Monday, February 9, 2009
Designers Unite
Any Philadelphia-area Bloggers and/or Wordpress fanatics? You know who you are. Show off all your design skills right here...
Saturday, February 7, 2009
9 housing-market head winds for 2009
With home prices having dropped a painful 21% from their 2006 peaks, property owners everywhere could use a splash of good news in their New Year's Eve cocktails. But as a nasty recession is now part of the picture, the chances of an aggressive housing-market rebound in 2009 are dim. "A lasting recovery in the housing market?" says Mike Larson, a real-estate analyst at Weiss Research. "I don't see it in the cards until the back end of the year -- if that."
Here's a look at the factors that will be weighing down the housing market in 2009:
1. Recession
After months of speculation, the National Bureau of Economic Research made it official in early December 2008, announcing that the U.S. economy entered into a recession in December 2007. The only question now is: How painful a recession will we have? In a Nov. 21 report, economists at Goldman Sachs revised their previous forecast to reflect a more significant economic contraction and higher unemployment. "We now estimate that real GDP is falling at a 5% annual rate in the current quarter, and we expect this to be followed by declines of 3% and 1% in the next two quarters," the economists said. "This deepens and extends the expected recession, bringing the drop in GDP close to the decline seen in 1982 (2.3% in our forecast versus 2.7% then)." The recession will exert downward pressure on the housing market in a number of ways.
2. Higher unemployment
The shrinking economy will result in additional layoffs, which will work to smother housing demand. The unemployment rate has already been climbing -- in early December it was at 6.5% -- but many expect it to increase significantly in the coming year. Goldman Sachs projects the unemployment (more)
A $15,000 gift for homebuyers?
A $15,000 gift for homebuyers?
The U.S. Senate approves an amendment to the economic stimulus package that would provide a tax credit of up to $15,000 for homebuyers who purchase a primary residence in the coming year. But economists are skeptical tax credits will prove stimulative.
Senate readies $780 bln stimulus plan for vote
Senate readies $780 bln stimulus plan for vote
http://www.marketwatch.com/news/story/senate-debates-details-780-billion/story.aspx
Five reasons to buy a home this year
Five reasons to buy a home this year
CHICAGO (MarketWatch) -- People are afraid to buy a home in times like these, with the economy tanking and home prices continuing to fall. But if you're brave enough to stray from the herd, you might be in for the home-buying opportunity of a lifetime.
Ask for price reductions, improvements, closing costs -- whatever -- and the seller, desperately trying to get a contract, is very likely to work with you, said Jay Papasan, one of the authors of the book "Your First Home." When the market starts improving, your negotiating power starts to diminish, he added.
Buying A Home Is An Investment
A couple of days ago I came across a very interesting post by Danny Thornton. In that post he examines some of the fundamentals of how one approaches and evaluates home ownership. Oftentimes economists and personal finance professionals look only at something as either an asset or a liability. There is of course no absolute black or white when one looks at homeownership; there is the interplay of the two. I think this article quite effectively examines some fundamental questions about home ownership.
Wednesday, January 28, 2009
The Home You Save Could Be Your Own
More people are representing themselves - pro se - in their home foreclosure cases. The trend's details are here.
Monday, January 26, 2009
Home items that need your attention
You know it’s a funny thing. When you buy a toaster, a car or even a lawn mower, you get an owner’s manual. But when you purchase a home about all you get is surprises, bills and a big fat mortgage.
Now I am a firm believer that a well-maintained home is one that is more pleasant to live in and one that is of higher value. The other fact is, that regular maintenance of certain systems in your home is fairly easy and costs little to do. If not attended to, you can wind up with hefty repair and replacement bills. Below are five common issues in a home and some advice on what to do and how to keep them running and working smoothly.
1. Water heater: Here are some facts about that tank sitting in your basement or mechanical room. The average life of a tanked water heater in the U.S. is seven years. Now, I know there are some of you reading this thinking that you have a water heater that is older than 20, and that’s great! But know that a tanked heater starts out at about 75%-80% efficient when new and after about five years their efficiency levels can be as low as 50%, --- read more here ---
Helpful Tips to Help Move Your House
Housing trends sail by faster than most of us have time to notice, but when it comes to selling your house, you might suddenly wish you’d sat up and paid attention before. Some styles can be put down to the vagaries of fashion and are easily fixed — gaudy wallpaper isn’t difficult to replace, but moving a laundry room above ground or fitting a proper staircase is another story entirely.
One bathroom
We don’t want to wait to use the bathroom. Not any more. With so many people used to the luxury of multiple bathrooms, it is a hard sell to get them to take a step backward in time.
No air conditioning
Installing central air to your house will cost you about $10,000-$12,000, but if there was ever a juicy bone to get a buyer interested, this is it.
Fuse boxes
Fuse boxes? People expect circuit breakers nowadays, and if you want to modernize your electrics, consider spending $2,000 to replace those outmoded old fuses.
Read further for additional tips.
10 Real Estate Myths for Buyers and Sellers
The truth about the housing market
In today’s uncertain market, fear runs rampant on both the buying and selling sides of the fence. Many myths need debunking. Here are five untruths held by buyers, and five held by sellers.
In today’s uncertain market, fear runs rampant on both the buying and selling sides of the fence. Many myths need debunking. Here are five untruths held by buyers, and five held by sellers.
Buyer myth No. 1: The longer the house is on the market, the more you can negotiate.
When buyers ask, “How long has this property been on the market?”, they think “six months” means they can negotiate the price down. It more often means the seller is stubbornly holding on to their price.
When buyers ask, “How long has this property been on the market?”, they think “six months” means they can negotiate the price down. It more often means the seller is stubbornly holding on to their price.
Buyer myth No. 2: The sellers today are desperate.
Most aren’t. Always ask why the sellers are selling. It’s the key to finding how motivated and anxious they are. “I’m being transferred to Dallas” is a very different answer than “We’d like to find something bigger.” The first homeowner is hot to trot.
Read more here...
Most aren’t. Always ask why the sellers are selling. It’s the key to finding how motivated and anxious they are. “I’m being transferred to Dallas” is a very different answer than “We’d like to find something bigger.” The first homeowner is hot to trot.
Read more here...
5 Money-Saving Ways to Heat Your Home
As winter hits its full swing you can still take a few steps to winterize your home. Adding some insulation here, a little plastic window film there can save you real dollars. Here are a few ideas:
Install a programmable thermostat
There are many different brands on the market that range in price from $40 to $100. You can program one to lower the temperature while you're at work or sleeping and save up to 30 percent in a well-insulated home. What's more, outdated thermostats are the weakest link in conserving energy. According to the government's Energy Information Administration, only about 25 percent of U.S. homes are equipped with modern programmable thermostats. They are easy to install; using low-voltage currents, you just attach the color-coded wires from the wall to the corresponding terminals on the back of the unit (W means white, R means red and so on).
Thursday, January 8, 2009
Personal Finance Refresher
Need a great resource to help with preparing for your new home purchase? Look no further than CNBC's On The Money.
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