Archive for
September, 2009
Posted by Annalisa Burgos | September 29, 2009
What makes a city great for sports fans?
A winning home team is nice, but there’s more to it than that, including historic professional franchises, a strong sense of community and competition among fans, the global appeal of athletes and access to international sporting events.
So if you’ve got a penchant for sport, check out:
Plus, find out what it’s really like to live in a sports city.
If we left out your hometown, leave a comment and let us know why yours should have made the cut.
Posted by Annalisa Burgos | September 29, 2009
FrontDoor.com is giving away $3,000 to one lucky winner in our “Designed to Sell” Sell-It-Fast Sweepstakes. You can enter once each day through October 27, so what are you waiting for?
Enter now at
www.frontdoor.com/Sell/Designed-to-Sell-Sell-It-Fast-Sweepstakes-Entry/55243
And if you’re selling a home, be sure to check out our valuable tips and advice so you can get your home ready for buyers and make it stand out from the competition.
Posted by Annalisa Burgos | September 24, 2009
The economist behind one of the most widely watched measures of the residential housing market is not sure where home prices are headed.
I caught up with Robert Shiller (of the Standard & Poor’s/Case-Shiller Home Price Indices) at the “Distressed Real Estate Summit” in New York City, where he shared his insight with more than 700 real estate developers, investors and other professionals. Hear what he has to say:
Shiller told attendees that current government efforts seem “like a big bailout,” and rather, we should focus on setting up “the framework for new economic systems” and “create a liquid market for real estate.”
Shiller is founder and chief economist of investment management firm MacroMarkets and co-developed the methodology behind the S&P/Case-Shiller Home Price Indices, which track changes in home prices in 20 metropolitan regions across the United States. Each month, investors look to the data for insight into the housing market.
Posted by Annalisa Burgos | September 18, 2009
Looking for a diverse, family-friendly neighborhood with a thriving arts and music scene? Then look no further than Garvanza in Highland Park, an urban community that offers a suburban feel, just north of downtown Los Angeles.
Posted by Annalisa Burgos | September 16, 2009
If you (or your spouse) haven’t owned real estate in the past three years and you’re in a good position to buy a home, it’s time to get your butt in gear!
The deadline to take advantage of the $8,000 tax credit for first-time buyers is midnight on Nov. 30, and that’s coming up sooner than you think.
READ: You have to close on the home purchase by Nov. 30.
The closing process has been known to take at least 30 days, and now with stricter lending standards and a more complicated appraisal process, delays can be expected. And tack on even more time if you’re dealing with a foreclosure or short sale.
So since you’re trying to close by Nov. 30, and Thanksgiving is the week before, plan to have a signed contract and begin the closing process no later than the end of October, unless you’re an all-cash buyer and don’t need financing.
And remember you don’t have to wait until you file your taxes to get your credit. Ask your mortgage broker or real estate professional about programs that will let you apply the credit to your closing costs now.
For most of the year, first time buyers looking for “bargains” (i.e. distress properties) were the main driver of home sales. Should that group go away with the end of the tax credit, the industry could be in for hard times in 2010.
That’s why the National Association of Realtors is lobbying to have Congress extend the credit and real estate agents are creating a sense of urgency (ex: Prudential Connecticut Realty countdown). And you’ve probably seen all the TV commercials encouraging people to buy.
So what are you waiting for?
Of course, if Congress decides to extend it, then all’s good. But with all the focus on healthcare reform, that’s no guarantee.
Posted by Annalisa Burgos | September 15, 2009
From our Cool Houses Daily files:
Danielle Staub, resident cougar of Bravo’s New Jersey iteration of their Real Housewives franchise, is selling her Tudor-style mansion in Wayne, New Jersey.
The leather-wearing mother of two and divorcee wants a new house to run. According to The RealEstalker, the former model and ex-husband Tom acquired the home in 1998 for a little over $1 million. It’s listed for $1.495 million.
The 10,500-square-foot home has 7 bedrooms, 5 full and 2 half baths and a huge stone foyer that’s grand enough to impress the most discerning New Jersey housewife.
Posted by Annalisa Burgos | September 8, 2009
FrontDoor insider Rick Sharga, SVP of foreclosure data provider RealtyTrac, offers valuable advice in this guest blog post:
“Foreclosure properties have always been an area of keen interest to real estate investors. Over the years, homes in foreclosure and those already repossessed by the banks have been hidden gems, most often the purview of seasoned investors with “insider” contacts who have given them early notice of upcoming deals.
And the deals have been significant; it’s not unusual to hear of foreclosure and bank-owned homes selling for discounts of 50 percent or more compared to prior sales.
With the advent of the Internet, companies like RealtyTrac have made finding foreclosure properties much easier. Today, virtually anyone with an Internet connection and a valid credit card can start searching for, analyzing and ultimately buying properties in all stages of foreclosure.
The value proposition is compelling: home prices have fallen between 20 and 30 percent in most markets; foreclosure homes tend to sell at even lower prices; and mortgage rates continue to bump along near historic lows. Finding a home that represents a great deal isn’t nearly as difficult as it once was.
Turning that deal into an investment with a high rate of return, however, is as challenging as ever.
In the early part of the decade, foreclosure investors tended to be “flippers.” Neither dolphins nor pizza makers, these flippers would buy homes at a discount and resell them at a profit within a very short period of time.
Foreclosures were prime properties for this pastime. Often, flippers would work directly with the distressed homeowner and lender, leveraging the equity in the home to negotiate a purchase price that covered the bank debt while still allowing the investor to buy the property at a discount. Other times, the investor would work with the bank to purchase, rehab and resell bank-owned properties. This activity gained such momentum that it spawned several TV series, and, fueled by continually appreciating home prices, drew more and more inexperienced investors into the mix, often with disastrous results.
Today’s investor is much more likely to be a landlord than a flipper. While we probably won’t see this turn into a craze punctuated by a new hit show (“Rent this house!”), we are likely to see a more stable, more realistic and ultimately more successful approach to real estate investing.
Apartment occupancy rates often drop during foreclosure cycles, as homes become available to rent at equivalent (or better) prices. There’s a market for rental homes as well, since over 1.5 million property owners have lost their homes to foreclosure since the beginning of 2006. Rental units provide ongoing cash flow to investors. And while there’s usually a long-term appreciation in the value of the properties, which many owners will profit from in subsequent sales, the cash flow helps the investors ride out any short-term price depreciation.
Buying a foreclosure property at a deep discount, doing some repairs, finding a good tenant and holding the property as a long-term investment is a lot of work, isn’t as sexy as flipping a property, and certainly isn’t a “get rich quick” formula. But for investors who are smart enough and willing to work hard enough, buying to rent can be a much safer, less volatile approach to successful real estate profits.”
Check out FrontDoor.com for more real estate tips and advice:
Posted by Annalisa Burgos | September 3, 2009
Looking for an eclectic, pedestrian-friendly neighborhood with tons of history, culture and architecture? Then look no further than Echo Park, a diverse community in the heart of Los Angeles.
Posted by Annalisa Burgos | September 2, 2009
Happy September, FrontDoor friends!
The kids are back in school and the fall home selling season is underway. We’ve heard a lot of positive reports about home sales this summer, which shows that buyers are out there — and they’re hungry for deals.
The key to tapping this eager market is to prepare and price your home right before putting it on the market.
This month’s Top 10 is designed to help all you homeowners avoid the Top 10 Home Selling Mistakes That Can Cost You.
If you’re selling in this market, chances are, you’re motivated by something other than profit. But that doesn’t mean you should waste your time and money! Avoid the common mistakes sellers make and get your home sold and for top dollar (at least for this market).
Start with mistake #10: Waiting until spring to sell
http://www.frontdoor.com/Sell/Top-10-Home-Selling-Mistakes/55225/p10
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