Summary
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 invo...
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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1134 items on Real Estate Buyers
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Banks need to do better at telling truth
It's not over. Despite relief for financial stocks last week, Oppenheimer & Co. analyst Meredith Whitney says the financial markets won't be able to stabilize until there is more truth-telling. Rather than trickling out write-downs and sour news,...Tags: Homes, Wachovia Corp., Mortgages, Citigroup Incorporated, Federal Reserve
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How to save on closing costs
The Washington Post By Renae Merle Of The Washington PostBorrower's race All else being equal, African-Americans pay an additional $415 at closing, and Latino borrowers pay an additional $365 Borrower's education All else being equal, college graduates are charged $1,100 less than borrowers who did not go to...Tags: Government, Mortgages, National or Ethnic Minorities, Colleges and Universities, Consumers
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Crossing that bridge
Special to the Chicago TribuneWant to buy a home? You've heard often enough lately that you need decent credit and a chunk of down-payment cash. But don't discount a network of helpful friends, determination and an unabashed ability to badger. All the i's must be dotted and t's...Tags: Vernon Hills, Buffalo Grove, Mortgages, Condos, Financial and Business Services
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Market stability depends on more truth-telling
It's not over. Despite midweek relief for financial stocks, Oppenheimer & Co. analyst Meredith Whitney says the financial markets won't be able to stabilize until there is more truth-telling. Rather than trickling out write-downs and sour news,...Tags: Homes, Wachovia Corp., Mortgages, Citigroup Incorporated, Federal Reserve
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Found your house? Keep your eye on closing fees
The Washington PostYou looked hard to find the right house. You negotiated the right price and shopped around for the best mortgage rate. But you're not done shopping yet. Home buyers can squeeze out extra savings at the closing table if they negotiate on fees charged...Tags: Mortgages, Consumers, Bankrate Incorporated, Insurance
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Russians making themselves at home
The Wall Street JournalThe Russians are coming. As many of America's wealthy are roiled by the credit crisis and general financial gloom, a growing number of rich Russians are house-shopping—and buying—in costly U.S. enclaves. Fertilizer mogul Dmitry Rybolovlev is...Tags: Government, Edgar Bronfman Jr., Central Park, Time Warner Inc., Property
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Cash challenged? Cry uncle
United Feature SyndicateWASHINGTON—Two little-known federal programs may hold the answer for would-be home buyers who don't have money for a down payment or don't have money left after closing to update their properties. The Department of Agriculture's Rural Development...Tags: Orange (Orange, California), Financial and Business Services, Riverside (Riverside, California)
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Truth Needed To Stabilize Markets
It's not over. Despite mid-week relief for financial stocks, Oppenheimer & Co. analyst Meredith Whitney says the financial markets won't be able to stabilize until there is more truth-telling. Rather than trickling out write-downs and sour news, Whitney...Tags: Homes, Mortgages, Federal Reserve, Financial Markets
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Market Pulse: Focus On Housing
Home Builders' Outlook Lowest In Two Decades Home builders' business outlook plunged this month to the lowest level since record-keeping began more than 20 years ago. Industry conditions have worsened as the housing slump, rising gas prices and...Tags: Land Price, House Building, Trade Policy, Consumer Confidence, Family
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Now neighborhoods are going all green
Associated PressPETERBOROUGH, N.H.—At a time when the housing market remains in a slump, consumer demand is growing for energy-efficient homes that are kinder to the environment. And it's not just individual homes that are going green. Increasingly, it's entire...Tags: Homes, Energy Saving, McGraw-Hill Incorporated, House Building, Ocean View
Jul 20, 2008
|Story| Allentown Morning Call
Jul 20, 2008
|Story| Allentown Morning Call
Jul 20, 2008
|Story| Chicago Tribune
Jul 20, 2008
|Column| Chicago Tribune
Jul 20, 2008
|Story| Chicago Tribune
Jul 20, 2008
|Story| Chicago Tribune
Jul 20, 2008
|Story| Chicago Tribune
Jul 20, 2008
|Story| Hartford Courant
Jul 20, 2008
|Story| Hartford Courant
Jul 20, 2008
|Story| Chicago Tribune
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