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Luxury Tampa Bay Real Estate JournalLuxury Tampa Bay Real Estate JournalLuxury Tampa Bay Real Estate Journal provides news and information on luxury Tampa homes, mortgage trends, business and market news. Articles
Tax Inaction Leaves Home Sales in Limbo
2007-05-04 19:11:00 Not just city and county governments are worried about what's going to happen next.As the Florida Legislature spends the next month and a half grappling with the property tax crisis, the real estate industry fidgets on the sidelines, watching sales figures fall and growing more anxious by the minute. Their fear: Florida's already struggling housing market will sink further with would-be buyers waiting until legislators decide the future of property taxes.Full article...Tampa Real Estate, Tampa Home s for Sale, Tampa Homes More About: Sales , Leaves , Aves , Limb
Florida's Existing Home Sales Soft, Median Price Edges Down in March 2007
2007-04-24 17:47:00 Sales of existing homes in Florida remained at a sustainable pace in March , with buyers continuing to see favorable mortgage rates and a range of housing options available across the state, according to the Florida Association of Realtors® (FAR). Statewide, sales of single-family existing homes totaled 13,469 last month compared to 18,751 homes sold in March 2006 for a 28 percent decrease.Florida’s median sales price for existing single-family homes in March was $236,000; a year ago, it was $244,600 for a 4 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In March 2002, the statewide median sales price for single-family homes was $134,100, for an increase of 75.9 percent over the five-year-period, according to FAR records.In February 2007, the national median sales price for existing single-family homes was $211,100, down 1.5 percent from the previous year, according to the National Association of Realtors® (NAR). In California, the stat... More About: Sales , Home , Price , Soft
Florida's Existing Home Sales Soft, Median Price Edges Down in March 2007
2007-04-24 17:47:00 Sales of existing homes in Florida remained at a sustainable pace in March , with buyers continuing to see favorable mortgage rates and a range of housing options available across the state, according to the Florida Association of Realtors® (FAR). Statewide, sales of single-family existing homes totaled 13,469 last month compared to 18,751 homes sold in March 2006 for a 28 percent decrease.Florida’s median sales price for existing single-family homes in March was $236,000; a year ago, it was $244,600 for a 4 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In March 2002, the statewide median sales price for single-family homes was $134,100, for an increase of 75.9 percent over the five-year-period, according to FAR records.In February 2007, the national median sales price for existing single-family homes was $211,100, down 1.5 percent from the previous year, according to the National Association of Realtors® (NAR). In California, the stat... More About: Sales , Home , Price , Soft
Pay Off Your Mortgage with Credit Cards?
2007-04-12 14:33:00 Thought this was interesting. How charging a lunch to your credit card helps make a house payment: Wells Fargo & Co. is the latest mortgage lender to offer a credit card that applies rebates toward a home loan. The Company on April 16 will kick off a promotional campaign under which it will sell the card program, which applies rebates equal to 1 percent of purchases directly toward paying off principal mortgage balances in increments of $25. GMAC and MBNA Corp teamed up for a card mortgage rebate program already and Countrywide Financial has a similar partnership with JPMorgan Chase’s First USA affiliate.I highly recommend that you pay off credit card balances each month. What good is 1% rebate towards your mortgage balance, when you are being charged a 20% rate.Tampa Real Estate, Tampa Homes for Sale, Tampa Homes More About: Credit Cards , Credit , Mortgage , Cards , Gage
Pay Off Your Mortgage with Credit Cards?
2007-04-12 14:33:00 Thought this was interesting. How charging a lunch to your credit card helps make a house payment: Wells Fargo & Co. is the latest mortgage lender to offer a credit card that applies rebates toward a home loan. The Company on April 16 will kick off a promotional campaign under which it will sell the card program, which applies rebates equal to 1 percent of purchases directly toward paying off principal mortgage balances in increments of $25. GMAC and MBNA Corp teamed up for a card mortgage rebate program already and Countrywide Financial has a similar partnership with JPMorgan Chase’s First USA affiliate.I highly recommend that you pay off credit card balances each month. What good is 1% rebate towards your mortgage balance, when you are being charged a 20% rate.Tampa Real Estate, Tampa Homes for Sale, Tampa Homes More About: Credit Cards , Credit , Mortgage , Cards , Mort
Florida's Existing Housing Market: Sales Slow, Median Price Edges Down in F
2007-04-11 08:24:00 Florida's housing sector continued to show a more sustainable pace of sales in February, while still-low mortgage rates sparked buyer interest, according to the Florida Association of Realtors® (FAR). Statewide, sales of single-family existing homes totaled 10,779 last month compared to 14,080 homes sold in February 2006 for a 23 percent decrease.Real estate industry experts across the state think the outlook for Florida’s single-family residential housing market has brightened, according to a quarterly survey conducted by the University of Florida. The survey shows that a growing number of those polled find home prices are staying even with inflation.“If you’re thinking of buying a house, there’s probably not much to be gained by holding out at this point,” says Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies. “It doesn’t look like prices are going to fall anymore. We see that as a benchmark. When prices maintain the same level as inflation... More About: Market , Sales , Housing , Price , Slow
Be Prepared on Pool Safety...or Else
2007-04-11 07:02:00 For many homeowners pool covers are coming off for the summer. But don't dive in just yet. Drowning was the number one cause of accidental death for kids under five years old. In today's tips we're going to tell you how to keep your pool safe.1: Choose alarms wiselyPool alarms use sensors to detect motion in the water. They can either float on the water, or attach to the side of the pool. These alarms are designed go off within a matter of seconds if your kid falls into the water.But buyer beware. According to a recent study by Consumer Reports, only two out of six alarms worked well. Three were rated not acceptable. This means the alarms either set off false alarms, or were slow in going off.The recommended alarms included Poolguard PGRM–AG for $140 and Poolguard PGRM-2 for $225.2: Watch out for Inflatable poolsInflatable pools are bigger and cheaper than ever before. And they're becoming more deadly too. In fact, the Consumer Product Safety Commission said the number of kids... More About: Pare , Prep
Be Prepared on Pool Safety...or Else
2007-04-11 07:02:00 For many homeowners pool covers are coming off for the summer. But don't dive in just yet. Drowning was the number one cause of accidental death for kids under five years old. In today's tips we're going to tell you how to keep your pool safe.1: Choose alarms wiselyPool alarms use sensors to detect motion in the water. They can either float on the water, or attach to the side of the pool. These alarms are designed go off within a matter of seconds if your kid falls into the water.But buyer beware. According to a recent study by Consumer Reports, only two out of six alarms worked well. Three were rated not acceptable. This means the alarms either set off false alarms, or were slow in going off.The recommended alarms included Poolguard PGRM–AG for $140 and Poolguard PGRM-2 for $225.2: Watch out for Inflatable poolsInflatable pools are bigger and cheaper than ever before. And they're becoming more deadly too. In fact, the Consumer Product Safe ty Commission said the number of kids... More About: Else , Pare
Florida's Existing Housing Market: Sales Slow, Median Price Edges Down in F
2007-04-10 06:29:00 Florida's housing sector continued to show a more sustainable pace of sales in February, while still-low mortgage rates sparked buyer interest, according to the Florida Association of Realtors (FAR). Statewide, sales of single-family existing homes totaled 10,779 last month compared to 14,080 homes sold in February 2006 for a 23 percent decrease.Real estate industry experts across the state think the outlook for Florida?s single-family residential housing market has brightened, according to a quarterly survey conducted by the University of Florida. The survey shows that a growing number of those polled find home prices are staying even with inflation.?If you?re thinking of buying a house, there?s probably not much to be gained by holding out at this point,? says Wayne Archer, director of UF?s Bergstrom Center for Real Estate Studies. ?It doesn?t look like prices are going to fall anymore. We see that as a benchmark. When prices maintain the same level as inflation, then we?re prob... More About: Media , Market , Sales , Sale , Rice
Home Buying or Selling: 7 Top Tips for ‘07
2007-04-04 07:50:00 In most parts of the country, the New Year will dawn on a housing market that’s shockingly different from just a year ago. Overzealous speculation, too-lenient lending and aggressive overbuilding have combined to create the type of home-inventory levels and price stagnations that haven’t been felt in the U.S. since the early to mid-1990’s.In short, the housing market, after a historic run-up in prices, is correcting. While that’s of little concession to current and would-be sellers, it’s not the end of the world either, especially if you don’t need to sell immediately. Economics elsewhere are encouraging. Recession doesn’t appear imminent. Wall Street appears healthy. Unemployment is low, and the general economy is good.The market, as it always does, will reach equilibrium again, though probably not before mid-2008 or so, most economists estimate. So reset that panic button and sit back to raise a glass to 2007 as a transition year that will bring us one step closer to... More About: Buying , Selling , Tips , Home
Poll: Voters Dislike Property-Sales Tax Swap
2007-04-02 06:21:00 Florida voters think the proposal to replace local property taxes with an increased sales tax is a “bad idea” and deep cuts in government budgets are a better alternative, a new poll released Thursday shows.The poll, by the independent research arm of Quinnipiac University in Connecticut, found that voters reject the House Republicans’ controversial idea to exchange property taxes for higher sales taxes – but they like their idea of rolling back local government spending to 2001 levels.The poll results are one more blow to the tax-swap plan, which is in serious trouble in the Senate, where leaders have all but rejected it, and in the House, where many Republicans privately say they don’t want to vote for it.Voters may offer some direction: According to the poll, they prefer the rollback idea 69 percent to 23 percent, and oppose by a 48 percent to 44 percent margin eliminating the property tax on primary homes and replacing it with a 2.5 cent increase in the sales tax.The d... More About: Wap , Tax , Property , Sales , Sale
Poll: Voters Dislike Property-Sales Tax Swap
2007-04-02 06:21:00 Florida voters think the proposal to replace local property taxes with an increased sales tax is a “bad idea” and deep cuts in government budgets are a better alternative, a new poll released Thursday shows.The poll, by the independent research arm of Quinnipiac University in Connecticut, found that voters reject the House Republicans’ controversial idea to exchange property taxes for higher sales taxes – but they like their idea of rolling back local government spending to 2001 levels.The poll results are one more blow to the tax-swap plan, which is in serious trouble in the Senate, where leaders have all but rejected it, and in the House, where many Republicans privately say they don’t want to vote for it.Voters may offer some direction: According to the poll, they prefer the rollback idea 69 percent to 23 percent, and oppose by a 48 percent to 44 percent margin eliminating the property tax on primary homes and replacing it with a 2.5 cent increase in the sales tax.The d... More About: Property , Sales , Poll , Swap
Some FL Residents Trade to Beat Soft Market
2007-03-13 03:40:00 Two or three years ago, a South Florida homeowner looking to move could find a property, sign the papers and sell an existing house quickly to one breathless buyer or another.But the new reality in the region's marshmallow-soft real estate market is that homes in Palm Beach and Broward counties languish for weeks or months without a showing, let alone an offer.That ruins other deals contingent on buyers being able to unload their current properties. So savvy but skittish homeowners are considering an alternative: house-swapping.They're turning to the Internet, hoping to find someone somewhere with whom to trade. In essence, they're willing to buy each other's homes as a way around the prolonged housing slump that analysts say could last into next year.Eight months ago, Brian Karpf of Weston started Caretotrade.com, a Web site similar to Craigslist that lets people buy, sell, trade and barter items."I woke up one morning and there were 20 to 25 houses listed for trade," said Karp... More About: Market , Trade , Soft , Side , Beat
Some FL Residents Trade to Beat Soft Market
2007-03-13 03:40:00 Two or three years ago, a South Florida homeowner looking to move could find a property, sign the papers and sell an existing house quickly to one breathless buyer or another.But the new reality in the region's marshmallow-soft real estate market is that homes in Palm Beach and Broward counties languish for weeks or months without a showing, let alone an offer.That ruins other deals contingent on buyers being able to unload their current properties. So savvy but skittish homeowners are considering an alternative: house-swapping.They're turning to the Internet, hoping to find someone somewhere with whom to trade. In essence, they're willing to buy each other's homes as a way around the prolonged housing slump that analysts say could last into next year.Eight months ago, Brian Karpf of Weston started Caretotrade.com, a Web site similar to Craigslist that lets people buy, sell, trade and barter items."I woke up one morning and there were 20 to 25 houses listed for trade," said Karp... More About: Market , Trade , Soft , Beat , Resident
Savings A Boon To All Homeowners
2007-02-23 15:52:00 If you own a $250,000 home, the proposed replacement of property taxes with a 2.5-cent sales tax increase could save you so much you would have to amass more than $120,000 in taxable spending to offset the savings.And if your home is worth $1 million, you might have to spend more than half a million dollars to use up your savings.Alan Lips, a certified public accountant and partner in Miami Beach-based Gerson, Preston, Robinson & Co., calculated the net benefit to homeowners reflecting four home values and incomes for The Miami Herald.The result: thousands in property tax savings for every level of homeownership.“This is great for homeowners,” Lips said. “There is no doubt that it is saving them money, especially considering people are in a situation where they can’t move.”Under current laws, homeowners who have lived in their homes for years, and have seen current values appreciate, would pay much higher property taxes if they move to another home.“If this change is pas... More About: Savings , Owners , Homeowners , Boon , Homeowner
Savings A Boon To All Homeowners
2007-02-23 15:52:00 If you own a $250,000 home, the proposed replacement of property taxes with a 2.5-cent sales tax increase could save you so much you would have to amass more than $120,000 in taxable spending to offset the savings.And if your home is worth $1 million, you might have to spend more than half a million dollars to use up your savings.Alan Lips, a certified public accountant and partner in Miami Beach-based Gerson, Preston, Robinson & Co., calculated the net benefit to homeowners reflecting four home values and incomes for The Miami Herald.The result: thousands in property tax savings for every level of homeownership.“This is great for homeowners,” Lips said. “There is no doubt that it is saving them money, especially considering people are in a situation where they can’t move.”Under current laws, homeowners who have lived in their homes for years, and have seen current values appreciate, would pay much higher property taxes if they move to another home.“If this change is pas... More About: Home , Owner , Saving , Meow , Savings
Renters Would Feel Sales-Tax Pinch
2007-02-22 15:49:00 For Sunday Lewandowski, making ends meet requires sharing a two-bedroom apartment with a roommate. Even so, the Miami Beach Senior High English teacher says about half her monthly income goes to rent.While owners of homesteaded property may cheer the elimination of the property tax, Florida’s roughly 5.4 million renters are among those who could be hurt by a plan to raise the sales tax by 2.5 cents.Renters make up 42 percent of households in Miami-Dade County and 31 percent in Broward County, according to the National Low Income Housing Coalition, and they were arguably among the hardest hit in the recent run-up on real estate values.In the tri-county area, rents soared last year by 13.6 percent, as the supply of rentals plummeted because of increased demand and inventory losses to condo conversions.Rents are expected to rise this year by 4 percent to 5 percent, said Jack McCabe, president of McCabe Research and Consulting in Deerfield Beach.Adding to the tax burden of renters has... More About: Sales , Feel
Renters Would Feel Sales-Tax Pinch
2007-02-22 15:49:00 For Sunday Lewandowski, making ends meet requires sharing a two-bedroom apartment with a roommate. Even so, the Miami Beach Senior High English teacher says about half her monthly income goes to rent.While owners of homesteaded property may cheer the elimination of the property tax, Florida’s roughly 5.4 million renters are among those who could be hurt by a plan to raise the sales tax by 2.5 cents.Renters make up 42 percent of households in Miami-Dade County and 31 percent in Broward County, according to the National Low Income Housing Coalition, and they were arguably among the hardest hit in the recent run-up on real estate values.In the tri-county area, rents soared last year by 13.6 percent, as the supply of rentals plummeted because of increased demand and inventory losses to condo conversions.Rents are expected to rise this year by 4 percent to 5 percent, said Jack McCabe, president of McCabe Research and Consulting in Deerfield Beach.Adding to the tax burden of renters has... More About: Tax , Sales , Sale , Inch , Enter
Grove at Wesley Chapel Project Secures Note
2007-02-21 15:41:00 ECHO Real Estate Development Co. and Cornerstone Real Estate Advisors have secured financing for its planned 800,000-square-foot retail center in Wesley Chapel .Holliday Fenoglio Fowler arranged a $115 million construction loan with Anglo Irish Bank on behalf of the joint venture it arranged with ECHO and Cornerstone in late 2005. The financing allows for the project to begin development on the Grove at Wesley Chapel retail center located in Pasco County.The development will be situated on approximately 120 acres at the intersection of Interstate 75 and State Road 54 and will be occupied by more than 90 retail tenants, a release said.To date, more than 50 percent of the retail space is leased to a variety of tenants including Dick's Sporting Goods, Michaels, PetSmart, Ross, Bed, Bath & Beyond, ULTA, and a 16-screen Cobb Theatres megaplex. Total development costs are estimated to be $150 million and completion of the first phase of the project is scheduled for the fall of 2007."When ... More About: Project , Note , Cure
Grove at Wesley Chapel Project Secures Note
2007-02-21 15:41:00 ECHO Real Estate Development Co. and Cornerstone Real Estate Advisors have secured financing for its planned 800,000-square-foot retail center in Wesley Chapel .Holliday Fenoglio Fowler arranged a $115 million construction loan with Anglo Irish Bank on behalf of the joint venture it arranged with ECHO and Cornerstone in late 2005. The financing allows for the project to begin development on the Grove at Wesley Chapel retail center located in Pasco County.The development will be situated on approximately 120 acres at the intersection of Interstate 75 and State Road 54 and will be occupied by more than 90 retail tenants, a release said.To date, more than 50 percent of the retail space is leased to a variety of tenants including Dick's Sporting Goods, Michaels, PetSmart, Ross, Bed, Bath & Beyond, ULTA, and a 16-screen Cobb Theatres megaplex. Total development costs are estimated to be $150 million and completion of the first phase of the project is scheduled for the fall of 2007."When ... More About: Project , Note , Secure , Rove
No Need to Pay Big Bucks for Copy of Deed
2007-02-17 15:55:00 Homebuyers can save a few dollars by being aware about a scam that is making the rounds.New home buyers get an official-looking letter in the mail telling them that it is important to have a certified copy of their property deed. Consumer Reports warns that the companies selling these services use high-pressure sales tactics and charge as much as $100.Chances are the buyers will get a copy of their deed at closing, but if they don’t, all they have to do is contact their county clerk or registrar’s office. The charge for a copy is less than $10. In some places, they can look at and print a noncertified copy of their deed from the Internet for free.by: Marshall Loeb More About: Need , Bucks , Copy , Buck , Big B
No Need to Pay Big Bucks for Copy of Deed
2007-02-17 15:55:00 Homebuyers can save a few dollars by being aware about a scam that is making the rounds.New home buyers get an official-looking letter in the mail telling them that it is important to have a certified copy of their property deed. Consumer Reports warns that the companies selling these services use high-pressure sales tactics and charge as much as $100.Chances are the buyers will get a copy of their deed at closing, but if they don’t, all they have to do is contact their county clerk or registrar’s office. The charge for a copy is less than $10. In some places, they can look at and print a noncertified copy of their deed from the Internet for free.by: Marshall LoebTampa Real Estate, Tampa Homes for Sale, Tampa Homes More About: Bucks , Copy
Pending Home Sales Index Rises
2007-02-03 05:22:00 Pending home sales are higher, affirming the stabilization that is occurring in home sales, according to the National Association of Realtors® (NAR).The Pending Home Sales Index , based on contracts signed in December, rose 4.9 percent to an index of 112.4 from an upwardly revised level of 107.2 in November, but is 4.4 percent lower than December 2005.The monthly gain was the biggest increase since March 2004 when the index rose 6.9 percent. A steady narrowing from year-ago readings has been observed since last July when the level of unsold housing inventory peaked at an all-time high.David Lereah, NAR’s chief economist, said a moderate rise in existing-home contracts is a welcome relief for the real estate markets. “Some of the monthly gain may be weather-related, but it appears buyers are becoming more comfortable, sensing the timing is good and that their local market has bottomed out,” he said. “I expect modest sales gains throughout the year, with what I believe are sus...
Pending Home Sales Index Rises
2007-02-03 05:22:00 Pending home sales are higher, affirming the stabilization that is occurring in home sales, according to the National Association of Realtors® (NAR).The Pending Home Sale s Index, based on contracts signed in December, rose 4.9 percent to an index of 112.4 from an upwardly revised level of 107.2 in November, but is 4.4 percent lower than December 2005.The monthly gain was the biggest increase since March 2004 when the index rose 6.9 percent. A steady narrowing from year-ago readings has been observed since last July when the level of unsold housing inventory peaked at an all-time high.David Lereah, NAR’s chief economist, said a moderate rise in existing-home contracts is a welcome relief for the real estate markets. “Some of the monthly gain may be weather-related, but it appears buyers are becoming more comfortable, sensing the timing is good and that their local market has bottomed out,” he said. “I expect modest sales gains throughout the year, with what I believe are sus... More About: Ending , Rise
Florida's Existing Housing Market
2007-01-25 16:27:00 Florida's existing housing market: Median price up, sales down in 2006.Florida’s housing market mirrored the national trend in 2006, with sales of existing single-family homes slowing to a more sustainable pace following a five-year run of record closings. By year’s end, a total of 180,037 homes changed hands statewide for a 28 percent decrease compared to the 248,575 homes sold in 2005, according to the Florida Association of Realtors® (FAR). At the same time, 2006 sales figures made it into the record books for several markets around the state; 2006 also is expected to be the third highest sales year on record nationally, according to the National Association of Realtors® (NAR). Statewide, the median existing home sales price rose 6 percent to reach $248,300; in 2005, it was $235,200. In 2001, Florida’s median existing home sales price was $127,700, which represents a gain of 94.4 percent over the five-year period, according to FAR records. “The housing market transitio... More About: Market , Florida , Housing , Sing , Sting
Florida's Existing Housing Market
2007-01-25 16:27:00 Florida's existing housing market: Median price up, sales down in 2006.Florida’s housing market mirrored the national trend in 2006, with sales of existing single-family homes slowing to a more sustainable pace following a five-year run of record closings. By year’s end, a total of 180,037 homes changed hands statewide for a 28 percent decrease compared to the 248,575 homes sold in 2005, according to the Florida Association of Realtors® (FAR). At the same time, 2006 sales figures made it into the record books for several markets around the state; 2006 also is expected to be the third highest sales year on record nationally, according to the National Association of Realtors® (NAR). Statewide, the median existing home sales price rose 6 percent to reach $248,300; in 2005, it was $235,200. In 2001, Florida’s median existing home sales price was $127,700, which represents a gain of 94.4 percent over the five-year period, according to FAR records. “The housing market transitio... More About: Market , Housing , Exist , Flor
NAR Launches Second Phase of ‘Buy Now’ Campaign
2007-01-10 00:56:00 National Association of Realtors® (NAR) President Pat Vredevoogd Combs today unveils two new television and radio commercials that encourage buyers and sellers to ignore the real estate bubble talk and take advantage of remarkably favorable market conditions in most locales – conditions that may not last.The advertisements kick off NAR’s 2007 Public Awareness Camp a ign , which is doubling in size this year so that NAR ads will air from January through November for the first time ever. The commercial targeted to buyers, “Good Time to Buy,” highlights favorable conditions for homebuyers and explains how Realtors can help buyers make smart decisions in their local marketplace. The sellers’ spot, “Know How to Sell,” explains how Realtors can help sellers position their homes in a competitive marketplace to attract and engage serious buyers.The Public Awareness Campaign, one of NAR’s most popular membership services, enters its tenth season this year, building brand awaren... More About: Second , Launch
NAR Launches Second Phase of ‘Buy Now’ Campaign
2007-01-10 00:56:00 National Association of Realtors® (NAR) President Pat Vredevoogd Combs today unveils two new television and radio commercials that encourage buyers and sellers to ignore the real estate bubble talk and take advantage of remarkably favorable market conditions in most locales – conditions that may not last.The advertisements kick off NAR’s 2007 Public Awareness Campaign , which is doubling in size this year so that NAR ads will air from January through November for the first time ever. The commercial targeted to buyers, “Good Time to Buy,” highlights favorable conditions for homebuyers and explains how Realtors can help buyers make smart decisions in their local marketplace. The sellers’ spot, “Know How to Sell,” explains how Realtors can help sellers position their homes in a competitive marketplace to attract and engage serious buyers.The Public Awareness Campaign, one of NAR’s most popular membership services, enters its tenth season this year, building brand awaren... More About: Phase , Hase
Home Buying or Selling: 7 Top Tips for ‘07
2007-01-04 06:50:00 In most parts of the country, the New Year will dawn on a housing market that’s shockingly different from just a year ago. Overzealous speculation, too-lenient lending and aggressive overbuilding have combined to create the type of home-inventory levels and price stagnations that haven’t been felt in the U.S. since the early to mid-1990’s.In short, the housing market, after a historic run-up in prices, is correcting. While that’s of little concession to current and would-be sellers, it’s not the end of the world either, especially if you don’t need to sell immediately. Economics elsewhere are encouraging. Recession doesn’t appear imminent. Wall Street appears healthy. Unemployment is low, and the general economy is good.The market, as it always does, will reach equilibrium again, though probably not before mid-2008 or so, most economists estimate. So reset that panic button and sit back to raise a glass to 2007 as a transition year that will bring us one step closer to... More About: Buying , Selling , Tips , Home , Sell
How To Make Your Home Worth More in 2007
More articles from this author:2007-01-04 05:27:00 Boosting the value of your home is never an easy task. It takes time, money, and – when your kitchen’s covered in plastic tarp – weeks of pizza delivery. And with home prices still sliding in many parts of the country, getting a return on your investment is now tougher than ever. Luckily, there is a secret to smart remodeling in a buyer’s market: do as much as you can with as little as possible.Home owners may have learned this lesson last year, when big spending on home improvement did not lead to big profits. According to Remodeling Magazine’s 2006 “Cost vs. Value” report, prices for most remodeling projects increased last year while their resale value decreased. Major, mid-range kitchen remodels, at an average cost of $54,000, returned just 80.4 percent in 2006 vs. a 91 percent return on $43,862 in 2005. Even the most profitable project in 2006 – upscale fiber-cement siding replacement – recouped just 88 percent of its total cost.Americans spent $155 billion on h... More About: Worth , Make , Wort 1, 2, 3 |
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