also when we are selling, and somehow call ourselves ethical and “All-American”. What about the the poor guy on the other side who didn’t get the good deal… how considerate have we been to them? Yet, we appear to have clear consciences all the way to singing ‘Dixie’.

The current problems we are having involving the sub-prime market and with bad lending practices came about because the institution built their projections on untried models. They are now re-mapping how they do that. Real estate bases its practice off of comparables, and on-the-ground information about supply and demand, not off models.

It is precisely because of such circumstances, both preserving an otherwise exploited public, to market value transactions and the statute of frauds, that the value of a realtor’s profession is honorary and civic in nature and not just about capitalistic salesmanship. It is like having insurance, we don’t like the co-op expense, but it protects those who need it. Only in this case, all benefit in some way.

Buyer Representation

In most areas the Multiple Listing Service (MLS) is ran by your Local County Board of Realtors that gives listing access to participating brokerages and most brokerages, if not all, participate. You’ll need to check your local area to see if this is the case. Rules governing listings in the MLS, typically specify in the listing, or have as there norm, a percentage of commission that will be split in some fashion between a buyers agent and a sellers agent. Therefore, if the existing rules that govern, have gone through considerable trouble to get the seller to “put up” enough commissions in the asking price to cover both the sellers agent AND the buyers agent, you may want to use the system because it has made your representation free.

Now given the current system, that while the seller pays both ends when selling and as a buyer they pay nothing, there is another way to look at how cost is transferred across the table. If the seller uses a realtor to sell and then uses a realtor to buy it could have been arranged that given an equal sell of home to an equal purchase price, with a total of 6% being incurred, that a 3% charge is levied for selling and 3% for buying. Only in our current system, you pay it all when selling.

This can tend to underscore the importance as a buyer, to be sure to defer to your own realtor, if you see other realtor signs or other opportunities for things you need information on. This is in the case you plan on using the free representation of a buyers agent provided you on participating realtor sold homes. That’s right free, because the Seller has already agreed to “foot” the bill for your side of representation, already represented in the asking price.

Many people will sometimes call the sign in the yard, and as the buyer may end up choosing to have the Sellers realtor represent them, in states where it is legal. Do people understand fully that, that Sellers Agent will get both commission sides, those held out for representing his seller and now those for representing you, the buyer? So, you may want to be careful when “choosing” to “go the sign in the yard” route. If you are calling for information, you may want to introduce first that you have an agent, but that you have some questions. Don’t expect the Sellers agent to direct you toward any other representation, but what he or she will gain by wooing you with the enticements you now possibly feel for a showing of that property, which if in showing it to you, you may now tend to a felt sense of obligation toward that agent. Still, only at the very end of that trail in having the Sellers agent help you, if in making an offer, will you find in bold letters, the disclosure of such Limited Agency situation, which you now find yourself in… that ‘you do not have to go that route, but are now consenting to it’ (yes, but fine, after you’ve inadvertently made that agent do all the work and he/she is holding a pen for you to sign it).

If the Seller represents both sides, this is commonly referred to as Limited Agency. Limited Agency is when the agent that represents the Seller is also going to be representing the Buyer. Limited Agency has the following possible disadvantages:

The listing or LIMITED realtor may not be inclined to:

Go after information that can be used to leverage your position as a buyer and there are all kinds of questions a buyers realtor can ask the listing realtor if they are astute to the art of negotiations that appreciates that knowledge is power.

Share with you any reasons why not to buy “this” property.

Negotiate the best price and terms for you, because that would hurt the interests of his Seller.

Include contingencies in the contract that protect YOU rather than the seller, including standard clauses.

Keep confidential any information that could hurt your bargaining position. This is where your bottom-line on price or something else that is confidential, un-be-knownst to you, may have been shared with the Seller.

Remain neutral, when taking sides is an option.  For example; a parent would never confess to admitting to having a favorite child, even if his/her siblings know who the favorite is.

Where Limited Agency is legal there is a possible advantage:

It is possible that you may have less trouble melding terms you know the Seller will accept when his/her agent is also present to help you with yours; typically when you thing you can make your case stronger than the other agent. Although it may not always happen ideally, the Limited Agent can try to depict an objective picture of value, when it comes to helping you negotiate an asking price. However, fiduciary (or ethical) duties keep the ‘Limited’ Agent from giving away the Sellers motivations, bottom line, etc. In other words, the agent is bound by fiduciary duty to become less involved in sharing or ‘going after’ otherwise tedious (research driven) or privy information. Thus, the Limited Agent acts as neutral as possible.

Remember that in most cases, having an agent, can really help you, both in your search process and in being represented well. Now may be the time, to become knowledgeable and comfortable with the choice of an agent and thereby in finding your dream home to be purchased.

The above information can depend on the area so check with local professionals deemed by local (sometimes national) governments to be the appropriate professionals for consulting and doing real estate transactions, including disclosure for appropriate professionals in all areas of expertise and confirming or denying any information held in this article.

The recipe for slow growth is firmly in place. Take evaporated disposable income going toward everyday necessities like food and, gas, mixed with a dash of higher unemployment, dysfunctional government, inane energy policy, high taxes, pulled pork (earmarks/farm subsidies), and you will get a heaping helping full of wait and see stew.

This is the wealthiest country on earth, and there’s plenty of money to be spent. The average family is pulling back out of necessity, the upper middle income folks are sitting tight, and the wealthy wait to see if their earnings will be stolen through confiscation by Obama to pay for more government bureaucratic entitlement failures. These are the primary sources of uncertainty, and the pull back in consumer spending.

If you must sell a home you can take heart, people still need a place to live. There will be homes selling, just not in the numbers most markets are accustomed to seeing. Who will sell, and who won’t?

This is Springfield Illinois where the market was spoiled with over 4000 homes being sold annually for the preceding four years. This is a new year which has home sales on pace for about 3400. This is not a crash, more of a return to more normal levels of sales. The challenge is the number of homes for sale, continuing to set records. There are more homes listed for sale today, 1974, than will have sold during the first six months of 2008.

This is called competition of the highest order; fewer buyers, more sellers. The result? Unlike the robust years of the recent past, low offers, short appraisals, stricter financing requirements, longer time on the market, and a lower sale price to list price ratio are the norm. Not to mention foreclosures and short sales.

So how does one successfully sell their home in these bear market conditions? Know the holy grail of home selling; price, condition, and agent selection. These are the deal makers, or deal breakers. Experience is often overrated, however not when selling a home under these conditions. An agent that has experienced buyer markets is infinitely better suited to advise you on the primary components of getting sold; price, and condition.

My advice is to hire the best agent and company in your market. That would be an agent with a proven sales record, with top quality Internet presentation, and marketing materials. Ask to see samples. Trust but verify agent’s, and company’s claims.

Establish a pricing plan before you list your home. This market is changing faster than a teenage girl’s mood. Knowing where you are going with the price at prescribed times while on the market, will increase your chances of selling threefold. How do I know? Since introducing my pricing plan strategy, three times as many of my listings have sold and closed as the average of the top twenty five agents in the market. There are 690 agents.

Have your home inspected, and make repairs before you list your home. Offer a copy of the inspection report to financially approved home buyers that show interest, then sell ‘as is’. This eliminates the opportunity for buyers to leverage more money from you following their inspection. Buyer’s want their own inspector? No problem, give the buyers first right of refusal to write an offer while they have the home inspected. Seven days should be sufficient. Then negotiate the sale price of your home. Once.

There is a plethora of information available regarding preparing a home for sale. Let me make it easy for you. Everything you do is to create a sense of cleanliness, and spaciousness. If flooring needs replaced, replace it. Walls need painting, paint them. Use the ‘I would’ rule; if anything causes you to pause and think, ‘should I do this?’, I would.

Do you have to give your home away in order to sell? No. You just need to be better priced than your competition.

Do you need to make your home like new? No. Just so your home shows better than your competition.

Do you have to hire the best agent/company in the market? No. Just one better than your competitors hired.

It’s like the fellow who was slowly reaching for his shoes while camping with a friend when they spotted a bear heading toward their campsite. The man’s friend said; you can’t out run a bear. The man replied; I don’t have to out run the bear, just you.

If you are planning to sell your home, you may have realized that the process might not be easy as it would have been even a couple of years ago. The good news; however, is that there are some positive steps you can take to make your home stand out, even if the market is somewhat crowded.

A few years ago, back when the market was sizzling, homeowners mistakenly believed that putting a lot of money into their homes would pay off big time when it came time to sell. Unfortunately, they failed to realize that upgrading and remodeling are really only mediocre investments. In reality, very few projects actually pay for themselves, let alone bring in a profit.

So, what should you concentrate on when preparing your home for today’s market?

First, before you take on any projects, make sure they are the right kinds of projects. The projects which should take priority are those which will actually protect your home from damage and deterioration. This includes replacing the roof and making plumbing and electrical upgrades. These types of projects won’t do much to beautify your home, but they will go a long way toward preserving the home’s value.

You should also make sure that your home has curb appeal. At a minimum, buyers today are looking for a good paint job. If the exterior of your home is already in good shape, you may be able to get by with just doing a little touch up work. The main idea is to make sure that your home stands out. A little paint does not cost a lot and in the end it can really go a long way toward making a difference when it comes time to sell.

When painting your home; however, it is important to keep a few guidelines mind. First, make sure you are using quality paint. Remember, this isn’t just for show. Ideally, it is best to use two topcoats. This will provide protection against mildew, moisture and the effects of the sun. Second, work to make your home stand out but avoid colors that make your home stand out too much. Choose colors that have universal appeal.

Make sure your yard is tidy. Trim those shrubs and keep your lawn neatly trimmed; even if that means hiring a service to handle it while your home is on the market. The investment will be well worth it when your home sells. Avoid spending too much on sprucing up the landscaping; however. Ideally, you should spend no more than 2% of your home’s value on the landscaping before you sell. Any more than that and you won’t be able to get it back in the final sales price. Focus on spreading mulch around trees, trimming the shrubs and walkways and mowing the grass. If the season is right for it, add a few flowerpots around the patio and entry.

Spend a bit of time on your driveway. If it has not been resurfaced in awhile, now is the right time to take care of any cracks with some asphalt resealer. This is a good way to give your home the appeal buyers are looking for without spending a ton of money.

The basic rule of thumb when preparing your home for the market is to avoid doing too much overimprovement. Getting carried away will ultimately cost you. For example, contrary to popular belief, adding a pool to your home will do nothing to increase the final value. In fact, it will actually take away from the resale value as homes with pools cost more to insure and maintenance costs may turn away some would-be buyers.

Any home improvements you make should fit in with the neighborhood. Take a good look at the homes around your area. The key here is to make sure that you are keeping up with the neighbors, not trying to outdo them. If most homes in your local neighborhood have two bathrooms and you only have a bath and a half, it could be a good investment to upgrade to two bathrooms. Four would be pushing it.

If you’re planning to re-decorate, avoid doing anything that is too trendy. While it might be in fashion today, tomorrow it will just be outdated. Along the same lines, avoid over-decorating. Go with neutral colors that will allow buyers to envision how they will add their own personal touches to the home after they purchase it.

Take the time to clean out clutter. Remember that too much clutter can make rooms appear smaller. Clean off tables and countertops and remove any extra furniture you do not need. If necessary, rent a space to store extra belongings until the home sells and you move.

Create an atmosphere that is homey and comfortable. Make sure the home is clean above all else but also take the time to set the stage. Set your table, put out fresh flowers, make sure the bathrooms have guest towels, etc.

Finally, make sure your home is priced to sell. Take the time necessary to be sure your home is priced just right and not over or under-priced. Homes that are priced too high as well as those priced too low, tend to sit on the market longer. The longer a home sits on the market, the harder it becomes to sell. So, start off on the right foot by pricing it right the first time.

The Phoenix residential real estate market represents a great opportunity to individuals, families, and investors who are weary about the stock market and are realizing that their investment portfolios are too exposed to fluctuations in Wall Street.

By now, the reality has sunk in with most people – the stock market’s decline has hit 401K and other retirement investments hard. As a result, this is a critical time to for individuals, families, and investors to rethink diversification of their portfolios again. Portfolios need to be more highly diversified than ever before.

And it’s time to rethink real estate as one component of your diversification in the future in addition to stocks, bonds, commodities, international investment, and low-risk savings instruments, to name a few.

Wall Street, Main Street, and My Street, and Real Estate

There is no doubt that the goings-on in the real estate industry are intermingled with the market challenges that Wall Street is facing, which in turn impacts Main Street and “My Street.” But the issues with real estate largely emanated from the many corporations that make up Wall Street combined with lack of government oversight and inaction. Lack of personal discretion also contributed to the problem.

Having said that, here is why real estate should be a component in your investment portfolio once again, and why the Phoenix real estate market is an excellent choice for investment to help you diversify that portfolio.

First, due to the wave of foreclosure-related properties, prices have declined to 2004 and even 2003 pricing levels. This is pricing that is pre-run up. Though there is a risk that prices may drop further, the extent of a further decline may be limited in the short term while the long term outlook gradually gets stronger.

Second, real estate can prove to be a more reliable investment in a normal market environment. Prior to the run-up in home valuations in the second half of 2004 through 2005, annual home appreciation in the Phoenix residential real estate market averaged 5%-6% . Playing the long game as investors should, holding a property for 5-20 years could yield a solid return.

Long term is key here. The investor has to be committed to a lower but steady return on their investment when it comes to real estate. The Phoenix housing market will not likely experience a meteoric rise in valuations like it did again. That’s not to say that there won’t be some opportunities to turn properties fast (whether through acquisition at a foreclosure auction or wholesale, or a flip), but this model will have the high risk that most investors will and should shy away from.

One note here. At least in the Phoenix area, investors have to weigh the merits of investments in homes and real estate by several components to get a true picture of the return on a property. These factors are growth in appreciation, rental income and offsets, tax benefits, and equity paydown and buildup.

Third, real estate is real. You can see it. You can touch it. You can check up on it (if you buy locally). And it will always hold some intrinsic value no matter what happens. If you have a home in Chandler, it is easy to get across the Phoenix area, to check up on an investment property in Glendale. Or, perhaps the investment property you choose is right next door to your home in Tempe.

Fourth, under certain circumstances, real estate taxation on capital gains growth can be minimal. The same cannot be said of many other investment vehicles.

Fifth, an investor has much more control in determining the value of the property. Smart improvements and renovations combined with effective property management can increase the value of the property substantially.

Sixth, the Phoenix area continues to grow. The Valley saw a 2.8% increase in the number of residents here last year. This trend will continue as Phoenix and surrounding areas are perceived as a stable, optimum climate to live and to work. With the decline in real estate prices, this perception will also be reinforced by a sense that Phoenix and surrounding areas are once again affordable.

Finally, real estate can serve a dual investment/personal objective. For instance, an investment in real estate can serve as a later gift for children. Or, it can be utilized as a sort of savings plan for children’s college tuition as a complement to 529s and Coverdell plans. The investment could be a retirement property for later in life. Real estate investments can also be used to create income streams to live off of (when rents and equity buildup eventually turn the property cash-flow positive).

There are numerous reasons to invest in real estate even beyond this list.

Real Estate Has A Role to Play in Your Investment Portfolio

The difficult truth about the stock market is that over the past eight years, the U.S. economy has seen two major disruptions or recessions that were severe enough to have rippling effects for all Americans as seen by the decline in 401K and other retirement savings values. As a result, further diversification of investment portfolios is needed across many different asset classes with a regional focus as well.

Real estate should be one of those classes. Given real estate has seen real substantial pricing declines over the last three years to levels seen before the run-up period, one has to consider that there are real deals in the marketplace for real estate. Coupled with the right long-term outlook and commitment to investment fundamentals, real estate can have a more effectual, countervailing purpose in investment portfolios that can help Americans better weather substantial market disruptions in the future. For investors looking for specific markets that may be worthwhile to investigate, real estate in the Phoenix area is a compelling choice.

www.elliottwave.com Bob Prechter on Bloomberg June 25, 2008

If you’re starting to look around for your first home you should start thinking about buying some Dallas real estate. There is a lot of great Dallas real estate on the market right now because Dallas is a rapidly growing city that is changing all the time.

Many family homes on the edge of the city are available right now for very low prices so if you have been wanting to find a nice family home at an affordable price then Dallas is the place to look.

Do you have a Dallas real estate agent yet? If you don’t already have a Dallas real estate agent you should find a Dallas real estate agent. A Dallas real estate agent that specializes in family homes can help you find a home that is the right size and the right price and is in a good neighborhood with lots of other families and that is in a good school district.

The best way to find your first home is to go through a Dallas real estate agent since a Dallas real estate agent will be a lot more familiar with the home buying process than you are and can help you get through the home buying process. When you are ready to start looking at houses the first thing that your Dallas real estate agent will tell you to do is get a copy of your credit report.

You need to get a copy of your credit report so that you know all the things that are on your credit report. A mortgage company or home loan lender is going to base their decision about giving you a home loan to buy some Dallas real estate on whether or not you have good credit so it’s worth taking the time to get a copy of your credit report and clean up your credit report and make sure that your credit is as good as it can be before you apply for a home loan.

Another thing that you need to do before you apply for a home loan is figure out what type of home loan you want to get. You can apply for an adjustable rate home loan or a fixed rate home loan. An adjustable rate home loan will have a lower monthly payment in the beginning but after a fixed introductory period, usually a year, the rate will go up to whatever the current interest rate is and your monthly payment might double or even triple so an adjustable rate mortgage can be risky.

A fixed rate home loan usually costs more in the long run but you will have a fixed monthly payment so that you will always know what your monthly mortgage will be. Many families that are buying their first home will apply for an adjustable rate mortgage first and keep that mortgage for a year then refinance that mortgage and get a fixed rate home loan just before the introductory period ends.

If you don’t have a lot of money and are worried about the initial monthly mortgage payments then you should start with an adjustable rate mortgage when you buy Dallas real estate.

When selling a home in a dragging market, being a realistic seller is important and making the house look its absolute best will greatly improve the chances of getting an offer. Make a home desirable in a slow real estate market withinformation from a Massachusetts Realtor in this free video on real estate. Expert: Beau Sasser Contact: www.northamptonrealtor.com Bio: Beau Sasser has been at Goggins Real Estate in Northampton, Mass. for many years, previously working for Sasser Properties in Aspen, Colo. and EcoFriendly Properties in Destin, Fla. Filmmaker: David Pakman

In the current economic crunch, it is no surprise that home-sellers from all over the country are experiencing the same crisis in the real estate market. With the number of buyer’s market emerging left and right, sellers are faced with the problem of losing leverage during the transactions. What’s more is that plenty of markets are getting tight. The competition is surely rough and if you’re selling your own Miami real estate property don’t be surprised if you see your neighbors putting up their own for-sale signs. 

Selling your Miami real estate property doesn’t have to be painfully difficult though. Even in an immensely competitive market, there are several ways that home-sellers can do to successfully get some offers. Cooperation is the key and here are some ways to do so. 

1. Joint open house 

If you’re not the only one selling Miami real estate property in your neighborhood, the best way for each property to get fair attention and lessen competition (and quite possible contention) between the sellers is to host a joint open house. Whenever one property is holding an open house, ask the owner if you and other sellers can contribute to the event and obtain the same amount of attention. 

Showcasing plenty of Miami real estate properties at the same time can attract plenty of buyers. This also lessens the buyers’ natural wariness to neighborhood laden with for-sale signs. Deciding to take turns in putting up signs is a healthy way to invite buyers. 

2. Sell the neighborhood as well 

Another way to get buyers interested in your property is to sell your neighborhood along with your house. Ask other sellers in your area to include fine points of your neighborhood in the brochures that they hand out to the buyers. This way, all of you are increasing the buyers’ interest in living in your neighborhood. Plus if they see that sellers and homeowners are working together for a common goal, this will reflect greatly on you and your neighbors. 

3. Always be ready 

This is one of the most important parts of selling a property alongside other home-sellers. If buyers are coming in to check out properties in your area, it’s likely for them to check others as well. Because of this always ready your Miami real estate property for an impromptu visit from buyers. Provide easy entrance and make sure your home is always presentable for the unexpected visits from buyers. If your agent is not present, be ready to take the helm on the walkthrough. 

Mark Michael Ferrer 
Miami Real Estate

Catherine Austin Fitts talks about it in 2004. As President of Solari, Inc., Catherine is currently spearheading the Solari Circles Campaign to help make healthy local living economies the best investment worldwide. Catherine previously served as Managing Director and Member of the Board of Directors of the Wall Street investment bank, Dillon, Read & Co., Inc. She also served as Assistant Secretary of Housing/Federal Housing Commissioner at HUD in the first Bush Administration, and was the President and Founder of Hamilton Securities Group, Inc., a broker-dealer/investment bank and software developer that successfully completed $12 billion of transactions and $500 billion of portfolio strategy prototyping the solari model. Catherine has a BA from the University of Pennsylvania, an MBA from The Wharton School, and studied Chinese at the Chinese University of Hong Kong. Catherine serves on the advisory board of Sanders Research Associates in London, and publishes the column Mapping the Real Deal in Scoop Media in New Zealand. www.financialsense.com www.scoop.co.nz

While the current economic climate might not make many run to the real estate market for their top career choice, for some, it can be a lucrative business. If you’ve decided to enter the real estate business consider the varying specialties that might help you to succeed. You may want to start as a <a title=Commercial eal estate agent at Royal Commercial! rel=”nofollow” onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” href=http://www.royalcommercialcorp.com/resources/commercial-real-estate-agent.php>commercial real estate agent</a>, someone who specializes in selling <a title=Commercial real estate at Royal Commercial! rel=”nofollow” onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” href=http://www.royalcommercialcorp.com/resources/commercial-real-estate.php>commercial real estate</a>. You may also consider becoming an appraiser, the person who determines the value of the home being bought or sold; a broker, who assists buyers with the actual transaction; developer, a person who improves land by adding or replacing or fixing up buildings; property management, someone who manages the property for an owner. With all these choices when becoming a real estate agent you are bound to find something that will be the perfect fit.

When deciding whether or not you’d like to do commercial or residential real estate consider these major differences.  Obviously, commercial real estate agent will focus around office space or other types of commercial properties that are mostly income producing. Most homes will simply be by their owners.  Commercial real estate can encompass leasing office space, owning an apartment complex or selling real property to name a few of the areas that you might be working in.

It’s also important to note that the paperwork involved is very different between the two areas of real estate. Residential deals are given much more consumer protection than commercial deals. Disclosures common to residential are not necessarily required. Commercial real estate buyers are going to need to ask about zoning laws, whether or not the area is suitable for their business, among other business decisions. As a real estate agent you’re going to need to have the skills necessary to meet different needs for the consumer.

No matter the type of real estate you decide to specialize in, each requires a different level of skill and a different level of knowledge. The type of person you are going to be dealing with in residential real estate is going to be quite different than the person you might deal with in a commercial transaction. Consider the types of customers you would most like to work with when comparing the two. Consider the types of goals you have and the types of needs you like to meet for others. It can be exciting helping the first time homebuyer discover and purchase the home of their dreams. Does this get you more passionate than helping the savvy business owner find the perfect space for leasing, a space that can help them meet their business needs. While there are two different goals, helping people meet those goals can be very rewarding.

Committing to becoming a residential real estate agent or a commercial real estate agent can be a big step. Determining that you want to go into real estate can be a difficult decision, especially when the current real estate climate is shaky. However, in the end, it can be a very rewarding career choice and a very lucrative one, depending on the type of real estate agent you become and the area in which you live. If you don’t think commercial or residential real estate is the right move then consider the other types of specialties that might be just the right fit. You have to spend a lot of time in your career so make sure that you are making a choice that is going to be in your best interest for the long term.

In 2007 the Real Estate Bubble began to deflate with Subprime mortgages busting the loudest. The stock market collapse in half in 2008. This 60-Minutes special features experts that say 2010 is going to be worse. Millions more Americans are going to face foreclosure with their homes underwater, even prime mortgages. Home values are going to decrease another 30-50% in the most inflated markets. Get out now and go into safer assets. Be ready investors and 401k holders, your stocks are about get cut in half AGAIN when this new panic across the entire platform of the housing market in 2010/2011. Deflation, then more bailouts/stimulus, then serious inflation.

Austin Real Estate tumbled and touched the bottom-most point like any other real estate market of the United States. Property price was going down, and in the last two years this continuous drop in price caused many Austin realtors to panic. Many Austin homes were up for sale, but no buyers were looking at it, and home owners lost their hope. Hence, “Austin Homes for sale” placard was gathering dust, as no one cared about it anymore.

Then came February, and it brought the good news. Congress approved American Recovery and Reinvestment Act of 2009 sanctioned $8,000 tax credit to the first-time home buyers. Thanks to this legislation, the buying sentiment returned to the market.

Since then, the Austin real estate market has recovered a great deal. And the news that Austin will be among two cities to recover earliest from recession is adding up to the positive market sentiment in Austin.

Real estate studies

According to a new nation forecast by IHS Global Insight, Austin and its Texan cousin San Antonio will be the two cities that will be quickest in beating the economic recession.

According to the study conducted by the Brookings Institute, Austin is among the Top 20 best performing metropolitan area in the second quarter of 2009, as said the report published in Austin Business Journal.

In the second quarter, Austin has also been found leading the pack on many of the 9 metrics tracked by MetroMonitor for100 U.S. cities. These metrics included things like metropolitan products, and percentage change in housing price, etc.

There are many reports that coming that shares the same sentiment, which compelled me that I should find some data to match the prediction. Hence, I am going to provide here some hard data as evidence to corroborate with these and several other studies.

Austin Real Estate marketing data The Austin home sale in July 2009 has torched the mark set in July 2008, as reported by Austin Board of REALTORS. In July ’09, 2,069 homes were sold, where as in July ’08, 2,068 homes were sold. The median home price was also just 2% at $191,500 below the median home price in the same month last year. This data might not have looked positive in the bullish market, but given the state of Austin real estate in this year, this can be seen as a good recuperation. $508,810,549 was the total value of single-family properties sold in July 2009. In August 09, total house sold: 1706; average listing: $255,966; median listing: $195,750; average sold: $246,372; median sold: $190,000. In September 09, total house sold: 1639, 0.61% rise since September 08 (1629); average listing: $257,361, 0.69% rise since September 08 ($255,585); median listing: $194,900, 2.63% rise since September 08 ($189,900); average sold: $246,185, 0.04% rise since September 08 ($246,079); median sold: $188,500, 1.89% raise since September 08 ($185,000). Most of the U.S. cities are still struggling, but 17% of total homes that had “Austin Home for Sale” placard have found the buyers. To put it plainly, Austin has seen a 17% decline in home inventory, and witnessed increase in sale. The Brookings Institute’s study found out that the Austin house price is up by 2.4% over the past year while the US house price is down by 6.3% over the same period. Conclusion

As it is evident from the data given above that the predictions and forecasting made by national as well as Austin realtors are proving to be true. The Austin real estate market is heating up as the market sentiment is back into the buying mode. The confidence in the home owners are back, and now, no “Austin Home for Sale” placard is gathering dust.

The Golden Hill region is located near Downtown San Diego County, California. The community is located between Interstates 5 and 15, just south of the famous Balboa Park.

For the period observed (January through July 2006 compared against January through July 2005), the number of homes sold remained relatively consistent. Approximately 74 single-family homes sold in 2006 and 76 homes sold in 2005.

One method to analyze pricing trends for a particular community is to evaluate the median and average price of homes for a particular month, and compare that data against the same period last year. What follows is a comparison of the median price and average price of homes for the past seven months (January through July 2006), compared against the data for the corresponding time period in 2005.

The median price of homes represents the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The average price of homes is calculated by adding up the sales price of all homes sold in a particular month, and dividing that value by the number of homes sold.

The median price of homes in July 2006 was $572,000, compared to $425,000 in July 2005, which represents a 34.6% increase. The average price of homes in July 2006 was $551,875, compared to $466,636 in July 2005, which represents a 19.5% increase. Approximately 8 homes sold in July 2006 and 11 in July 2005. In summary, there was an upward price trend in July 2006 compared to the same period last year.

The median price of homes in June 2006 was $451,500, compared to $540,000 in June 2005, which represents a 16.4% drop. The average price of homes in June 2006 was $457,600, compared to $514,846 in June 2005, which represents an 11.1% decline. Approximately 10 homes sold in June 2006 and 13 in June 2005. In summary, there was a downward price trend in June 2006 compared to the same period last year.

The median price of homes in May 2006 was $500,000, compared to $430,000 in May 2005, which represents a 13.9% increase. The average price of homes in May 2006 was $545,067, compared to $465,727 in May 2005, which represents a 10.5% increase. Approximately 15 homes sold in May 2006 and 11 in May 2005. In summary, there was an upward price trend in May 2006 compared to the same period last year.

The median price of homes in April 2006 was $442,500, compared to $510,000 in April 2005, which represents an 8.3% drop. The average price of homes in April 2006 was $448,071, compared to $512,067 in April 2005, which represents a 10.9% decline. Approximately 14 homes sold in April 2006 and 15 in April 2005. In summary, there was a downward price trend in April 2006 compared to the same period last year.

The median price of homes in March 2006 was $415,250, compared to $437,500 in March 2005, which represents an 8.2% decrease. The average price of homes in March 2006 was $451,886, compared to $428,375 in March 2005, which represents a 5.5% increase. Approximately 14 homes sold in March 2006 and 12 in March 2005. The data was mixed for March 2006, as the median price dropped and the average price increased from the same time last year.

The median price of homes in February 2006 was $452,500, compared to $512,500 in February 2005, which represents a 6.7% drop. The average price of homes in February 2006 was $483,128, compared to $503,625 in February 2005, which represents a 1.7% decline. About 8 homes sold in February 2006 and 8 in February 2005. In summary, there was a downward price trend in February 2006 compared to the same period last year.

The median price of homes was $455,000 in January 2006, compared to $500,000 in January 2005, which represents a 9% decline. The average price of homes in January 2006 was $446,280, compared to $467,483 in January 2005, which represents a 1.3% drop. Approximately 5 homes sold in January 2006 and 6 in January 2005. In summary, there was a downward price trend in January 2006 compared to the same period last year.

So what does the data tell us? Well, the data above does not reveal a consistent pattern. The home prices for May and July 2006 were up year-over-year in the range of 10% to 35% from the same period last year. However, prices were down 1% to 16% during January, February, April and June 2006, compared to the same time last year. The data for March 2006 was mixed, with the median price dropping 8.2%, and the average price increasing 5.5% for the same time last year. Given the ups and down described above, a longer period of evaluation is needed to determine if a clear pattern emerges. Contact an experienced Realtor to obtain additional insights about the pricing trends in the Golden Hill real estate market.