Posted by Annalisa Burgos | March 14, 2009
I never would have dreamed of buying real estate in Manhattan. But somehow in today’s market, I can actually afford it. And I’m not talking about million-dollar properties. I’m talking 1-bedrooms going for as little as 350K. What!?! Granted these are tiny co-ops/condos relative to the rest of the country, but still! When I first moved here in 2003, buying in “the city” was totally unheard of. I was resigned to life as a renter.
The tricky thing though is not finding a place, but finding a lender who’ll give me the loan terms I want. I know the process, but in today’s market, things are constantly changing. One minute, the Bank of America rep is saying I need to put 10 percent down, the next minute, I have to put 15 percent down. Mortgage officers are still trying to figure things out.
The great thing is you can educate yourself as much as you can. FrontDoor’s Home Finance and Home Value Guide features tips and advice on everything from getting a loan to refinancing to buying investment properties. See the 5 strongest housing markets in the country and find out which remodeling projects actually add value to your home.
Buying in Manhattan is different from other markets mainly because buyers at my level are typically limited to cooperative housing. Unlike condos, in a co-op, you’re buying a share of the building, which is legally owned by a corporation. Most co-ops require approval from a board before you can buy in the building. You also are required to pay monthly maintenance fees that cover the building’s mortgage payment, property taxes, a property manager and any amenities. Learn more about the process in FrontDoor’s Co-Op Buying Guide.
So this weekend, I’m hitting the pavement and looking for a Manhattan apartment. Who knew?!
Posted by Annalisa Burgos | March 12, 2009
With foreclosures instantly at the top of the news again, we’ve pulled together tips and tools for homeowners struggling with their mortgages. For one, contact your lender immediately and ask about your options, whether it’s a refinance or loan modification.
Also, investors looking for opportunities should check out our 10 steps to buying a foreclosure. Did you know properties can be in one of three stages of foreclosure? Find out which one is right for you. Plus, search for available foreclosures on FrontDoor.com.
According to RealtyTrac, the foreclosure picture remains bleak, with February foreclosure filings in the U.S. up 30 percent year-over-year. Among the top 10 hardest hit metro areas, in order: Las Vegas, Cape Coral-Fort Myers, Stockton, Modesto, Merced, Riverside-San Bernardino, Bakersfield, Reno-Sparks, Phoenix and Vallejo-Fairfield. The news comes amid President Obama’s $75 billion dollar efforts to keep struggling homeowners from losing their homes.
FrontDoor Insider Rick Sharga of RealtyTrac predicts even more challenging times this year. Several analysts and economists have said that Obama’s refinancing and loan modification programs aren’t enough to buoy an economy plagued with an 8.1 percent unemployment rate and lagging consumer confidence.
And with foreclosures sure to make headlines again, FrontDoor is working on a new foreclosure resource center, with more helpful guides and tools. Stay tuned!
Posted by Annalisa Burgos | March 6, 2009
A lot of news this week focused on Obama’s $75 billion foreclosure prevention plan, which involves refinancing Fannie Mae and Freddie Mac loans and setting an industry-wide standard for loan modifications.
But while it may be a challenging time for many homeowners and sellers, it’s a great time to be a buyer, especially one with a strong credit score.
If you’re currently renting, now may be the right time to buy. Consider the advantages of homeownership: not only are home prices falling and interest rates at a historic low, you can benefit from huge tax breaks.
In this month’s Top 10 feature (www.frontdoor.com/top10), we break down the 10 things home buyers, sellers and owners need to know about taxes. New this year: If you’re a first-time homebuyer who closes on a home in 2009, the fed will give you a $8,000 tax credit on your next tax return. And there are more perks to look forward to…
So hit the pavement this weekend, explore a neighborhood you may want to live in and check out some open houses. Browse homes for sale online. It doesn’t cost anything to look. And who knows? You may find your dream home.
Posted by Annalisa Burgos | March 3, 2009
HGTV’s real estate site FrontDoor.com is back with a brand new blog!
Tune in for expert tips, tools and advice to help you get an edge in today’s market, whether you’re buying or selling a home.
Get exclusive updates on what’s going on in the real estate industry, from Obama’s foreclosure prevention plan to new requirements for loan modifications.
Take a peek inside some very cool houses for sale, with unique features or by celebrity sellers.
Moving to a new city? Dreaming of living somewhere new? Explore popular neighborhoods and local hotspots with FrontDoor’s city guides.
And much more!
It’s all here on FrontDoor Unlocked! (Get it — we’re unlocking the secrets of real estate!)
It’s good to be back. And in multiple ways…
Join our Facebook fans: http://www.facebook.com/pages/FrontDoorcom/18669721826
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Happy house hunting!
Annalisa Burgos
Senior Editor, FrontDoor.com
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