Below Market Rate (BMR)
Below Market Rate (BMR) are part of most major cities
Home Ownership Pays
For many Americans, the best way to build wealth is to pay down a mortgage. The multipurpose investment essentially is a ‘forced savings account.’ The homeowner lives in the house and pays down the mortgage, over time the property appreciates, and eventually it can be sold and potentially net a tidy profit. In the meanwhile, mortgage interest rate and property tax payments are tax deductible.
Mortgage payments help build a homeowner
Real estate commissions are increasing
The housing boom was a sellers market and drove down real estate commissions but with a buyers market sellers have homes on the market for a longer time and therefore are willing to pay more to sell their home. (Go To Article: cnn.com)
abodeblog.com
Manteca home auction
Anderson Homes auctioned off new homes in Manteca that they could not sell with discounts. Minimum bids were set at 40% off the latest asking prices. The typical latest asking prices were $550,000 which was a $100,000 discount from the original asking price.
Steve and Diane Ellis, paid $437,000 for a $685,000 4-bedroom, 2,755 square-foot model home.
(Go To Article: mercurynews.com)
abodeblog.com
Builders cut prices
D.R. Horton is using an auction to sell 53 homes in San Diego. A 1 bedroom starts at $149,000, down from $309,990. (Go To Article: RealEstateJournal.com via yahoo.com)
abodeblog.com
Investors buying houses cheap
Investors typically pay 60 to 70% of what a real estate agent could get by marketing the house in good condition.
Sellers should avoid foreclosure rescue scams. Investors do not help homeowners save their homes but their are other free housing counseling services are available.
(Go To Article: mercurynews.com)
abodeblog.com
Land For Sale in Delaware County
There are currently 433 lots for sale in Delaware County, ranging from 0.12 to 165-3/4 acres. The average lot is 8.23 acres and selling for $253,336 and has been on the market for 281 days.
In September, 11 units sold with an average of 5.60 acres and sold for $132,673 after being on the market for 186 days.
delawareohrealestate.com
Central Ohio is One of the Nation?s Most Stable!
Forbes Magazine continues to provide its statistically based reports and the latest is great news for central Ohio residents wishing to buy or sell their home.
According to “America’s Most Stable Housing Markets“, Columbus ranks right up there with Seattle and Pittsburgh as some of the best markets in the country to sell a home right now.
How to buy a new house before selling the old house
If you did not put your home up for sell yet you can get a home-equity line of credit (HELOC). Expect about 8.75% at todays rates.Another alternative is a 1 year interest only bridge loan but it is more expensive than a HELOC.Lower the price on your old home so it will sell faster.Make the purchase of the new home contingent on the sale of your old one.
(Go To Article: cnn.com)
abodeblog.com
Toby?s Continuing Education & You!
This is one of those posts that I’ll continually update as I learn more about real estate and compile more continuing education credits.
Only 10% of all REALTORS have earned a graduate degree
Why does it matter to you?
There are a lot of reasons that this should matter to you. These continuing education credits are not (usually) free. Hence, by taking the 3 or more hours I’m investing in my career — and proving to you that I’ll still be here when you decide to buy or sell your home. I’m not a fair-weather REALTOR, but rather a long-haul ready-to-explode agent.