Posted by Annalisa Burgos | November 6, 2009
It’s official. The popular first time homebuyer tax credit, which many say is responsible for keeping the housing market afloat, has been extended and expanded to include repeat buyers.
You now have until April 30, 2010, to secure a contract for a home purchase and until June 30, 2010, to close on it. Buyers had been scrambling to close by the previous deadline of Nov. 30.
President Barack Obama signed into law a $24 billion economic stimulus bill today, which includes these incentives. With numerous reports of people abusing the credit, Congress included a provision that requires buyers to submit documentation with their tax returns to claim the credit. The new program is estimated to cost taxpayers $11 billion.
So go out there. Hit up some open houses this weekend. Get house hunting tips and advice at openhouse.com.
You just may find a house you love and get paid for buying it.
Posted by Annalisa Burgos | October 7, 2009
The housing market can be very scary. Just ask any homebuyer or seller — a seemingly normal situation can easily turn into a nightmare.
In this month’s Top 10, read 10 hair-raising real estate horror stories, from showings gone awry to frightening HOAs to houses plagued with unwelcome guests and ghastly pasts.
Plus, get tips on how to avoid these nightmares and ensure your homebuying or selling experience is drama free.
Happy Halloween!
Posted by Annalisa Burgos | August 20, 2009
I’m in the Seattle area trying to take a couple days of R&R, but wherever I go, I always get sucked back into work. And it’s not just the daily responsibilities of managing FrontDoor’s content.
As a real estate editor and licensed real estate salesperson, friends and colleagues often ask me what I think about the market and whether a property they like is actually a deal.
Sometimes I feel like Howie Mandel on “Deal or No Deal,” except on my game show, instead of opening random suitcases looking to eliminate low dollar amounts, homebuyers are looking through houses hoping to eliminate potential money pits.
They weigh the pros and cons of holding on to their current property — their “suitcase” if you will — or taking advantage of what they think is the “ultimate deal.”
To them, I’m the quintessential expert, on topics like home value and foreclosures, because I don’t stand to benefit from the purchase the way their official agent will and they know I’ll give them a straightforward, honest opinion.
So when my Seattle friends showed me a bank-owned property they were interested in, we talked about what needed to be fixed and how much they would need to put into the property to get it into move-in condition.
The exercise proved helpful. If I posed Howie’s question “Deal or no deal?,” the answer would be a resounding “no deal.”
Buying a home? Try these resources from FrontDoor.com:
Posted by Annalisa Burgos | July 31, 2009
It’s tough not to think about how much your home value has fallen since the peak of the real estate boom. But as financial expert Barry Ritholtz points out, falling prices don’t affect you unless you really have to sell.
Furthermore, delusional sellers are blocking the road to the housing recovery. Until they wake up to the reality of today’s market and price aggressively, they’ll need a dose of HGTV’s “Real Estate Intervention.”
Posted by Annalisa Burgos | July 20, 2009
I’ve never been a great haggler.
For most of my 20s, I accepted terms that were offered to me, not really knowing I could fight for what I wanted.
Perhaps it was my aversion to conflict (Libras like me seek balance, after all) or the ingrained, albeit naive, notion that people always offer a fair price.
Looking back, I wish I would have negotiated many more things in my life — career opportunities, salaries, boyfriends… but I digress.
As a first-time homebuyer, it is absolutely critical that you understand how to make a strong offer and how to negotiate with the seller to get terms you both can live with, especially if you really want the home.
Negotiating skillfully requires that you do your research — calculate the property’s fair market value from comps, understand the seller’s motivations for selling in this market, and know what concessions you are willing to make and what your deal breakers are.
Check your emotions at the door. Consider everything analytically, carefully, so you don’t get caught up in the heat of the moment and end up doing something you regret.
Think of this preparation as your training before you jump into the negotiating ring. Just because you’re in a buyer’s market doesn’t mean the seller is going to jump at your offer. You can safely assume that the seller has done their homework, so why should you come unprepared?
Posted by Annalisa Burgos | July 17, 2009
In this week’s vlog, we hear from San Diego real estate broker and blogger Kris Berg about her tips for buying and selling a home in today’s market.
Homebuying and selling resources on FrontDoor:
Posted by Annalisa Burgos | July 15, 2009
If she could turn back time, Cher probably would have accepted a reported offer for her massive Malibu estate, which she listed last August for $45 million but pulled off the market after nine months, says “Mama” from the popular Real Estalker blog.
Now the singing-songwriting diva has relisted her famous Italian Renaissance-style mansion for $41 million — still a bit stiff for a market where ultra high-end homebuyers are clearly in the minority.
We’ve discovered that the luxury market is not exempt from the recession as once thought.
That said, if you are in the market for a lavish home, the house that Cher built won’t disappoint. She is, after all, Cher.
The 13,000+ square foot, 6-bed, 7-bath home sits on a bluff overlooking the Pacific Ocean and features a theatre, gym, infinity pool, tennis court and multiple verandas.
Cher, do you believe in getting your asking price after renovating? I really don’t think that’s strong enough.
Posted by Annalisa Burgos | July 1, 2009
With the flood of first-time buyers and bargain hunters in today’s real estate market, your friends at FrontDoor.com want to remind ALL homebuyers out there to do your due diligence.
Don’t get so caught up with finding a steal that you forget the basics!
In this month’s Top 10, we break down the 10 most costly mistakes buyers commonly make and offer some valuable tips.
Check it out:
Top 10 Home Buying Mistakes That Can Cost You
www.frontdoor.com/top10
Buying a home is a big deal, but it should also be a fun experience. By making smart decisions, your buyer’s thrill won’t become buyer’s remorse.
Happy house hunting!
Posted by Annalisa Burgos | June 24, 2009
Real estate auction company REDC (Real Estate Disposition Corp.) works with lenders to sell thousands of foreclosure properties at auctions throughout the country. And in this market, lenders need all the help they can get to unload this excess inventory, quickly and efficiently. Note: REDC auctions are for bank-owned homes or REOs, and are not the same as the public auction, which takes place at the local courthouse.
On June 7, more than 1,200 bargain hunters attended an REDC auction in New York City, where 113 bank-owned houses in the tri-state area were sold for a total of $10 million in sales.
Watch the video to see what it’s like to buy a bank-owned home at an auction.
AUCTION TIPS:
1) Research. Before you buy at a foreclosure auction, do your research. Print out the auction brochure (if there is one), note the open house dates for the properties you’re interested in and see them in person. You more than likely will have to buy “as-is” and you won’t be able to get a home inspection done. When you visit the homes, look out for these 10 red flags for homebuyers.
2) Crunch the numbers. Estimate how much you expect to spend on home improvements on top of the purchase price, which includes a premium the auction company charges each buyer. If you’re an investor, subtract those expenses from the income you expect to generate from the home (rent) and decide if it’s a smart investment.
3) Register and be prepared. Each auction has different requirements, but all of them require you to register and bring a cashier’s check or cash for the required earnest money deposit. Many transactions are cash-only, but some auctions will allow you to finance the purchase through a lender, so get pre-approved beforehand so you know what your maximum bid will be.
For more tips on how to buy a foreclosure, go to www.frontdoor.com/foreclosures.
Posted by Annalisa Burgos | June 19, 2009
I’m in Washington, D.C., for a conference of the National Association of Real Estate Editors and got to hear from some of the key players in the federal government’s housing recovery efforts, including Housing and Urban Development (HUD) Secretary Shaun Donovan, Federal Housing Finance Agency Director James Lockhart and some of the congressional representatives on the banking and housing committees. We heard a lot about the Obama administration’s refinance and loan modification programs as well as the massive overhaul of the financial regulatory system.
Some of the notable stats from Thursday’s speakers:
–40% of those displaced by the foreclosure crisis are renters.
–16 mortgage servicers are participating in the federal government’s loan mod program. They handle about 80% of all mortgages.
–So far, 200,000 loan mod offers have been made under the federal program.
–Potential source of real estate growth is the rental market in college towns. That’s because each coming year, we’ll see a record number of high school graduates.
–Another potential demographic shift is the growing population of non-traditional households (”traditional” meaning a married couple with children).
Check out this video of HUD Secretary Shaun Donovan talking about the mission of Obama’s proposed Consumer Financial Protection Agency, a new watchdog agency that would protect consumers from the kind of predatory lending practices that got us into the current mortgage mess and foreclosure crisis.
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