|
|
 |
Why drive all over the place when you can just browse myriads of homes for sale from your computer? Virtual home tours are increasingly gaining in popularity with home buyers. Too bad, not many real estate agents' web sites have them. Consumers want to SEE and know the details before they make their buying decision. "Seventy-eight percent of those who shop for homes on the Internet say the most important feature when searching online is photos -- followed closely by detailed property descriptions and virtual tours, according to the 2003 National Association of Realtors Profile of Home Buyers and Sellers." (Broderick Perkins, Realty Times)
Web site such as Mouse House Tours offers home seller a free web site listings where they can upload detailed pictures of their homes. Realtors are also using Mouse House services to advertise their listings. Jim Reuning, a representative from Mouse House Tour, said the site has seen an increase in free registration for virtual home tours. Real estate agents are also sending positive feedbacks that by investing their time in adding home information and pictures at MHT, they are seeing an improvement in home inquiries.
Mr. Reuning also showed me a sample web sites from savvy agent who is putting in time to add listings in Mouse House Tour and integrate the listings into his existing site. Part of the success of this strategy is the uniqueness of the site design as well as personal message from the site owner. Mark Mashal of Scottsdale & Phoenix Real Estate is one hard-working agent who has seen great results from virtual home tours. I visited his web site and found it to be very welcoming and informative. Virtual home tour is a powerful marketing tool that many real estate web sites have not really mastered. Looking at Mark's site, I can see why he's been quite successful at marketing to internet audience.
An abstract from an article by B. Perkins from Realty Times:
Virtual tours aren't just a cool gimmick real estate agents use to show off their technological prowess.
Consumers demand them.
Seventy-eight percent of those who shop for homes on the Internet say the most important feature when searching online is photos -- followed closely by detailed property descriptions and virtual tours, according to the 2003 National Association of Realtors Profile of Home Buyers and Sellers.
What's more, those who demand virtual tours are more likely to be smarter, wealthier consumers in their prime home-buying years, compared to those who don't take tours. On a typical day, 2 million people are using the Internet to go on a virtual tour, according to the Pew Internet & American Life Project.
The survey said those who take tours were more often single, white, women, aged 28 to 49, earning $50,000 a year or more, graduate degree holders and broadband access subscribers.
Home buyers like virtual home tours because they provide them with an immediate and efficient way to view and eliminate the homes they don't like and choose the homes they want to go see in person. For sellers it can mean less foot traffic, but just as many, if not more eyeballs on their home for sale.
Complete Story
Articles | Comments
(1) |
|
|
|
|
ECONOMISTS ALARMED BY U.S. HOUSING MARKET'S PARALLELS WITH LAST DECADE'S STOCK BUBBLE
By Motoko Rich and David Leonhardt
New York Times
Real estate-crazed Americans have started behaving in ways that eerily recall the stock-market obsession of the late 1990s.
In a version of day trading, some houses in Naples, Fla., have been bought twice in a single day. Buying stocks on margin has morphed into buying homes with no money down. The over-the-top parties of Internet start-ups have been replaced by flashy gatherings where developers pitch condos to eager buyers.
Five years ago, cable channel CNBC sometimes seemed like a backdrop to daily American life. Its cheery analysis of the stock market played in offices, in barbershops, even in some bars. Today, ``Dude Room,'' ``Toolbelt Diva'' and other home-improvement shows are the addictive fare that CNBC's exuberant stock shows once were.
``It just seems like everyone is doing it,'' Laurie Romano, a 26-year-old self-described real estate investor, said with a giggle as she explained why she was attending an open house this month for the Nexus, a 56-unit building going up in Brooklyn's chic Dumbo neighborhood. She and her fiance, a dentist, already had put down a deposit on a Manhattan condo earlier in the week and had come to look at another at the Nexus.
Nobody can know whether the housing boom of the past decade will end as the dot-com frenzy did. But the parallels are raising alarms among many economists, even those who acknowledge that there are important differences between homes and stocks that significantly reduce chances of another meltdown. For one thing, houses are not just paper wealth: You can live in them.
Perhaps the most troubling similarity, some analysts say, is the claim that the rules have somehow changed. In an echo of the New Economy investors' blase attitude toward unprofitable companies, the growing ranks of real estate investors are buying houses they never expect to be able to rent at a profit. Instead, they think the prices of houses will just keep rising.
Indeed, the government reported Thursday that sales of new homes jumped sharply in February in the biggest monthly increase in four years. A strong economy and an improving job market contributed to the gain, as did speculative fever. But many also were trying to beat rising mortgage rates, which could eventually cool the market.
Premonitions of a bubble on the verge of popping do not ruffle those who are bullish on real estate. In Miami, Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors, predicted that a limited supply of land coupled with demand from baby boomers and foreigners would prolong the boom indefinitely.
Read more...
Articles | Comments
(3) |
|
|
|
|
Closing Costs:
The bundle of fees associated with the buying or selling of a home are called closing costs. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or dictated by local custom.
Buyer closing costs:
When a buyer applies for a loan, lenders are required to provide them with a good-faith estimate of their closing costs. The fees vary according to several factors, including the type of loan they applied for and the terms of the purchase agreement. Likewise, some of the closing costs, especially those associated with the loan application, are actually paid in advance.
Some typical buyer closing costs include:
The down payment
Loan fees (points, application fee, credit report)
Prepaid interest
Inspection fees
Appraisal
Mortgage insurance
Hazard insurance
Title insurance
Documentary stamps on the note
Seller closing costs
If the seller has not yet paid for the house in full, the seller's most important closing cost is satisfying the remaining balance of their loan. Before the date of closing, the escrow officer will contact the seller's lender to verify the amount needed to close out the loan. Then, along with any other fees, the original loan will be paid for at the closing before the seller receives any proceeds from the sale.
Other seller closing costs can include:
Broker's commission
Transfer taxes
Documentary Stamps on the Deed
Title insurance
Property taxes (prorated)
Negotiating Closing Costs
In addition to the sales price, buyers and sellers frequently include closing costs in their negotiations. This can be for both major and minor fees. For example, if a buyer is particularly nervous about the condition of the plumbing, the seller may agree to pay for the house inspection.
Likewise, a buyer may want to save on up-front expenditures, and so agree to pay the seller's full asking price in return for the seller paying all the allowable closing costs. There's no right or wrong way to negotiate closing costs; just be sure all the terms are written down on the purchase agreement.
Read More at Crystal Coast Realtor - Closing Costs: An Overview
Contributed By Cathy Sheaffer your Emerald Isle and Cape Carteret Realtor
Articles | Comments
(0) |
|
|
|
|
"No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or of investment if such property is exchanged solely for property of like-kind which is to be held either for productive use in a trade or business or for investment."
1031 exchanges provide investors with one of the best tax strategies for preserving the value of an investment portfolio. By using an exchange the investor is able to defer the recognition of capital gain taxes that would otherwise be incurred on the sale of investment property. To qualify as an exchange the relinquished and replacement properties must be qualified "like-kind" properties and the transaction must be structured as an exchange. Using Investment Property Exchange Services, Inc. as the "Qualified Intermediary" will provide the investor with the necessary reciprocal transfer of properties to create the exchange and the "Safe Harbor" protection against actual and constructive receipt of the exchange funds as required by 1031.
Read more at Scottsdale and Phoenix Real Estate Connection 1031 Exchanges
By Warren Neal - Phoenix Realtor - Scottsdale Real Estate Agent
Articles | Comments
(1) |
|
|
|
|
Your Credit History:
As part of the loan application process, virtually all lenders will want to see a copy of your credit report. The report will list all of your long-term debts (credit cards, mortgage payments, automobile and student loans, etc), as well as your payment history. If you don't have a copy of your credit report, most lenders will generally require you to pay for a copy when they process your loan application.
However, most real estate experts agree that it is a good idea to obtain a copy of your credit report several months before you apply for a loan. This gives you a chance to resolve any problems with your credit before your bank sees it. U.S. Federal law ensures that you have access to your credit report, which may be obtained from your local credit bureau or any of several national firms that specialize in credit reports.
Late payments:
For most people, problems with their credit report are likely related to late payments on a debt. If you were late one month in paying off your credit card, but otherwise have a good payment history, chances are most lenders won't be too concerned. But if you have a history of late payments you'll need to document the reasons why. A slow payment history won't necessarily get you turned down for a loan, but you may have to pay a higher rate of interest or otherwise prove to the lender that you can repay your loan in a timely fashion.
Errors on your credit report:
Many people are surprised to learn that credit reports can often contain errors or inaccurate information. If this is the case with your credit report, you'll need to contact the reporting agency or creditor to have the problem resolved. This can sometimes be a slow process, so make sure to give yourself time to clear up the mistake.
Bankruptcies and foreclosures:
There's no getting around it. A bankruptcy on your credit report is not a good thing. But that doesn't mean you still can't obtain a loan. Even though a bankruptcy may stay on your credit report for seven to ten years, lenders will often consider the circumstances surrounding a bankruptcy (family illness, injury, etc.). Moreover, if you have reestablished good credit since the bankruptcy, a lender will be more inclined to approve your application.
Contributed by:
Scottsdale and Phoenix Real Estate - http://www.scottsdale-and-phoenix-real-estate.com/
Articles | Comments
(40) |
|
|
|
