Friday, July 9, 2010

Rents Rise as Apartment Vacancies Fall

Rents Rise as Apartment Vacancies Fall

Apartment vacancies were down and rents were up last month as people got tired of living in their parents’ basements and rented a place of their own.


Nationally, the apartment vacancy rate was 7.8 percent at the end of June, according to research firm Reis Inc., down from 8 percent in the first quarter.

Rents rose 0.7 percent from April to June, the largest quarterly gain in two years.

The advantage hasn’t returned "completely back to owners right now," says Hessam Nadji, managing director at real estate firm Marcus & Millichap. "But we're well under way to see that balance shift back."

Source: The Wall Street Journal, Nick Timiraos (07/08/2010)

Mortgage Rates Hit Another Record Low

Mortgage Rates Hit Another Record Low

The average interest on a 30-year fixed mortgage dipped to a new record low of 4.57 percent this week — down from 4.58 percent a week ago, according to Freddie Mac, which began tracking rates in 1971.


But the rates may not last long, call your lender and your local Realtor to learn how these low rates may help you.


Source: Indianapolis Star (07/09/10)

Life in Suburbia Gains Credibility

Life in Suburbia Gains Credibility

Life in suburbia is beginning to get some respect.


Hofstra University on Long Island, home to Levittown, the original suburb, runs the National Center for Suburban Studies, aimed at advancing public consideration of suburban living.

Additionally, Johnson County, Kan., is planning a National Museum of Suburban History. Officials behind the effort say that with 50 percent of Americans living in suburbia, it is time to take it seriously.

Robert Lang, a University Nevada-Las Vegas sociology professor who studies suburban life, says, "The United States is the first suburban nation. In the end, these are the places ... where we are going to live, no matter what."

Source: Associated Press, Alan Scher Zagier (07/05/2010)

Wednesday, July 7, 2010

6 Reasons to Reduce Your Home Price

6 Reasons to Reduce Your Home Price

While you’d like to get the best price for your home, consider our six reasons to reduce your home price.

Home not selling? That could happen for a number of reasons you can’t control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price.

These six signs may be telling you it’s time to lower your price.

1. You’re drawing few lookers

You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.

2. You’re drawing lots of lookers but have no offers

If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.

3. Your home’s been on the market longer than similar homes

Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.

4. You have a deadline

If you’ve got to sell soon because of a job transfer or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend.

5. You can’t make upgrades

Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.

6. The competition has changed

If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.

Thursday, July 1, 2010

Provo #2 Of The Top 10 Mid-sized Markets for the Good Life

Top 10 Mid-sized Markets for the Good Life

Business Web site
Portfolio.com has identified what it considers the best mid-sized markets.

The study compared 109 communities with populations between 250,000 and 750,000 in 20 categories, including healthy economies, moderate costs of living, light traffic, pleasant neighborhoods, and good schools.

Portfolio.com’s Editor J. Jennings Moss said, "This companion study of best mid-sized places to live can serve as a resource for those who are trying to start a business in new territories by identifying the categories that define the best qualities of living.”


These were the top-10 mid-sized metros with the best quality of life:

1. Boulder, Colo.
2. Provo, Utah
3. Fort Collins, Colo.
4. Madison, Wis.
5. Ogden, Utah
6. Holland, Mich.
7. Colorado Springs, Colo.
8. Ann Arbor, Mich.
9. Des Moines, Iowa
10. Manchester, N.H.

Source: Portfolio.com (06/30/2010)

Three Things Condo Buyers Should Know

Three Things Condo Buyers Should Know

Now could be a great time for home buyers to find a great deal on a condominium.


Here are three things that potential buyers of condos should consider:

1. Is this condo likely to fall further in price? Part of the answer is in falling or rising local inventory – even if sales have picked up recently.

2. Is this a fair price? Condo prices are more volatile than single-family homes. One big consideration is whether buyers in this particular complex are likely to be able to qualify for a mortgage. If the complex has too many renters, for instance, the Federal Housing Administration won’t approve loans to buy units.

3. Is the condo association in good fiscal shape? Are they maintaining the grounds and the amenities as well as staying on top of needed structural improvements?

Source: Money Magazine, Beth Braverman (06/29/2010)