Highlights
Buying a house, condo or other real estate the largest and most complex purchase most Americans will ever make -- remains a huge part of the economy. In 2007, a dismal time for the business, about 6.3 million housing transactions occurred in the United States, according to the Realtor's trade group. But the market has taken a serious body blow in recent years. The National Association of Realtors predicted the sales of existing homes in 2007 would be 10.8 percent below 2006. Sales of new homes were expected to be at the lowest level in a decade. The Internet has made it much easier for a layperson to locate properties that fit their needs and budget. As a result, while about 90 percent of tr...
Buying a house, condo or other real estate the largest and most complex purchase most Americans will ever make -- remains a huge part of the economy. In 2007, a dismal time for the business, about 6.3 million housing transactions occurred in the United States, according to the Realtor's trade group. But the market has taken a serious body blow in recent years. The National Association of Realtors predicted the sales of existing homes in 2007 would be 10.8 percent below 2006. Sales of new homes were expected to be at the lowest level in a decade. The Internet has made it much easier for a layperson to locate properties that fit their needs and budget. As a result, while about 90 percent of transactions involve a real estate agent, the rest were simply buyers and sellers hooking up independently. By-owner sales are popular among many people, in part because it saves on commissions. But even more buyers favor using a real estate agent who has the expertise and time to negotiate the complex processes. It may be obvious that no purchase in your life will ever be as crucial, but the good news is that it does not have to be as intimidating as you think. The single best piece of advice is not to let the big numbers and the jargon unnerve you. Simple, easy-to-understand step-by-step advice and instructions are available in literally hundreds of books in the library, on-line articles and websites (enter the words "real estate tips" and "selling" or "buying" in any search engine). Most give the exact same information although each may have a bit of a bias such as favoring by-owner or using a Realtor. Other significant advice: have patience; this can often be a long process and time usually is on your side. Trust your instincts; if a deal seems too good to be true, there's often a reason. Believe in options; just like buying a used car, there is always another house out there. Buying a home is essentially a lengthy parade of complex decisions, starting with whether this is the right time to be making a transaction. But the websites and books lay out the specific criteria you can use to make an informed judgment call rather than just making a blind guess. For buyers, the process includes finding out precisely how much you can spend on a house without destroying your standard of living; locating financing; identifying a large array of potential homes so you are not focused on one choice; visiting, inspecting and evaluating properties; negotiating a deal, and closing the deal.
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Area home sales begin to stabilize, but price drop accelerates; average is below 2005 level
The decline in home prices in the Baltimore metro area accelerated last month - the average fell below the 2005 figure - but the hemorrhaging in sales came to a near-halt. The average sale price in Baltimore and its five surrounding counties dropped to...Tags: Inventories, New Year's, Banking, Real Estate Sellers, Stock Broking
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'High School Musical's' Vanessa Hudgens buys Studio City home for $2.75 million
Los Angeles Times Staff WriterOK, PULL up the blinds in your sleeping tween-ager's room and show her this column. I promise she will not shoot daggers your way. Vanessa Hudgens Vanessa Hudgens of "High School Musical" fame has bought her first house. It's in Studio City, it cost $2.75...Tags: Chicago Cubs, Major League Baseball, Pittsburgh Pirates, Steve Austin, Banking
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Florida officials give property appraisers leeway
Bargain sales prices could now equate to bargain property taxes as well for home buyers. With foreclosures and pre-foreclosure sales flooding South Florida's real estate market, state tax officials gave local property appraisers more leeway Friday in...Tags: Property, State Budgets, Foreclosures, Sales
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Using an open house to sell your home: the pros
daniel.bubbeo@newsday.comThe words "open house" plastered on a sign or shingle don't attract the same number of prospective buyers they did 10 years ago. These days, many serious buyers prefer the virtual open houses of craigslist, MLSLI.com ... well, name your favorite Web...Tags: Islip, Babylon, Real Estate Transactions, Sotheby's Holdings Incorporated, Real Estate Sellers
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A tale of two Orlands
Chicago Tribune ReporterThere's a reason the village of Orland Park has twice since 2005 ranked in the top 100 in Money Magazine's Best Places to Live survey. The public schools are highly ranked and respected, there are plenty of restaurants and dining options, tons of...Tags: Restaurant and Catering Industry, Metra, Road Transportation, Real Estate Agents, Local Authority
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Local Business Scene: Planner
TODAY OCT. 10 PENNSYLVANIA CAREERLINK Bucks County job search workshops, 9 a.m., Bucks County Community College Upper Campus, 1 Hillendale Drive, Perkasie . Register for Writing Resumes that Get Results and Effective Interviewing at http://www.cwds....Tags: Jim Thorpe, Fogelsville, Northampton (Bethlehem, Pennsylvania), Clubs and Associations, Lehigh University
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For Airhart, it's easy being green
Special to the Chicago TribuneLong before "go green" became the rallying cry in the homebuilding industry, West Chicago-based Airhart Construction established itself as a company dedicated to energy efficiency and sustainability. "Even in the early '70s, we were using passive solar...Tags: House Building, Leslie Mann, House and Home, Court Administration, Halloween
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Realty agents to buyers: Can we talk?
Chicago Tribune staff reporterReal estate agents are commonly thought of as salespeople but what they're really morphing into is housing consultants. Consider the morass of ever-changing details and acronyms that most people—agents and consumers—were only vaguely aware of...Tags: Fannie Mae, Real Estate Agents, Employees, Marketing, Financial and Business Services
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Versus seeks to raise fun level downtown
Los Angeles Times Staff WriterFor the better part of a decade, downtown L.A. real estate agents have been enticing residents to buy or rent lofts with the promise of real night-life options "coming soon." This fall, it looks as if "soon" is "now." Though plenty of bars have sprung...Tags: Stocks, Dance, Real Estate Agents, Popular Music, Stock Broking
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Property taxes on distressed homes sold at discount in South Florida often based on true value
South Florida Sun-SentinelReal estate ads these days include listing after listing of bargain-basement prices. But those who buy a home in a foreclosure or a pre-foreclosure sale should know that future property bills may be no bargain. Just because someone snags a home at a...Tags: State Budgets, Real Estate Agents, Fort Lauderdale, Financial and Business Services, Real Estate
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Britain unveils massive rescue plan
Los Angeles Times Staff WriterBritain's announcement of an $87-billion bailout of its flailing banking system boosted confidence in the nation's financial sector Wednesday but didn't immediately alleviate the panic gripping investors. The unveiling of the rescue package sent shares...Tags: Stocks, Federal Reserve, Central Bank, Business Institutions, Money and Monetary Policy
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Town & Country: This is the Big One
Chicago Tribune reporterTown & Country Homes is hosting a "Big One" sale Saturday and Sunday at their six Chicago-area developments. The sale offers free options on homes purchased over the weekend. Town & Country's local developments include: Churchill Club and Hunt Club in...Tags: Rivers, Bodies of Water, Wine, Beer, and Spirits, Town & Country Corporation, Building Material
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