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Five Mistakes Entrepreneurs Make When Buying Real Estate - 25 Mar 2016 10:31


[[html]]Real estate is one of the largest source of wealth in America. In fact, many entrepreneurs begin investing in real estate to build and protect their wealth once they "make it". However, when it comes to investing in real estate, there is a great deal of room for error. There are countless investors who make high return realty investments, but there are also many who lose just as much from their investments. If you are considering investing in real estate, then it is important that you know five of the most common mistakes that real estate investors tend to make. Do your best to avoid these pitfalls and you can be on your way to the successful real estate investment you have always dreamed of. We caught up with Rey Grabato, the founder of National Really Investment Advisors which has 10 years of experience in real estate investments and has completed more than 600 projects for high net worth clients, to learn what the biggest mistakes are that he has seen investors make. <br><br><img style="float:right;margin:10px;border:none;" src="" width="369" /><br><br>They Don't Do Their HomeworkThere is a lot of research and planning that needs to go into making a sound real estate investment. While many assume that most investors do their homework on an opportunity before jumping on it, the truth of the matter is that most investors simply do not. There are many people who are presented with a real estate "opportunity" and think that they need to jump on it right away in order to get in on the action. Yes, maybe a few investors are able to find a diamond in the rough in this way, but typically the best approach is to take your time, do your homework and make sure you are making a smart decision. <br><br>They Don't Do Any Ground-Level PlanningAccording to the NRIA, one of the biggest early mistakes that investors tend to make when buying real estate is that they have no ground level planning. According to the company "it is important to outline your expectations from your real estate investment before you make your move." You have to take the time to really map-out a plan for your investment and how <a href=""></a> you are planning on making money off of your investment right away. Do you want to earn equity instantly by selling, or are you looking more for long-term rental benefits? You need to know the route you are going to take right away, before you even seriously consider buying.<br><br>They Listen to the Wrong PeopleThere are so many people out there who think they "know" a great deal about real estate, about development projects or up and coming areas. These people are always some of the most willing individuals when it comes to giving advice. You should never listen to real estate investing advice from anyone who <a href=""></a> has never invested in real estate before. Until you have done it, you have no idea what getting into this type of investing entails.<br><br>They Buy Only For AppreciationThere are some investors who will invest in rental properties or home them want to fix and flip, hoping only for appreciation. This is skating on thin ice. Rental properties can slowly cost more and more money than you ever expected if you aren't careful, and if you fix and flip the wrong house, it can easily set you back a great deal. You need to consider buying below market value and cash flow for these types of properties. While you can plan to have appreciation on your property, it shouldn't be the only factor in your business plan.<br><br><img style="float:left;margin:10px;border:none;" src="" width="394" /><br><br>They OverpayIt may seem like a very easy mistake to avoid, but there are so many real estate investors who unfortunately end up overpaying for a property. It can be easy to become anxious over buying a property or finding the right investment opportunity. These anxious feelings can easily make anyone jump the gun too quickly and overbid on a property they are considering. Nothing takes a toll on an investment like overpaying, because from the moment you sign the paperwork, you are already putting yourself in a whole regarding what you can and should be making from your investment. Take the time to research pricing and have the control to know when to walk away, it will only benefit you moving forward in all of your real estate investment ventures.<br><br>[[/html]] - Comments: 0

Five Hot Real Estate Markets - 23 Feb 2016 20:26


[[html]]If you're looking to make some money, consider investing in real estate. According to the National Association of Realtors, 23 percent of all homes purchased in 2004 were acquired as investment properties. But real estate mogul and "Good Morning America" contributor Barbara Corcoran has one of the sharpest eyes in the field. Here are her picks for the Top 5 hottest areas across the country.<br><br>Enid, Okla.<br><br><img src=""/> Average home: $99,000<br><br><img src=""/>What makes it great: If you want a big house for a small price, go to Enid. Nationwide, the average home price is $216,000. In Enid, you can pay less than half of that for a nice, spacious house. The town is experiencing a business boom — in the last three years, private business has brought in 900 new jobs. The downtown area has recently been rebuilt, and lots of wealthy families from Austin, Texas, and Houston have moved there for the small-town charm.<br><br><img src=""/>What you can learn: Look for an upturn in rental prices. If they're going up, then that means people are moving there because they have jobs and they're renting first and then buying. So, you should buy now.<br><br><img style="float:left;margin:10px;border:none;" src="" width="294" /><br><br>South Bronx, N.Y. <br><br><img src=""/>Average home: $380,000<br><br><img src=""/>What makes it <a href=""></a> great: The South Bronx is the last housing frontier close to New York City. It lost 57 percent of its population in the 1970s; now people are coming back. Public money is flowing in, and developers are really starting to lay their bets. Most importantly, it's attracting creative energy — artists and musicians are moving there — which can really revitalize an area.<br><br><img src=""/>What you can learn: Here are three tips from the South Bronx that apply to any depressed area. One, track the number of classified ads selling property each week. They should double every month. Second, assess an area at night. A night life — like clubs and cafes — is a good sign that a neighborhood is on the rise. Third, look for the price of a cup of coffee to rise. Up-and-coming neighborhoods draw expensive coffee sellers.<br><br><object width="400" height="241"><param name="movie" value=""></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="400" height="241"></embed></object><br><br>Sitka, Alaska<br><br><img src=""/>Average home: $331,000<br><br><img src=""/>What makes it great: Sitka's scenery is breathtaking — you can actually see whales from the town's boardwalks. It also offers charming houses, some of the cleanest air and water in Alaska, and great health-care facilities. The town has a terrific vibe and offers a great mix of people — young families and retirees.<br><br><img src=""/>What you can learn: The tip here is all about land. Sitka is an island, and only 5 percent of its land can be developed. Most of it has been built on already. So, real estate is a scarce commodity that's only going to become more valuable. Looking for similar situations in other areas is a good strategy.<br><br>Jacksonville, Fla.<br><br><img src=""/>Average home: $166,000<br><br><img src=""/>What makes it great: One of the last affordable markets left in Florida, Jacksonville is really gaining momentum. The city is split by a river and surrounded by the ocean, so there is a waterfront on three sides and miles of beach. Check out the Springfield neighborhood. It used to be called "Pornshop Row." Now it's a hub of arts and culture.<br><br><img src=""/>What <a href=""></a> you can learn: Go dump-hunting: Go to an undesirable area that's next to a prestigious area. Soon, the neighborhoods' lines will get blurred.<br><br><img src="" width="283" /><br><br>Oxford, Miss.<br><br><img src=""/>Average home: $214,000<br><br><img src=""/>What makes it great: Cheap but chic, Oxford is full of university-town charm and Southern graciousness. It's still quaint <a href="">sims urban oasis top</a> enough to be considered a small town, but it's distinguished enough to become a vacation destination. Mississippi is about 10 percent cheaper than the rest of the country, so your dollar goes further.<br><br><img src=""/>What you can learn: Oxford is one of the Top 3 places where wealthy people from New Orleans moved after Hurricane Katrina. Anytime there's been a mass migration like that, a real estate boom is bound to follow.<br><br><img src=""/>Another tip: When vacant lots start selling like hot cakes, the market is ready to take off.<br><br><object width="400" height="241"><param name="movie" value=""></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="400" height="241"></embed></object><br><br>[[/html]] - Comments: 0

Romanian Wedding Traditions - 09 Feb 2016 08:05


[[html]]Wedding is one of the most important and solemn celebrations in all cultures around the world. It supposes different customs for different people, which can be of religious, economical, legislative, and folklore nature. The Romanian folk rituals are performed in order to bring about happiness, prosperity, social integration, and fecundity to the young couple. These rituals vary from region to region, but one of <a href="">engagement rings</a> common elements is the popular costumes the bride and the groom wear and which are full of symbolism.<br><br>Moldavian Traditions<br><br>In Moldavia, for instance, the wedding traditions are in accordance with the common belief that a person who didn't manage to build a home, to raise kids, to dig a proper well, and to plant a tree has failed in his life. This explains the beauty of the Moldavian houses, the green abundance of vegetation there, and the great number of wells found in that area. One of the typically Moldavian traditions that is still kept nowadays is that of showing respect and thanksgiving to the parents by a bowing gesture.<br><br>The traditional wedding is rich in adornment and also has strong moral elements. Apart from that, the party is meant to last until daybreak, and it consists of having plenty of delicious food and wine, performing traditional dances, and singing songs. Also, as a symbolic gesture, when the party reaches dawn, the bride has to hold a child in her arms, to ensure having a houseful of children. Before passing the threshold of their new home, the bride and groom are sprinkled with a grain shower, which is the symbol of a prosperous life.<br><br>Maramures Traditions<br><br>In Maramures (a county in the north of Romania), the wedding has many symbolic values and several stages that are to be followed in order to respect the ancient customs. All in all, the ceremony is quite simple. The first step is taken when a person of trust from the groom's family goes to the bride's house to propose to the girl. The positive answer usually comes after having asked for three times. Then, the proposer and the girl's parents talk about the bride's dowry and decide the date of the engagement ceremony. The whole walk to the wedding place and the entire ceremony is based on symbolic elements, way of dressing, gestures, and a certain order of events that needs to be fully respected.<br><br>Wedding Costumes<br><br><img src="" width="373" /><br><br>The way of dressing naturally plays an important role for the young couple and their desire to follow the ancient customs. The bride needs to wear a white shirt and skirt, with a white apron over it, then a sleeveless woolen coat over it, and a red belt at the waist. The groom simply has to wear the traditional large pants, a white shirt made of hemp, and the same sleeveless coat over them.<br><br><object width="400" height="241"><param name="movie" value=""></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="400" height="241"></embed></object><br><br>Other Traditions<br><br>There <a href=""></a> is also an emotional part to the whole ceremony, especially during the so-called "forgiving moments", when the bride and the groom have to ask for forgiveness to their parents, for any possible mistakes they might have made <a href=""></a> before this special occasion.<br><br>When the groom comes to the girl's house to pick her up, he is usually accompanied by the godfather, by another man carrying a flag, and some more people. There are certain rituals to be performed during the act of proposal. One of them is that the mother of the groom washes the cheeks of the bride and the groom when the girl comes to her future parents-in-law's house. This is supposed to suggest that the future bride is accepted in her new family.<br><br>There are some more post-marriage rituals, implying some specific practices and beliefs, such as the act performed by the new bride when she has to chop a piece of wood by just one hit of an ax. This is believed to ensure an easy childbirth to the young lady. Another custom would be the action of spinning the wool so that the young bride would be a hostess of good name and status.<br><br>These are but a few examples of traditional elements for this sacred ceremonial act. Many are still preserved these days, while others are forever lost to history.<br><br>[[/html]] - Comments: 0

5 Essential Legal Elements to Enforce Law - 29 Jan 2016 20:03


[[html]]<img alt="Legal Elements Of A Real Estate Contract" data-caption="Legal Elements Of A Real Estate Contract" data-credit="Photo by Pauline Eccles" data-credit-link="" src="" title="Legal Elements Of A Real Estate Contract"/>Although real estate contracts are increasingly more elegant and complex (such as the newly revised 2-T Offer To Purchase And Contract in January 2011) for licensed realtors in residential real estate, the basic legal requirements for a valid contract are still the same. Anyone involved in real estate should be aware of the five legal requirements of a contract to not lose sight of the big picture while focusing on little details in the process of purchasing a home, in addition to the basic protocol of accepting an offer and communicating effectively to create a legal contract.<br><br>Real Estate Contracts: Definitions of Types of Contracts and Forms that Exist<br><br>A contract, by legal definition, is an agreement between two people that is legally enforceable (the most common example in real estate is a contract to purchase). Contracts in general discussion can be "express" in words (either written or oral) or "implied" from suggested conduct (such as ordering a meal in a restaurant with knowledge that protocol implies a check and payment will follow). In real estate, most often contracts are considered "express" and in writing.<br><br>A rule called the "Statute of Frauds" requires important real estate events (such as the buying/selling or transfer of conveyance/use of property) to be in writing to be legally enforceable in court. This includes all offers to purchase, as well as leases in North Carolina that are longer than three years (i.e. three years and a day). A lease that is less than three years is still wise to be in writing, but is not considered invalid or wrong if it is oral.<br><br>Also, contracts by nature can be executed (completed/done) or executory (still waiting to complete). By definition, until closing, a contract to purchase a home is still executory, and more options are present for leaving or exiting a contract. However, once closing has completed on a property, an executed contract is legally solid and difficult to escape (unless significant signs of fraud applies).<br><br>Lastly, real estate contracts can be considered "bilateral" (actions expected of both parties - the most common scenario in real estate) vs. "unilateral" (where only one party is obligated to perform). The best example of a unilateral agreement in real estate is the "option to purchase," where the buyer has the option to act, while the seller is required to act if the option is elected.<br><br>Real Estate Contracts - The Five Essential Elements to Create a Legally Enforceable Agreement<br><br>Despite the multitude of pitfalls and dangers left open in real estate with a simplistic real estate offer to purchase, in a court of law, there are truly only five elements needed to <a href=""></a> create an agreement:<br><br>mutual assent (meeting of the minds)considerationlegal capacity of both partieslawful objective of the contractin writingMutual assent means that the buyer (offeror) and seller (offeree) agree to all the terms and understand the property, price, and terms of the contract completely, and no additional details or changes will be adjusted (i.e. no negotiations are allowed at this point - these are the final terms).<br><br>Consideration is anything of value bargained with or given in exchange for a promise. In real estate, this is usually in the form of money (cash, financed mortgage loans, etc.).<br><br>Legal capacity of both parties is more involved to discuss but basically means a legal adult over 18 of sound mind without undue duress or influence. Both parties must be over the age of 18 (a minor cannot sell real estate without a legal guardian's signature, however, in some instances may be able to purchase in cash if no lending is needed). The risk in dealing with a minor as a buyer is that the other party (the seller) is obligated to complete the process as any contract otherwise would proceed, but legally the minor could back out of the contract up until closing and make this contract voidable.<br><br>A contract signed by a person already labeled mentally insane is a void contract and not enforceable in law. A contract signed by a person who is later deemed mentally incompetent could become voidable and be considered for its validity in court by the ill person if their interests are in question. Also a person who was intoxicated by alcohol or under the influence of drugs or otherwise not of sound mind could be considered an exception.<br><br>A contract made under duress or undue influence may be voidable as well in court. Duress would indicate a person signed the contract under fear of physical injury or harm to themselves or a close family or friend if cooperation was not received. Undue influence would apply if a party signed while another person was taking unfair advantage of them to negatively affect the natural <a href=""></a> relationship with another party.<br><br>This situation would be defended in court by the wronged party in the scenario (i.e. a son who disinherited land from a pair of brothers pushing a sick older sibling to sign in the hospital while the son was away). Both duress and undue influence fall under legal capacity of parties to agree.<br><br>The lawful objective of the contract is simpler to explain. Basically the contract has to be for a "legal purpose." If the real estate transaction would be against the law, it could not be legally protected in court.<br><br>Lastly, all real estate transactions involving buying and selling property must be in writing according to the Statute of Frauds requirement to protect against unfair and untrue testimony in court.<br><br>Binding a Party to an Offer to Purchase in Real Estate - Acceptance and Communication Requirements<br><br>A well-written contract is only a portion of what constitutes a legal offer to purchase - an offer does not become an actual contract until the offer is received and accepted by the other party as is (i.e. the seller), the offer is signed by the seller, and communicated back to the original party (either buyer or buyer agent) in acceptable protocols.<br><br>A counter offer is actually a rejection of an offer, creating a need for a new offer to be re-initiated. If a seller creates a counter offer (such as negotiating different terms including sales price, earnest money deposit, or closing date), legally, another offer could be submitted and accepted by a different potential buyer before the original buyer responds due to this detail. Thus, proper commencement of these steps can be critical to protecting a buyer in the offer process. Due to the amount of details in the protocol to offer and accept, another article will go into details on " Home Offer To Purchase- Necessary Steps for Going Under Contract."<br><br>Purchasing a home is an expensive investment, and if the five essential elements of a legal contract are present - mutual assent, consideration, legal capacity of both parties, lawful objective, and a written contract - even a simplistic offer to purchase can be enforceable in court. A professionally licensed real estate agent should be advised to protect the interests of buyers and sellers for best results and to avoid significant complications in any real estate transaction.<br><br>Sources:2011-2012 North Carolina Real Estate Manual, published by the North Carolina Real Estate Commission.Classroom Discussions, Post-licensing course for real estate agents in Contracts and Closings, CPCC, Oscar Agurs Instructor.[[/html]] - Comments: 0

Commercial Property Money-making Advantages of Real Estate Investing - 25 Jan 2016 18:56


[[html]]The key to success for large portions of the world's most well off properties speculators is putting resources into commercial properties. There's no reason you can't likewise construct huge, latent <a href=""></a> income; spread your speculation dangers; use influence viably; and assemble considerable value.<br><br>Whether you're putting resources into office structures, retail locations, or mechanical edifices, commercial property has a few real favorable circumstances.<br><br><img style="float:left;margin:10px;border:none;" src="" width="378" /><br><br>Commercial real estate accumulates a higher lease, or rent installments, per square foot than private sear family properties, or lofts, and subsequently, the speculator has a superior possibility of gaining more pay. By its exceptionally nature, commercial properties has the upside of lower opening danger, on the grounds that it generally includes two or more units. Not at all like single-occupant ventures, for example, is a solitary family home, the opportunity hazard with commercial properties spread more than a few units. There is less speculator rivalry in commercial properties on the grounds that a few financial specialists are not happy in bigger ventures, for example, office structures, strip malls, or mechanical buildings.<br><br>Yet, recollect: Though these sorts of bigger speculation are out of numerous other people groups' usual range of familiarity, they don't should be out of your compass.<br><br>Maybe an immediate consequence of the way that there are less financial specialists, the proprietors of commercial properties ordinarily are more adaptable while offering their properties. They aren't as enthusiastic as individuals offering their homes; the deal is just a commercial decision. And in light of the fact that they're in a commercial mood, the venders will probably comprehend and consent to a purchaser's solicitation for 100-percent merchant financing; halfway dealer convey back financing, for example, a second home loan; or second trust deed behind an institutional bank's first lien. Note: in Canada, this is refereed to as seller take-back financing.<br><br>Putting resources into and clutching commercial properties gives you a huge duty cover through the deterioration of the building and upgrades. The devaluation discount permitted by the IRS, and most states, safe houses your new inactive income. Another point of preference: In numerous commercial properties the occupants pay all the building's working costs. This is particularly valid in triple net leases, which are regular in the commercial. Notwithstanding paying the base month to month lease installment, the renter likewise pays his or her pre-rata segment of the whole property's costs, properties charges, property protection, and support.<br><br>Also, most retail rents incorporate a procurement showing that the proprietor gets a rate of the retail foundation's deals or a "rate rent" reward. For instance, the inhabitant pays a base month to month lease installment and the proprietor gets a reward if deals surpass a predefined number.<br><br>The inhabitants' leases installments give you, the proprietor, with the money to make the home loan installments, which brings about a pleasant development of value over time. Another point of preference of owning commercial properties is that you can purchase a steady money streaming property for short of what it would cost you today to fabricate precisely the same building new, in the same neighborhood. Since most existing commercial properties can be bought for not exactly their substitution cost, or the expense to assemble them new, they give strong financial quality. The financial matters of commercial properties contributing depend on their authentic recorded Net Operating Income, or NOI. Net Operating Income is essentially the real Adjusted Gross Income [scheduled rent vacancies], less the real Operating Expenses of the commercial property, barring the obligation administration. With commercial properties, you get money related influence joined with long haul, settled rate institutional financing consolidated with fractional merchant financing.<br><br>Clutching multi-unit or commercial properties over the long haul will furnish you with conceivable capital thankfulness and expanded income, as an a consequence of higher rental rates after some time. The expanded income can prompt long haul enormous, easy revenue, with gratefulness as the icing on the cake.<br><br>The commercial properties due persistence process starts when you at first contact the merchant or the dealer's operators or representative. Amid the agreement arrangement stage, the due industriousness procedure is well in progress.<br><br>As a commercial properties financial specialist, you have to plainly recognize for the merchant <a href=""></a> precisely what you have to dissect your potential venture cleverly. Outline your solicitation for documentation with expressions, for example, "keeping in mind the end goal to make an educated, shrewd commercial choice, I will require the accompanying records "<br><br>Commercial properties property proprietors are, for the most part, more proficient and refined than private proprietors. Begin with a basic solicitation for essential data, for example, a present rent-lease move, duplicates of every current leas, and the wage and costs for the commercial properties property for the last a few years. The more modern the venders, the less they are amazed or furious about a point by point extensive rundown of things required for a complete due persistence. Begin with the solicitation for fundamental data that you require and afterward add extra demands, as essential.<br><br>The last due constancy investigation of a potential commercial properties venture ought to be the solicitation for and survey of the IRS Schedule E's [the wage and costs answered to the IRS] for the subject commercial property throughout the previous three years. You don't have to ask for their whole government form, just the most recent three years Schedule E's.<br><br>Most commercial property merchants, or their specialists, will give you what you require in a convenient way. Just dealers who may be concealing something will decline a sensible solicitation for data to the potential purchaser, for example, the most recent three years Schedule E for the subject commercial properties.<br><br>[[/html]] - Comments: 0

Where the super rich are buying homes - 24 Dec 2015 11:45


[[html]]The United States is the top destination for those worth more than $30 million buying residential property valued at a million or more, according to a report from Wealth-X and Sotheby's International Reality. <br><br>Not only <a href=""></a> does America have more rich people than any other country, its stable government and high standard of living make it an attractive choice. Also, great colleges. <br><br>"Many [wealthy people's] children attend university in the United States," the report said. "For these families, the investment value of owning a property in the country is made even more attractive by the access it provides to educational opportunities." <br><br>Related: Even millionaires get depressed <br><br>New York is the leading city worldwide for wealthy residences, where the rich are attracted by the city's cosmopolitan feel and position as a financial hub, the report said. <br><br><img style="float:right;margin:10px;border:none;" src="" width="368" /><br><br>Roughly 40% of rich buyers in New York work in finance, according to the report. Most foreign wealthy buyers in the city come from the United Kingdom. <br><br>London is the second most popular city for wealthy real estate buyers, and finance is also the top profession. Most foreign buyers in London come from India. <br><br>Rounding out the top five are Hong Kong, where the real estate industry is the main driver of wealth; Los Angeles, fueled by entertainment and San Francisco, driven by tech wealth. <br><br>At least half of these wealthy buyers use a mortgage to <a href="">click here to investigate</a> purchase their property. The <a href="">a knockout post</a> report noted that wealthy individuals tend to keep large amounts of cash <a href=""></a> on hand (roughly 25% of their net worth), primarily for use in businesses opportunities. Mortgages, especially in this low interest rate environment, keep more money available. <br><br>Females preferred high end real residential estate as an investment over males. Wealthy women held 16% of their net worth in real estate verses less than 10% for wealthy men. On average, 64% of a rich person's net wealth is held in business interests. <br><br>While cities — with their proximity to businesses centers — tended to dominate the list, the report also noted several hot spots that were popular for lifestyle reasons. In the United States, the top locations for vacation homes for the wealthy were Southampton, NY; Aspen, CO; Naples, FL; Greenwich, CT and Palm Beach, FL. <br><br>Top 10 cities for wealthy residences Rank<br><br>City<br><br>Most foreign buyers from<br><br>Top industry<br><br>1<br><br>New York<br><br>United Kingdom<br><br>Finance<br><br>2<br><br>London<br><br>India<br><br>Finance<br><br>3<br><br>Hong Kong<br><br>China<br><br>Real estate<br><br>4<br><br>Los Angeles<br><br>United Kingdom<br><br>Entertainment<br><br>5<br><br>San Francisco<br><br>U.K, India, Australia<br><br>Tech<br><br>6<br><br>Washington, D.C.<br><br>Domestic<br><br>Non-profit<br><br>7<br><br>Singapore<br><br>India, Indonesia, China<br><br>Real estate<br><br>8<br><br>Dallas<br><br>Domestic<br><br>Oil<br><br>9<br><br>Mumbai<br><br>Domestic<br><br>Industrial<br><br>10<br><br>Paris<br><br>China<br><br>Fashion<br><br>CNNMoney (New York) First published February 4, 2015: 10:30 AM ET <br><br><object width="400" height="241"><param name="movie" value=""></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="400" height="241"></embed></object><br><br>[[/html]] - Comments: 0

Real estate today: Older buyers, more bathrooms - 09 Dec 2015 23:49


[[html]]Good news abounds: In August, new home sales are at their highest level since 2008. Homebuilder confidence is back to its best level in a decade and even mortgage applications are climbing again. <br><br>And data released Tuesday shows construction crews are starting on homes at the fastest pace since the recession. <br><br>Put all that together and the housing market is finally starting to be a real boost to the U.S. economy — and stock market — instead of a drag. <br><br>But today's real estate market is a very different place than before the recession. <br><br>American home buyers are getting older and homes are getting bigger. <br><br>Related: Warren Buffett's top stocks are dogs this year <br><br>The median age of a homebuyer has gone from 35 to 43 <br><br>The median age <a href=""></a> of a homebuyer in 1985 was 35. <br><br>When the housing boom was nearing its peak in 2005, the median homebuyer's age was 39. Now it's 43, according to U.S. Census data. <br><br>"We consistently tell that story of people delaying homeownership," says Skylar Olsen, senior economist at Zillow. "People are delaying things that pre-date homeownership — like getting married later and having children later." <br><br><img src="" width="780" height="439" alt="homebuyers median age" border="0" /> <br><br><img style="float:right;margin:10px;border:none;" src="" width="357" /><br><br>Homes are getting bigger <br><br>Homebuilders are catering to more middle aged buyers by building larger homes. <br><br>Since 2000, the typical American home for sale had about 1,800 square feet. That's remained fairly steady over time. <br><br>But new <a href=""></a> homes that are just being built typically have 2,200 square feet, according to an analysis by the National Association of Home Builders. Potential homebuyers say they want a place that is at least that <a href=""></a> large. <br><br>So what's going into all that extra space? <br><br>More bathrooms. <br><br>"Builders are adding more bathrooms. You want a little bit more privacy," says Olsen. <br><br>Multi-family homes are also booming as people buy homes as investment properties to rent out. In the late 1980s, people would rent for four years before purchasing their first home. Now it's at least six years. <br><br>Large homes often translate to more money for builders. No wonder the stock market funds that track homebuilders are soaring this year. <br><br>The iShares U.S. Home Construction ETF (ITB), SPDR S&amp;P Homebuilders ETF (XHB) and iShares Residential Real Estate Capped ETF (REZ) are all up about 6% or more in 2015. That's much better than the overall stock market, which is negative for the year. <br><br>Related: No one believes China's growth, but… <br><br>Student debt doesn't explain housing trends <br><br>The other common explanation for this big shift in American real estate is that young people have too much debt to buy homes, especially from student loans. <br><br>But economists at Zillow took a look at the probability that someone would buy a home if they have zero debt all the way up to $50,000 in student loans. <br><br>They found that higher student debt had almost no impact on the decision to buy a home. <br><br><object width="400" height="241"><param name="movie" value=""></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="400" height="241"></embed></object><br><br><img src="" width="324" /><br><br>Banks were very willing to lend to young people who had bachelor's degree or higher, a recognition that these people would be likely to earn good salaries and pay off their loans. <br><br>The one exception was people who earned only an associate's degree. There was a 75% chance of buying a home if they had no student debt. <br><br>But that fell to less than 60% chance of purchasing property if they had $50,000 in loans. <br><br>It's an economic reality that workers with at least a bachelor's degree now earn about $65,000 on average a year, compared to less than $50,000 a year for those with only an associate's degree. <br><br>Related: Great Depression: 170,000 incredible images now online <br><br>CNNMoney (New York) First published October 21, 2015: 5:12 AM ET <br><br><object width="400" height="241"><param name="movie" value=""></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="400" height="241"></embed></object><br><br>[[/html]] - Comments: 0

Why Hire a Real Estate Advisor? - 07 Dec 2015 09:19


[[html]]Dubai is a city where the Real Estate Industry is full of endless opportunities and great possibilities. In reality, the competition is tough and the Real Estate Market is a Jungle. Therefore, when you are trying to either sale or lease, the best advice is for you to seek assistance from a Certified Real Estate Agent. Although there are certain people who are qualified enough to sell their own home, the reality is, answering a lot of questions that comes with the process is not as simple as it may seem and sometimes there are difficult situations that calls for the help of a professional. Some people have the mentality that they will be able to save up more money by doing the buying or the selling process by themselves not knowing that it can end up more costly than paying for an Agents commission.<br><br>Most people do not have any problems on getting help from Real Estate Companies and getting assistance from a Real Estate Agent, but let us try and answer the most common question, Why? Well, I have a few points to discuss.<br><br>The professionals know everything better<br><br>Certified Real Estate Agents are professionals in this industry and they are very knowledgeable on how the Real Estate Market works. The Agents studies the real estate market very well and they can get <a href=""></a> you good investors with big offers for your property. They have easy access to the listing of other agents and they have further connections in the market. They already have a good picture of how the competitors work and how to outdo them.<br><br>Save yourself from too much frustration<br><br>If youre planning to sell or lease your property and thinking of doing this solo-flight, you will need to spend so much time and effort on the phone, calling people that may or may not be of good potential. Too much of your precious time can be wasted for calls you make to people that may or may not be serious on your property. This will only prolong everything and will not help get your property sold or rented in the fastest possible way. For Agents, on the other hand, they know many people and many fellow agents. It is much easier for them to find the right individuals to deal with, thus, making the process easier and faster.<br><br><img src="" width="261" /><br><br>Selling or leasing a property <a href=""></a> needs full attention<br><br>Most often than not, your time is divided into tiny fragments to accommodate many things that needs to be done on a daily basis.When youre selling or leasing your own property, you are adding more weight to your already heavy schedule. You might end up missing <a href="">news</a> leads and lose many opportunities because potential buyers are very likely to move on if you fail to respond quickly enough when you are busy. As for Real Estate Agents, they can arrange viewings and meet up clients on your behalf. They are focused on the buying and selling process and are very reachable at all times.<br><br>The Agents will do the advertising for you<br><br>As part of their job, the Agents can get your property listed and advertised to various portals making it available for many people across the Internet. The plus point is that they can update the advertisement for you and can easily get your property sold or rented. This <a href="">get redirected here</a> is the same case when you are trying to buy or rent. They can get you the ideal property that you are looking for and can negotiate for a reasonable price that are favorable for both parties. See? Agents can save you from a lot of trouble and stress (both physical and emotional!).<br><br>Negotiations can be complicated<br><br>The Agents know what the best and the most effective strategies are and how it should be played. Real Estate is a very tricky business. It is so complex that one must have a deep understanding of how things really work. Many people might think that direct negotiation between the seller and the buyer is better since both parties can easily take care of their interests. I must say this is true IF both parties are reasonable people and can easily get along. But, this is not always the case; there are times that the relationship is not easy. If you have an agent, he/she can easily relay your concerns to the other party without the risk of you insulting the other. In tough transactions, the agent can speak for you, keeping things according to business and stir clear from becoming personal. So, it will always be wise to have a middleman to do the negotiations.<br><br>Contracts and other documents are too much to handle<br><br>The Real Estate Agent can take care of all the contracts and the terms that are needed in closing a deal. As mentioned above, the real estate industry is very complex. In Dubai, there are many laws that you need to watch out for. As an added caution, it would be wise to leave all of it to your agent. In that way, you and the other party will be protected from conflicts that may arise. The agent can help you be familiarized about your rights and your responsibilities (and can do all the paperwork!).<br><br>There might be many more reasons as to Why but the bottom line is, when you find yourself in a tight situation it would really be an advantage to have a Certified Real Estate Agent on your side.<br><br>[[/html]] - Comments: 0

Soaring prices hike Auckland real estate agent commissions - 17 Nov 2015 07:58


[[html]]Last updated05:00, November 15 2015 <br><br><img alt="Ponsonby-based real estate agent George Damiris is making better money in real estate than his previous career in the building industry." title="" src="" class="photoborder"/><br><br>PETER MEECHAM/FAIRFAX NZ <br><br>Ponsonby-based real estate agent George Damiris is making better money in real estate than his previous career in the building industry.<br><br>Some Auckland estate agents are enjoying million dollar salaries thanks to a 44 per cent pay rise in five years.<br><br>The wage hike has been achieved without them having to do any extra work, official figures reveal.<br><br>Agents are cashing in because the city's house prices have soared, while the commission structure, which pays out a percentage of the property value to sales staff, has stayed the same.<br><br><img alt="Erika Blank hopes her new real estate career will pay dividends eventually." title="" src="" class="photoborder"/> <br><br>Erika Blank hopes her new real estate career will pay dividends eventually.<br><br>Real Estate Institute of New Zealand data shows that in 2010, vendors would pay around $18,000 dollars to real estate agents, based on a median selling price of $450,000.<br><br>But last month, a seller of a median-priced $750,000 house would pay $23,978 in commission if they sold with Barfoot and Thompson, the city's biggest real estate agency, or $26,767 on average if they sold with any of the other major firms - an increase of just under 50 per cent.<br><br>Commission can be split between the salesperson who lists the property and the one who sells it but in most cases, it is the same person who does both.<br><br>It means around two-dozen high-performing salespeople, mostly in Auckland, are now thought to earn more than $1.5 million a year, includingYvonne Wang, Matty Maand Gary Wallace.<br><br>Real estate agencies once published information about their top performers' sales figures but have since stopped.<br><br><img src="" width="333" /><br><br>Wallace sold more than $800 million worth of property in 10 years, which would convert to a conservative estimate of $16 million in commission for him over that time.<br><br>Ma boasts of $500 million in sales in 13 years in the market - but that was before prices started to really heat up in Auckland.<br><br>This week she said she was not allowed to disclose her income, but she was the biggest commission-earner in Harcourts over the past year.<br><br>"I have been busy but good salespeople should be able to deal with any market," she said.<br><br>The way commission works means that a new agent who sold a median-priced house last month, would have pocketed about $12,000 for the deal, compared to $8000 five years ago.<br><br>Auckland's median selling time is 31 days.<br><br>Real estate salespeople are usually independent contractors who work on commission, contracted to a real estate office, which holds the agency.<br><br>Commission is usually set at about 4 per cent of the sale price up to about $300,000 and then 2 per cent over that..<br><br>Vendors also pay marketing fees, auctioneer's fees, and usually a fixed administration fee on top.<br><br>When a sale happens, the real estate franchise takes a cut of up to 10 per cent.<br><br>Commission is split between the salesperson and the agency. For new agents, the split is close to 50/50 but top real estate salespeople can command up to 75 per cent of the commission.<br><br>Graeme Fraser, head of agency operations at Ray White, said those who worked hard would be well-rewarded. "You can earn very good money, that would be heading towards that of a senior management person or better, but it depends what market you are in."<br><br>He said Ray White's elite sales people would bring in more than half-a-million in commission each year to their office. "But there's a hell of a lot involved in getting to that level."<br><br>Property commentator Olly Newland said the rates were now too high.<br><br>Vendors pay a greater percentage of the sale price to their salespeople in New Zealand than in many other countries.<br><br>Queensland is the only part of Australia with rates as high as New Zealand's.<br><br>Britain charges up to 2.5 per cent plus VAT and most marketing expenses are included. United States vendors pay up to 3 per cent commission although the use of buyers' agents there can make selling more expensive.<br><br>"They are getting two or three times as much as they were getting 10 years ago for the same effort. New Zealand has some of the highest commission rates in the world," Newland said.<br><br>Grant Wakelin, founder of flat-fee real estate firm 200square, agreed.<br><br>"If house prices go up, the agent gets paid more, completely independent of the effort, value or service they provide.<br><br>"The commission charged on the average Auckland property has increased 30 per cent in the past three years. nothing has changed for the agent in terms of the work required, the skills applied, technology used and value added. if anything, property has become faster and easier to sell over that time."<br><br>But Real Estate Institute chief executive Colleen Milne said it was hard to imagine a fairer system. She said vendors could discuss the details of the commission before they entered into a contract.<br><br>"At the time the listing contract, including the agreed fee structure, is signed neither the agent nor the vendor knows the timeframe in which the sale will be completed. This may occur quickly or the sale may not be achieved for weeks or months, or sometime not at all.<br><br>"If there is no sale, there is no commission fee; and if the vendor does not like the price being offered they can walk away. In such cases the agent bears the cost of work undertaken."<br><br>She said agents would offer specialist knowledge, experience, marketing skills and contacts.<br><br>It is estimated about 20 per cent of salespeople earn 80 per cent of the commission.<br><br>Even in Auckland, the 2546 sales last month was not enough for even half of the 5636 salespeople in the market to have sold a house each.<br><br>The 1257 agents operating across Canterbury and the West Coast sold 990 properties.<br><br>There are 11,683 salespeople operating around the country. Last month, 7838 homes sold in total.<br><br>Fraser said: "There's no way it's an easy job. People come in and don't make a sale and leave. They don't have the skills to build relationships <a href=""></a> with potential and future clients, or can't cope with the long and varied hours."<br><br>George Damiris<br><br>Ponsonby real estate salesman George Damiris has been able to make the most of a soaring inner-city market.<br><br>He traded the building industry for real estate four years ago and hasn't looked back..<br><br>"It took a year before I had to stop worrying if I was going to get paid every month," he said. "This year has been by far the best in terms, in terms of the financial year, and we are only half-way through it."<br><br>The key was getting repeat business, he said, with people seeking him out from referrals.<br><br>The flexibility fo the job suits his young family. Now it is paying so well he could not imagine going back to a salaried role.<br><br>"On a nice sunny day when I'm wearing a suit and sweating in a negotiation I'm not enjoying I think I wouldn't mind being up a scaffold, but going back to building simply would't pay me enough."<br><br><object width="400" height="241"><param name="movie" value=""></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="400" height="241"></embed></object><br><br>Last month, he sold eight properties including apartments around Wynyard Quarter. "I haven't earnt a million dollars in a year yet but maybe I'll get there one day."<br><br>Erika Blank<br><br>Erika Blank, a salesperson for Bayleys in Whangarei, has just started as a real estate agent, but is still waiting for her first sale and hasn't yet earned a cent from the property frenzy.<br><br>After setting up a couple of months ago, she works about 30 hours a week, including evenings and weekends.<br><br>But she has recently signed up her first listings.<br><br>She said: "It's not something you cannecessarilyget into and overnight start making all this amazing money. I'm in it for thelong runand it's going really well, but it's definitely something you have to be able to look at down the track because it's about building people's trust. Reputation is created through word-of-mouth."<br><br>Blank is not worried she has had to take a pay hit to make the change. She said she <a href=""></a> hoped to soon be earning an income that was equal to what she had earnt previously as a personal banker, and then to beat it.<br><br>"Buying and selling a house is a big step in people's lives. I am working on getting them to know I am someone they can deal with, that they can trust, and who has the skills required to make the most of it for them.<br><br>"If i can do that, it is really great."<br><br>-Stuff <br><br>[[/html]] - Comments: 0

TRID Rules Prompt Changes To Mass. Standard Form Purchase and Sale Agreement - 08 Nov 2015 21:44


[[html]]<img class="alignright wp-image-6827" src="" alt="TRID-1" width="351" height="195" />MAR and GBREB Release New TRID Addendum In Advance Of Oct. 3 Start Date<br><br>In anticipation of the upcoming October 3 start date for the new CFPB-TRID Rules (TILA-RESPA Integrated Disclosure), the Massachusetts Association of Realtorsis advocating that several changes in existing practice be adopted as part of the MAR standard form purchase and sale agreement between buyer and seller. The changes, incorporated into a new Integrated Disclosure Addendum-Mortgage(embedded below and available to all MAR members by clicking here), will account for the risk of potential delays resulting <a href=""></a> from the new TRID rules, as well as impose a requirement on all parties to expedite providinginformation necessary to generate the new Closing Disclosure. For a comprehensive review of the TRID rules, click here.<br><br>Under TRID, there will be a new settlement statement called a Closing Disclosure, whichmust be issued to the borrower at least3 days prior to closing. If that does not occur, the closing will be delayed for up to 7 days. Lenders arerequiring that the information contained in the Closing Disclosure (fees, closing costs, taxes, insurance, escrows, credits, etc.)be finalized no less than 7-14 days <a href=""></a> prior to closing, to give them enough time to generate the new Closing Disclosure in a timely fashion.As with any major regulatory change such as this, we can expect delays and speed bumps for closings occurring after Oct. 3.<br><br>The new MAR Addendum attempts to allocate risk and responsibility by providing that:<br><br><img src="" width="329" /><br><br>The buyer provides the seller with the name of the lenders attorney as soon as practicable and no less than 14 days prior to closingNo fewer than 7 days prior to closing, the Seller and Buyer must provide all adjustments and figures (water/sewer, condo fees, taxes, oil in tank, etc.) necessary to prepare the Closing Disclosure. *I would change this to 14-20 days prior to closing.The closing can be extended up to 3 business days in case of a TRID related delay. *I would change this to 8 days.No party can sue each other for TRID related delays<br><br>Practice Pointer: I do not think the MAR form goes far enough to account for the potential delays arising out of TRID. For example, if the lender does not use e-sign technology the Closing Disclosure would have to be mailed, and the closing would be delayed for 7 days, not 3 days. Moreover, lenders are advising me that they want all Closing Disclosure information in by 20 days pre-closing, so they can turn around the loan commitment and <a href=""></a> Closing Disclosure at the same time and have a buffer in case of last minute changes. Most importantly, please use some form of TRID addendum to your Offers. Do not wait for the P&amp;S.<br><br>Please click here for my customized TRID Addendum and TRID Offer Timeline<br><br><object width="400" height="241"><param name="movie" value=""></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="400" height="241"></embed></object><br><br>Note that the Greater Boston Real Estate Board standard form purchase and sale agreement is still in wide use. The GBREBhas released their own version of the TRID rider, available here.<br><br>Integrated Disclosure Addendum (c) 2015 Watermark by Richard Vetstein<br><br>Tagged as:Mass. TRID addendum rider, Massachusetts standard form purchase and sale agreement, TRID, TRID contract rider addendum, TRID Rules<br><br>[[/html]] - Comments: 0

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