Category Archives: Real Estate

Cities With The Fastest Selling Real Estate in the U.S.

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As we’ve previously noted on this blog, now is a great time to buy a house.  It seems like some consumers have caught on in these cities listed by Yahoo Real Estate as the US Cities where homes sell the fastest.

Santa Rosa at #5

Photo Credit: Crabtree13

Santa Rosa, CA garners the title of city with fifth fastest home sales with a median sell-time of 99 days.  The city’s Zillow Home Value Index is $316,400 although 32% of the home listings come with price cuts, and buyers normally get a 2% discount from list price.

#4 Honolulu

Honolulu came in at #4 with a Zillow Home Value index of $484,300 and a median sell time of 92 days.

However, fun in the sun doesn’t come cheap: only 21% of listings came with price cuts.

 

 

 

San Francisco #3

San Francisco, CA chimes in at #3.  It’s no surprise that home buyers are flocking to the city where property sells within a median of 83 days.

Considering that like NYC, property values in SF are only expected to increase, it’s a city worth the investment.

 

 

San Jose, CA has the second fastest sales with a median sell time of 81 days.  Silicon Valley is still attracting investors and workers, so it’s no surprise that people are scrambling to buy property there.  Granted, homes are going to run a little more expensive with a median price of $545,000.

San Jose CA #2

Photo Credit: Michael

And the city with the fastest selling homes in the U.S. is….drumroll, please…Midland, TX.  Homes generally sell within 71 days, and at such a low median price – $154,400 – why wouldn’t they?

MIdland, TX...fastest selling real estate in the U.S.

Photo Credit: Ahodges7

What about your area? Are homes selling fast there?  Where do you think would be a good place to invest in real estate now?

Is 2012 The Best Year to Buy a Home?

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Is 2012 the best time to buy a home?A few weeks ago, we noted that while the rest of the country was floundering, the NYC Real Estate Market was weathering the storm strong as ever.  However, according to recent reports, the nation might be witnessing the best buyers’ housing market in nearly two decades.

According to Teke Wiggin of AOL Real Estate, as of December, home prices have plummeted 34% since the housing bust and mortgage interest rates remain at record lows.  The US Department of Housing and Urban Development reinforced these sentiments with its latest claims that “homes are more affordable than they’ve been in 40 years.”  Meanwhile, the National Association of Realtors President Moe Veissi said that the average family “has roughly double the income needed to purchase a median-priced home.”

Likewise, discount deals are becoming increasingly abundant with foreclosure and short sales yielding average discounts of 30%.

While homes are affordable now, promising economic numbers suggest that prices may bottom out or even begin to rise very soon.  Buyers with a strong credit history or no previous mortgage mishaps are encouraged to act quickly (yet prudently) to grab a piece of this opportunity.

What to Know Before Buying a Fixer-Upper

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The more you prepare, the more you'll save.Last week, we mentioned the classic Tom Hanks film The Money Pit, while discussing the pros and cons of certain DIY projects.  However, Tom Hanks’s challenge in that film wasn’t a run-of-the-mill DIY project.  He bought a fixer-upper, or a home that he could afford to buy for cheap but ultimately cost a fortune to renovate.

The practice of house-flipping, or buying run-down homes, renovating and selling for profit can be a successful business venture, or a fixer upper could be a practical choice for a family looking for a home on a budget.  Before even thinking about buying a fixer-upper, though, consider some of these tips to ensure your new home purchase doesn’t turn into a money pit.

Home Inspection

Never never never ever a buy a fixer-upper without first getting the place checked out by a home inspection professional, regardless of how great the cost seems.  Home Inspectors are trained to spot flaws you might miss, and can help make sure you’re not getting ripped-off.

Location, location, location

Look at the neighborhood and compare the house’s value to those of other houses on the block.  Is the neighborhood on its way up?  Are there good schools?  Is the house near a park?  Is it in a flood zone?  Keep in mind that location is an important feature for the home, regardless of whether you plan on reselling or raising a family in the house.

Compare prices

Of course, compare the price of your house to other houses in the neighborhood (both those in great condition and fixer-upper status), but also compare prices on contractors and handymen.  Check references, get quotes and look for the best deal, because if you purchased a true fixer-upper you’ll need all the contracting help you can get.

Forget about cosmetics, get down to the skeleton

Things like ugly wall paper, stained walls, or a messy kitchen shouldn’t be deciding factors in your decision.  Cosmetic features are an easy fix compared to some of the other flaws lurking beneath the surface.  Structural damage, such a sagging roof, crooked floors, rotting wood or faulty electrical wiring should be your primary concern since they will have a serious effect on the home’s value and cost a bundle to fix.

Check for Inopportune Damage/Features

Be on the lookout for anything that might suggest faulty wiring, sagging floors, out of date plumbing, rusty pipes, leaky windows, flood damage or any other serious structural flaw that would require costly repairs or renovations.

Overestimate on time & money

Fixer-upper projects are notorious for two things: never staying on time and never staying on budget.  Give yourself more time than you think you’ll need and prepare to spend more than you think you’ll need.  Fixer-upper homes often come with unpleasant surprises, so give yourself plenty of leeway on budget and schedule to ensure that you’ll be prepared in case of any last minutes repairs.

Photo Credit: ddpavumba