|
« August 2006 |
Main
| October 2006 »
Despite almost daily doom and gloom media reports to the contrary, most homeowners optimistically predict that their homes will still increase in value over time. According to the Second Annual RBC Capital Markets Consumer Survey, at least half of current owners believe they will see at least a 5% increase in years to come. Even more encouraging news, was that at least one quarter of the respondents had already paid off their home mortgages and more than half believed they had at least $100,000 in equity. So far, in the eyes of these homeowners, the big bad bubble is still just an urban legend.
Every market has its ups and downs, and real estate is certainly no exception. When a hot housing market begins to cool down, REALTORS®, sellers and buyers all need to readjust their strategies and expectations. The Field Guide to Surviving & Thriving in a Slowing Market, a new resource in the Virtual Library on Realtor.org, offers tips and ideas to help you and your clients survive and thrive in a cooling market.
JD Power and Associates has just completed their 10th annual new home builder customer satisfaction survey. The survey was sent to a little over 2500 new home buyers, in 34 markets across the country, and included questions on 10 new home characteristics, ranging from location and design to amenities and value. Central Florida builders did not fair as well as other regional new home builders, scoring only 100, which falls below the national average of 112, and below last years score of 104. However rising to the top both in Central Florida and in national rankings were Pulte and Centex. Want to see how builders rank in your area? Visit the J.D. Power website to find out.
Home builders and sellers are falling all over themselves, in the current buyers market, to think of new and exciting incentives to entice buyers. Well, has Kalamazoo got a deal for you. Any buyer purchasing a qualified residence, not only gets a home, but they also get a college education. That’s right, all high school gradates from the Kalamazoo school district can attend college in Michigan for free, just for living in the correct zip code. The promotion seems to be working; sales have jumped 6% and appreciation has increased 7%. My guess is that parents of freshmen are flocking to Kalamazoo.
Many first time buyers are overwhelmed with talk of financing, options, arms, points, closing cost, commissions, insurance, PMI, and on and on. However the buck does not stop there. Once they move into their new abode, many have forgotten to factor in furnishings. The little things can add up quickly. Expenses for towels, curtains, appliances, lawn care, not to mention needed repairs, can be an unexpected strain on tightly stretched budgets. New homeowners need to be realistic about the furnishings and care their new homes will need, and more importantly, what items they can afford. To keep their properties looking pristine, buyers should expect to pay 1% of the purchase price in routine yearly maintenance.
|
Power Tools for Buyer's Respresentatives, from NAR's Information Central, provides information on research studies, websites, books, news, tips, and other resources for real estate professionals who specialize in representing buyers.
To stay up-to-date on new resources for buyer's representatives, check back frequently or subscribe to the blog via the links at right.
NAR disclaims responsibility for any of the content or opinions expressed on this blog, including, but not limited to content or opinions regarding any products or service mentioned on the blog.
NAR disclaims liability for any damages or losses, direct or indirect, that may result from use of or reliance on information contained in the blog.
This blog contains links to other Web sites operated by third parties. These links are provided as a convenience to access the information contained therein. NAR has not reviewed all of the information on other sites and disclaims any responsibility for the content of any other sites or the products or services that may be offered on or through those sites. Inclusion of a link to another site does not indicated any endorsement or approval of the site or its content.
NAR reserves the right to edit, remove, or deny access to individuals or content that it determines to be unacceptable, including, but not limited to, any abusive, profane, rude, defamatory, or anonymous comments.
|
