It was expected: home sales would drop following the April end of the Homebuyer Tax Credit program. What wasn't expected, and what has the industry reeling, is the depth of the drop-off. Pending home sales -meaning home sales that are under contract but are not yet closed- fell off 30% in May from its April mark. This drop, to put it in perspective, is the largest single month drop ever recorded, and to make it even more significant, was a 15.9% decrease for the same month a year earlier.
Some would call this drop a falling off a cliff. A free-fall of painful proportions. And though it wasn't fully unexpected, it still stings.
What it means
Does this level of drop-off mean anything to long-term health or growth of the housing industry? The debate can now be opened up. Many factors came to pass in April, including the Federal government no longer buying up troubled assets, the homebuyer credit coming to an end, and interest rates beginning their rise up from historically low levels.
Another factor that is contributing to the drop-off is the slow economic recovery in this country. Millions of people remain out of work and millions more have been laid off in recent months. It was the perfect compilation of factors that would -each, individually- have led to a decrease in the number of pending home sales in May, regardless of other factors. Yet taken together as a whole, all aggregate factors combined to offer the struggling real estate market the worst single month drop in its history. All this according to the National Association of Realtors (NAR).
How to handle the news
It may seem bleak for many of the nation's realtors, one thing that can be taken away from this abysmal report is that perhaps the worst is now behind us. News has surfaced that President Obama is considering extending the homebuyer tax credit through September, the government is indicating that growth is steady, which means employers will soon be hiring once again, and the Wall Street Reform bill that is expected to pass and be signed into law can open up lending within many of the nation's leading financial institutions.
As realtors or mortgage brokers or lenders, May's numbers are certainly eye-opening, even depressing, but it's up to each of us to look beyond the number, beyond the factors that led to that drop-off, and see the signs of recovery that surround us everyday.
Is the worst truly behind us?
It is certainly a challenge to remain positive and optimistic as the weeks roll into months and the months stretch out into years, but it is incumbent upon us to continue to think positively, to shrug off the bad, staggering news, and look for the silver linings, wherever they may be hiding. The alternative is to continue to be morose and downtrodden about the economic climate around us, and when that happens, it becomes exceedingly challenging to get other people, most importantly potential homebuyers, to feel positive about the future.
No one truly knows what lies around the next corner of this recession. Depending on whom you ask, you will receive a different answer. And it always seems to be politically motivated. Don't look to Washington for the answers; look to your own community. Emphasize the positives that have happened over the past year, or the past month, or the past week.
The only way to turn tragically bad news, such as the May pending home sales report, into positive indications is on a local, community-based level and within every community, there are beacons of light shining everywhere; you just need to look harder.
Saturday, November 27, 2010
Tenancy Deposit Schemes
If you are a UK landlord and take a deposit for your rental property you must place this with one of three such schemes which been authorised.
* The Deposit Protection Service - the only custodial deposit protection scheme - is free to use.
* Tenancy Deposit Solutions Ltd is a partnership between the National Landlords Association and Hamilton Fraser Insurance. This insurance-based tenancy deposit protection scheme enables landlords to hold deposits.
* The Tenancy Deposit Scheme is an insurance-backed scheme that enables landlords to hold deposits.
When a landlord receives a deposit he or she has 14 days to comply with the requirements of one of the above schemes. The landlord must also, within two weeks and inform the tenant in writing of:
* Full name, address, telephone number, email address and any fax number of the scheme administrator of the authorised tenancy deposit scheme applying to the deposit;
* Information contained in a leaflet supplied by the scheme administrator to the landlord which explains the operation of the relevant Housing Act provisions.
* The procedures that apply under the scheme by which an amount in respect of a deposit may be paid or repaid to the tenant at the end of the tenancy.
* The procedures that apply under the scheme where either the landlord or the tenant is not contactable at the end of the tenancy.
* The procedures that apply under the scheme where the landlord and the tenant dispute the amount to be paid or repaid to the tenant in respect of the deposit.
* The facilities available under the scheme for enabling a dispute relating to the deposit to be resolved without recourse to litigation.
There is no requirement in the Act for the tenancy agreement itself to specify which deposit protection scheme has been used although landlords may do so if they so wish.
Tenancy Deposit Solutions has no recommended wording but issues a certificate to landlords that can be used to provide information to tenants and to provide proof of compliance with the Act. The Tenancy Deposit Scheme on the other hand has a form of wording which it requires members to use - and which is only available to members.
At the end of the tenancy, if the landlord and tenant agree how the deposit should be divided, they will tell the scheme they are using what they have agreed and the money will be paid out accordingly. Should there be a dispute over the deposit, the scheme will hold the amount until the dispute resolution service or courts decide what is fair.
Both custodial and insured schemes feature alternative dispute procedures that can be called on to settle disputes.
* The Deposit Protection Service - the only custodial deposit protection scheme - is free to use.
* Tenancy Deposit Solutions Ltd is a partnership between the National Landlords Association and Hamilton Fraser Insurance. This insurance-based tenancy deposit protection scheme enables landlords to hold deposits.
* The Tenancy Deposit Scheme is an insurance-backed scheme that enables landlords to hold deposits.
When a landlord receives a deposit he or she has 14 days to comply with the requirements of one of the above schemes. The landlord must also, within two weeks and inform the tenant in writing of:
* Full name, address, telephone number, email address and any fax number of the scheme administrator of the authorised tenancy deposit scheme applying to the deposit;
* Information contained in a leaflet supplied by the scheme administrator to the landlord which explains the operation of the relevant Housing Act provisions.
* The procedures that apply under the scheme by which an amount in respect of a deposit may be paid or repaid to the tenant at the end of the tenancy.
* The procedures that apply under the scheme where either the landlord or the tenant is not contactable at the end of the tenancy.
* The procedures that apply under the scheme where the landlord and the tenant dispute the amount to be paid or repaid to the tenant in respect of the deposit.
* The facilities available under the scheme for enabling a dispute relating to the deposit to be resolved without recourse to litigation.
There is no requirement in the Act for the tenancy agreement itself to specify which deposit protection scheme has been used although landlords may do so if they so wish.
Tenancy Deposit Solutions has no recommended wording but issues a certificate to landlords that can be used to provide information to tenants and to provide proof of compliance with the Act. The Tenancy Deposit Scheme on the other hand has a form of wording which it requires members to use - and which is only available to members.
At the end of the tenancy, if the landlord and tenant agree how the deposit should be divided, they will tell the scheme they are using what they have agreed and the money will be paid out accordingly. Should there be a dispute over the deposit, the scheme will hold the amount until the dispute resolution service or courts decide what is fair.
Both custodial and insured schemes feature alternative dispute procedures that can be called on to settle disputes.
Wednesday, September 1, 2010
Purchase Miami
Although the process of buying Miami Beach luxury homes remains the same, the number of things you have to keep in mind and account for raises. These considerations are packed within each step of the process, and the first one is always the location.
When you are choosing the location for Miami Beach luxury homes you want to consider, it is best to tailor your choice out of your motivations. What is your reason why you want to move to Miami Beach? Is it due to professional reasons or is it a personal one? Are you planning to retire? These are just some of the questions you have to ask yourself when you are browsing the real-estate fare in the city's menu.
While you are selecting the area, in addition, it is also helpful to also define the outline of your ideal home. Do you want an oceanfront property? If so, are you planning to buy a yacht or a boat? One question will definitely lead to another. You have to always consider all your immediate plans in the future. Remember that even though these homes offer the most preferable features, not all will have what you are looking for. It is still important to consider all the things you want and need—make an itemized list if that will help you!
After knowing your dream luxury home in Miami Beach, the next step—and probably the most important—is to determine your method of financing. If you are paying cash, always mull over its upshot it terms of taxes and its impact to your future financial plans. It's not always a good choice to pay full, even if you have the money. On the other hand, if you've planned to buy one of the Miami Beach luxury homes in the market through a loan, preparing all the requirements beforehand will be truly useful in the long run—nothing beats a prepared homebuyer.
When you are choosing the location for Miami Beach luxury homes you want to consider, it is best to tailor your choice out of your motivations. What is your reason why you want to move to Miami Beach? Is it due to professional reasons or is it a personal one? Are you planning to retire? These are just some of the questions you have to ask yourself when you are browsing the real-estate fare in the city's menu.
While you are selecting the area, in addition, it is also helpful to also define the outline of your ideal home. Do you want an oceanfront property? If so, are you planning to buy a yacht or a boat? One question will definitely lead to another. You have to always consider all your immediate plans in the future. Remember that even though these homes offer the most preferable features, not all will have what you are looking for. It is still important to consider all the things you want and need—make an itemized list if that will help you!
After knowing your dream luxury home in Miami Beach, the next step—and probably the most important—is to determine your method of financing. If you are paying cash, always mull over its upshot it terms of taxes and its impact to your future financial plans. It's not always a good choice to pay full, even if you have the money. On the other hand, if you've planned to buy one of the Miami Beach luxury homes in the market through a loan, preparing all the requirements beforehand will be truly useful in the long run—nothing beats a prepared homebuyer.
Common Sense
As one Atlanta resident found out recently, it can pay to know something about the home owners that you are renting from. Ms Jones signed a lease with a home owner and paid him her deposit and first month's rent before discovering that the home she was renting was already foreclosed on.
Ms Jones was lucky enough to get an offer from the bank that owned the home in their "cash for keys" program. This agreement had the tenant turn in the house keys in exchange for double the money that she had paid to the home owner as well as two months to find alternate accommodations. While this particular renter's story had a reasonably happy ending, that is not the case for every renter who finds themselves in a situation like this.
There are a variety of things that you can do to protect yourself against this type of thing happening to you when you are looking for a new home to rent. Landlords are naturally cautious about new tenants; as a tenant, you should be cautious about a new landlord. Like renters, landlords are just people too and can have the same types of failings that renters do.
Some of the ways that you can help ensure that you are not getting into a bad situation are:
Do some research into your new landlord: don't be afraid to ask them for a reference from a current tenant or previous one if they have that information.
Google your new landlord and the address of the home: depending on where you live, there is a variety of information that could be available online. You may be able to find out if the property is up for sale or auction as well as if your landlord has any complaints filed against him or her by previous tenants. The internet has a wealth of knowledge for this type of thing. There are also many websites created by people who have had bad dealings with specific landlords or rental companies that you can easily find online.
Check with your municipality to make sure that there aren't unpaid taxes on the home; in some areas if property taxes go unpaid, the home can be foreclosed on and put to auction.
The more cautious that you can be before you sign a lease and hand over your deposit, the less chance that you will have a bad experience in renting a home.
Ms Jones was lucky enough to get an offer from the bank that owned the home in their "cash for keys" program. This agreement had the tenant turn in the house keys in exchange for double the money that she had paid to the home owner as well as two months to find alternate accommodations. While this particular renter's story had a reasonably happy ending, that is not the case for every renter who finds themselves in a situation like this.
There are a variety of things that you can do to protect yourself against this type of thing happening to you when you are looking for a new home to rent. Landlords are naturally cautious about new tenants; as a tenant, you should be cautious about a new landlord. Like renters, landlords are just people too and can have the same types of failings that renters do.
Some of the ways that you can help ensure that you are not getting into a bad situation are:
Do some research into your new landlord: don't be afraid to ask them for a reference from a current tenant or previous one if they have that information.
Google your new landlord and the address of the home: depending on where you live, there is a variety of information that could be available online. You may be able to find out if the property is up for sale or auction as well as if your landlord has any complaints filed against him or her by previous tenants. The internet has a wealth of knowledge for this type of thing. There are also many websites created by people who have had bad dealings with specific landlords or rental companies that you can easily find online.
Check with your municipality to make sure that there aren't unpaid taxes on the home; in some areas if property taxes go unpaid, the home can be foreclosed on and put to auction.
The more cautious that you can be before you sign a lease and hand over your deposit, the less chance that you will have a bad experience in renting a home.
Land Development
Every land development project begins in the same place - with the land. Without the right piece of property, a developer cannot bring the development concept to life. Once an initial concept has been decided upon, it's imperative to have a thorough knowledge of all of the features of a particular piece of property in order to determine if it is a suitable site for development.
Every developer benefits from a thorough analysis of the viability of a project before beginning. Particularly if a developer is looking for financing, investors or lenders will generally require a market feasibility study. The feasibility study involves analysis of a number of different factors that affect the project. The first factor is analyzing supply versus demand within the market. Developers and lenders will look for gaps between supply and demand in the proposed land use sector or industry - is there a need for office buildings, shopping centers, family or senior housing in the proposed community? Further analysis is needed to determine if the gap between demand and supply can be turned into an opportunity.
The next key factor in land development feasibility is the site. Site research should be conducted to determine and prioritize all potential locations for the proposed land use. The configuration and size of each parcel needs to be taken into consideration, as well as location within the community. Aerial photography is a valuable tool in assessing potential properties. Quality aerial photos of the proposed sites will give an accurate and comprehensive view of the sites, clearly detailing location, access, traffic flow, adjacent properties, and geographic considerations.
Aerial photography can provide detail of the site's feasibility based on features such as surface materials, drainage, and potentially hazardous conditions. Aerial photography companies such as Desert View Aerial Photography in Arizona can provide detailed aerial photos of prospective land development sites quickly and economically to speed the decision making process. Aerial photographs can provide a complete aerial visual summary of a project to clearly show the benefits and features of the proposed project.
In many municipalities, developers are required to complete a feasibility study before necessary permits will be approved. Once the best site has been selected, project considerations such as operating and development need to be analyzed for feasibility. Costs for development need to be determined and financial requirements established. A project timetable needs to be created so that the project is completed within a suitable time frame.
Completing a land development feasibility study requires gathering a significant amount of data about the planned project and careful analysis of the data to determine whether the project is economically sound and will benefit the community.
Every developer benefits from a thorough analysis of the viability of a project before beginning. Particularly if a developer is looking for financing, investors or lenders will generally require a market feasibility study. The feasibility study involves analysis of a number of different factors that affect the project. The first factor is analyzing supply versus demand within the market. Developers and lenders will look for gaps between supply and demand in the proposed land use sector or industry - is there a need for office buildings, shopping centers, family or senior housing in the proposed community? Further analysis is needed to determine if the gap between demand and supply can be turned into an opportunity.
The next key factor in land development feasibility is the site. Site research should be conducted to determine and prioritize all potential locations for the proposed land use. The configuration and size of each parcel needs to be taken into consideration, as well as location within the community. Aerial photography is a valuable tool in assessing potential properties. Quality aerial photos of the proposed sites will give an accurate and comprehensive view of the sites, clearly detailing location, access, traffic flow, adjacent properties, and geographic considerations.
Aerial photography can provide detail of the site's feasibility based on features such as surface materials, drainage, and potentially hazardous conditions. Aerial photography companies such as Desert View Aerial Photography in Arizona can provide detailed aerial photos of prospective land development sites quickly and economically to speed the decision making process. Aerial photographs can provide a complete aerial visual summary of a project to clearly show the benefits and features of the proposed project.
In many municipalities, developers are required to complete a feasibility study before necessary permits will be approved. Once the best site has been selected, project considerations such as operating and development need to be analyzed for feasibility. Costs for development need to be determined and financial requirements established. A project timetable needs to be created so that the project is completed within a suitable time frame.
Completing a land development feasibility study requires gathering a significant amount of data about the planned project and careful analysis of the data to determine whether the project is economically sound and will benefit the community.
Sunday, August 1, 2010
foreclosure crisis
The best deals for house hunters will depend on the local market and how much battered it has been by the foreclosure crisis. The patience of the buyer is also a vital factor. The housing inventory of America is choc-a-bloc with endless distressed properties coming from the foreclosure category - covering all stages of it. For shoppers it is advisable to weigh each offer carefully before clinching any deal.
It would be foolish to think that all the bank foreclosure listings are coming with heavy discounts. The builders are not all slashing prices drastically. Short sales take months to materialize. After months of waiting the sellers fail to get the nod.
Considering the scenario it seems the best way would be to follow the traditional route and therefore these units should not be altogether excluded.
To make the best use of your dollars it is imperative to know the mood of the current market, the lists on it and the market feel. The prices of the various kinds of houses depend on all these factors. You should also be sure about the amount risk you are prepared to take, the time you are willing to spend and the maximum amount you are ready to invest.
There are many like you in the same boat. Diann Patton is realtor with Coldwell Banker. She said that today the buyers are much more conversant with what is going on in the housing sector.
It is best to enter the fray armed with knowledge taking into account the locality you are planning to reside in said Professor Leonard Baron of San Diego State University. With the exception of the new units, most of the houses get posted in the multiple listing services. It helps the shoppers to make their choice in tune with their requirements and budgets.
Generally the REOs or bank owned properties come with heavy discounts. The amount of this depends on the local market. According to Zillow.com the usual discount for the bank-owned units as compared with conventional units is anything from 20% or 30%. According to RealtyTrac the average discount for the units owned by the banks is 34% on a national count.
The houses coming from the distressed category are cheaper because the banks are eager to offload a huge inventory weighing them down.
It would be foolish to think that all the bank foreclosure listings are coming with heavy discounts. The builders are not all slashing prices drastically. Short sales take months to materialize. After months of waiting the sellers fail to get the nod.
Considering the scenario it seems the best way would be to follow the traditional route and therefore these units should not be altogether excluded.
To make the best use of your dollars it is imperative to know the mood of the current market, the lists on it and the market feel. The prices of the various kinds of houses depend on all these factors. You should also be sure about the amount risk you are prepared to take, the time you are willing to spend and the maximum amount you are ready to invest.
There are many like you in the same boat. Diann Patton is realtor with Coldwell Banker. She said that today the buyers are much more conversant with what is going on in the housing sector.
It is best to enter the fray armed with knowledge taking into account the locality you are planning to reside in said Professor Leonard Baron of San Diego State University. With the exception of the new units, most of the houses get posted in the multiple listing services. It helps the shoppers to make their choice in tune with their requirements and budgets.
Generally the REOs or bank owned properties come with heavy discounts. The amount of this depends on the local market. According to Zillow.com the usual discount for the bank-owned units as compared with conventional units is anything from 20% or 30%. According to RealtyTrac the average discount for the units owned by the banks is 34% on a national count.
The houses coming from the distressed category are cheaper because the banks are eager to offload a huge inventory weighing them down.
best home deal
Every real estate market has its own character, so is of Louisville real estate market. The best part of this market is it is steady and quite transparent. However the price of Louisville homes largely differs from one area to another, therefore if you decide to purchase a home in Louisville you need to locate your opted area first by tallying your budget.
The point seems to be little straightforward but is quite intricate in effect because area allocation is one of the prime factors of purchasing a home at Louisville market. Unless one knows the market well it is not possible to decide wisely on this issue. In this context, you can always consult a reputed Louisville Realtor because the realtor knows about the market better than any common person. It is always recommended to consult a local real estate market authorized Louisville Realtor so that you can bag the best home deal.
It is better to have some home work done before you approach specifically a Louisville Realtor. The easiest way to find some reputed Louisville Realtor is to search the Louisville Colorado realtor online list; you can see some properties also listed in the respective websites of these Louisville Realtors. While browsing the listed properties you can gather some idea about area wise property price and accordingly you can approach a reputed dealer for a specific deal. This small home work will certainly help you to get the best home deal by your purchase plan.
Home inspection is one of the prime points of a good home purchase and you should not purchase a home unless you are satisfied about its condition. It is always wise to appoint an authorized home inspector before you decide to purchase a home. However if you are proceeding via a real estate agent, they do their homework about the properties they are dealing with. In these cases you should ask the concerned Louisville Realtor about the negative factors of the home you are going to purchase and accordingly decide your deal.
You may ask your Louisville Realtor to arrange for home loan because most of the realtors have standing arrangements with different banks about quick loan processing. Meanwhile you should contact your bank also to verify if you are entitled for any pre-approved loan from your bank because in case of pre approved loans, the rate of interest applicable remains at lower level.
For example, if you wish to purchase your dream home in Lafayette you should narrow down your search for Lafayette Realtor from Louisville Colorado realtor association list and ask for the helps you need to finalize your home purchase deal.
You need to consider the position of the house for easy living; at the same time you should consider the resale value of the house after a stipulated time frame from your purchase date. Similarly, you need to have all legal documents about the house you are going to purchase in order to enjoy undisputed ownership of the said house.
Unfortunately if your dream home lacks any legal paper, it is always better to cancel the deal otherwise you investment may seem blocked for ever, which is obviously against the criteria of best home purchase deal.
The point seems to be little straightforward but is quite intricate in effect because area allocation is one of the prime factors of purchasing a home at Louisville market. Unless one knows the market well it is not possible to decide wisely on this issue. In this context, you can always consult a reputed Louisville Realtor because the realtor knows about the market better than any common person. It is always recommended to consult a local real estate market authorized Louisville Realtor so that you can bag the best home deal.
It is better to have some home work done before you approach specifically a Louisville Realtor. The easiest way to find some reputed Louisville Realtor is to search the Louisville Colorado realtor online list; you can see some properties also listed in the respective websites of these Louisville Realtors. While browsing the listed properties you can gather some idea about area wise property price and accordingly you can approach a reputed dealer for a specific deal. This small home work will certainly help you to get the best home deal by your purchase plan.
Home inspection is one of the prime points of a good home purchase and you should not purchase a home unless you are satisfied about its condition. It is always wise to appoint an authorized home inspector before you decide to purchase a home. However if you are proceeding via a real estate agent, they do their homework about the properties they are dealing with. In these cases you should ask the concerned Louisville Realtor about the negative factors of the home you are going to purchase and accordingly decide your deal.
You may ask your Louisville Realtor to arrange for home loan because most of the realtors have standing arrangements with different banks about quick loan processing. Meanwhile you should contact your bank also to verify if you are entitled for any pre-approved loan from your bank because in case of pre approved loans, the rate of interest applicable remains at lower level.
For example, if you wish to purchase your dream home in Lafayette you should narrow down your search for Lafayette Realtor from Louisville Colorado realtor association list and ask for the helps you need to finalize your home purchase deal.
You need to consider the position of the house for easy living; at the same time you should consider the resale value of the house after a stipulated time frame from your purchase date. Similarly, you need to have all legal documents about the house you are going to purchase in order to enjoy undisputed ownership of the said house.
Unfortunately if your dream home lacks any legal paper, it is always better to cancel the deal otherwise you investment may seem blocked for ever, which is obviously against the criteria of best home purchase deal.
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