How to Sell Your Real Estate Note

Author: james kahnbr
Source: articlesbase.combr
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A new real estate agent, took his buyers, a husband and wife, moving into a new home, a bigger home, which the couple needed. After taking the couple around showing many homes, in different neighborhoods, the agent was about ready to close the door on these individuals. He was tired, and they showed no seriousness after seeing home after home. There were plenty on the market, that met the buyers needs, desires, and abilities, the three core categories that the agent customarily lists and uses in researching the best properties for potential buyer candidates Around 8:00 in the evening, the Realtor received a phone call saying that they want to make an offer on a particular residence which the agent took them too see earlier, in that tiring day. Like the others, the home fit into what they were looking for, but the agent did not anticipate they would call to make an offer, and the agent was getting ready to call it a day. He met the buyers at the real estate office and took them inside. Nobody was in the office, and the agent had to turn the lights on. On top of matters, this was the first time the agent would have prepared a purchase agreement and any corresponding real estate forms, in his new career in real estate. Nobody was around to provide assistance, but the agent was determined to keep the buyers, and make the offer. He took out the appropriate legal forms from the filing cabinet, and sat at the conference room table along with the buyers, and worked up an offer. He called the listing agent, who was available, and who immediately contacted the sellers. As it turned out, the sellers accepted the offer that same evening, and the listing agent went to the other agents office to pick up the agreement. The signatures were gathered, and copies of the legal forms were made. Everyone was very happy, and the the transaction went forward. It was a harmonious transactions, which took less than a month to complete. The buyers found a home that had what they wanted, and were very ready to start their new lifestyle there. The day after the agent worked up the contracts and obtained the signatures. he gave a copy to his brokerand the broker was very satisfied with the work done. It was a perfect contract offer, and the best part was, that it was accepted. It was a Win/Win for everyone in this real estate event. The buyer made a reasonable offer through the real estate agent, and the seller made a willing acceptance being joyous over the offer. Everthing went just right, and each form completed in the list of forms to be completed prior to closing.br
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pJames is a leader in writing about legal forms and agreements that may assist you when you are in the search of the right legal document. He writes many articles about forms ranging from, real estate forms, power of attorney forms, a rel=nofollow,nofollow href=http://www.forms.comlandlord tenant forms/a, and most any legal form that you are searching for./pbr
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Author: Anonymousbr
Source: free-articlesbr
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Chicago, IL August 14, 2004 — FPL Associates Consulting and The National Association of Real Estate Investment Trustsโ€š (NAREIT) announced the results of the 2003 NAREIT Benchmark Survey. The comprehensive report, conducted by FPL Associates Consulting, is designed to provide real estate investment trusts (REITs), real estate operating companies (REOCs) and other real estate industry participants with information and trends regarding a variety of key business practices.

The 2003 NAREIT Benchmark Survey is the first effort to date to benchmark and evaluate these key functions in the real estate industry. The results provide notable data for an industry seeking to maximize operating performance.

We see that the real estate industry is continuing to mature. Publicly traded companies in particular are acquiring many characteristics of other industries, especially with regard to developing effective and cost-efficient business practices, said Stephen Stoner, Managing Director for FPL Associates Consulting. REITs and REOCs are in most respects increasingly indistinguishable from other leading U.S. Corporations.

NAREIT President CEO Steven A. Wechsler, said We are pleased that so many NAREIT members participated in last years inaugural Benchmark Survey. We believe that the Surveys findings will provide significant data that can be used by other real estate organizations in a variety of areas.

Benchmark Survey

73 NAREIT members with combined equity market capitalization of over $125 billion responded to the survey. Industry sectors represented included office, mall, industrial, apartment, shopping center, as well as other REITs and REOCs. Respondents filled out a 34-page questionnaire divided into a section for each of the six business practices; corporate governance, investor relations, lease administration, tenant relations, information technology and marketing and leasing. Survey responses were grouped by number of employees, market capitalization and industry sector. The full report analyzes the results of each question in the survey.

Corporate Governance

A few years ago corporate governance was a seldom-used phrase. In 2003, it ranked third as an acknowledgeable duty of REIT boards after strategy and financial performance. The dominant trend shown by respondents is the rush toward formal structure. Many publicly traded REITs were, until recently, private companies in private hands. Public ownership brought reduced cost of capital, and along with it, the need for transparency. The attention towards adopting broader market practices has increased, making formal governance structure and independent board composition a definite priority among larger REITs, faster than their smaller counterparts.

Investor Relations

Investor relations have seen several key trends emerge. According to the survey responses, more information is being released on corporate governance, web sites are being expanded as an interactive tool, the emergence of individual investors as an investor class worthy of separate attention is on the rise and outsourcing the investor relations function is gaining acceptance.

Corporate governance information has become a popular addition to corporate web sites to not only communicate more efficiently, but to combat the recent increase of accounting scandals. And while one in four respondents conducts most of its investor relations communication through its web site, the effort going into these sites is phenomenal.

Outsourcing of important investor relations functions has also become increasingly prevalent, with 85% of all REITs outsourcing some portion of the function.

To handle the investor relations flow of communication, most functions seem to report to the board through the CFO, rather than directly. This appears to be stable, with 90% of REITs reporting satisfaction with their current reporting structure for investor relations.

Lease Administration

Despite the cumbersome maintenance of lease data and its interface with accounting systems, REITs have approached it in varying ways, thus, becoming more specialized and centralized. Most often grouped with leasing, accounting, or asset management, the majority of REITs have dedicated personnel to handle the functions. Two-thirds use full-time employees and handle lease administration in regional or national facilities. Apartment REITs were a notable exception, operating this function at the property level or complex level.

This labor-intense, mission-critical area continues to emerge. Half of all REITs have changed their lease administration techniques in the last two years, indicating that systems are definitely evolving.

Tenant Relations

Tenant relations remain the low-tech section of REIT operations. Internet adoption has been the slowest in this area, possibly because of the tenant and building diversity. Only 40% of respondents provide secure web environments for communication. Though email and Internet communication may be faster or cheaper, respondents still prefer phone or face-to-face meetings.

It is evident that owners are concerned with tenant perceptions. Almost 70% of owners send surveys to their tenants on a regular basis. When respondents were divided by size and industry sector, other distinctions emerged. More than 90% of office REITs send surveys to tenants, though only 44% use them to track tenant satisfaction. Larger REITs have more national tenants, and 55% of them deal with these tenants through a single point of contact.

Linking tenant satisfaction to employee performance metrics is still infrequent, but appears to be an emerging trend.

Information Technology

Taking into consideration the previous business practices, much of the change has stemmed from the trends of various attitudes toward technology, and degrees of adoption, which varied significantly by asset type and size. It was apparent that retail REITs (both shopping centers and malls) are increasing spending, attempting to reach the ultimate customer (the consumer, not the tenant) and to monitor the many businesses operating under their roofs. However, in other property types, spending is flat. Apartment REITs have cut spending, perhaps reflecting mature technology.

Despite the steady balance of enterprise technology alternatives for real estate other than the leader, JD Edwards, there continues to be a low level of satisfaction with software solutions and inconsistent technology training across the industry. In general, mid-size firms are happiest with technology and the smallest and largest are struggling to be consistent in adopting new technology solutions.

Marketing and Leasing

While REITs have discussed company-wide strategy for years, only now are we seeing the first applications of strategy in the marketing and leasing area, which is reflected in leasing plans and treatment of national tenants. Yet, other decisions remain at the property level, and are less under control of the centralized organization. It is apparent that the largest organizations invest in technology to communicate company strategy all the way to the field personnel.

Though most organizations market to national tenants, there is no clear consensus to measure the benefits of national tenant relationships such as interchangeable space, shorter lease negotiation and efficiency in planning, other than being tracked and managed centrally.

These practices are definite trends that will help the industry to conduct business in a more productive manner than in the past, said Stephen Stoner. Real estate companies will become more homogeneous in how they approach various business activities and will develop a best-practices orientation. This survey is one of the early steps in this evaluation.

The full results of the comprehensive report will be released to survey participants and can be purchased by the public on the NAREIT website at www.nareit.com. For questions regarding the contents of the 2003 NAREIT Benchmark Survey, call FPL Associates at 312.368.5040.

About NAREIT

NAREIT provides representation before national and state policymakers affecting the U.S. REIT and publicly traded real estate industry. It is a voice for the publicly traded real estate industry with the financial media and the investment marketplace. It provides numerous opportunities for U.S. REITs and publicly traded real estate companies to network among themselves and with a variety of service providers in the real estate industry and participation on any NAREIT sponsored committees. Members are U.S. real estate investment trusts (REITs) and other businesses that own, operate and finance income-producing real estate, as well as those firms and individuals who advise, study and service these businesses. Committees include: Accounting, Government Relations, Insurance, and Investor Relations.

About FPL Advisory Group, Associates Consulting Division

FPL Associates Consulting provides strategic planning, organizational design, and process improvement to clients in the real estate industry. The firms professionals work from five U.S. offices: Chicago, Los Angeles, San Francisco, New York, and Dallas. Our professionals have real estate backgrounds and extensive experience as practitioners representing a broad array of functional expertise. FPLs clients span the breadth of the real estate industry and include public and private companies.br
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Author: John Paulsbr
Source: ezinearticles.combr
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No one wants to consider having to fire their real estate agent. However, there will be times out there when that individual may not be doing what you need them to. They may have the right skills but they simply dont have the time to commit to getting your home sold. It may not be affecting them much though because they are selling other homes.

If you feel the communication isnt going well between you and your real estate agent you need to be honest about it. Sometimes two people just arent a good match when it comes to personalities. Yet when it comes to selling your home you want to be able to have someone in your corner that you can work with all the time and feel comfortable going to.

One of the most frustrating things could be you arent getting access to them. It isnt realistic to expect your real estate agent to pick up the phone the second you call. They may be showing a home, talking to potential buyers, or helping with a closing. Yet they should get back to you within 24 hours.

Even if you do get along with the real estate agent you may not see things the same way when it comes to promoting your home. While they may be the expert in that field it is your home and you should have some say in what is going on. If you cant work out such a disagreement with each other then you need to find you a great agent that does take your needs into consideration.

Make sure you check out the terms for canceling the agreement you have in place regarding your property. If you feel that you cant even get with them to take care of the retraction of it go to their supervisor. A real estate agent represents the company they work for. That company certainly doesnt want to have any problems or their reputation scarred so they will do what they can to resolve the situation.

It could be that they offer to place another agent on your listing. You may want to consider that but you dont have to agree to it. The bad blood there may give you the impression that it is better to just move on to an entirely different company. Make sure what you expect is realistic though. There is a limit of what any real estate agent is able to do for you.

Dont feel intimidated when it comes to your real estate agent. The bottom line is that you need to know they are doing all they can to sell your home. If you dont get that impression then try to talk to the agent about it. Dont assume how you feel about it is what is actually taking place. From that discussion though you can make up your mind to fire them or not.

Dont let the bad situation with one real estate agent though prevent you from moving on to someone else. There are lots of qualified people out there that are also highly motivated to sell homes. Get one of them to work with you and see the transformation that takes place.

With a poor match between you and a real estate agent it could result in your home sitting on the market for much longer than it needs to. You certainly dont want to have such a situation to face. Be in charge of what is going on with that property no matter what agent you are working with.

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Author: Mike Lautensackbr
Source: ezinearticles.combr
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In the current market situation where recession has affected everyone (some more than others), the real estate market is no exception. Whenever someone hears the word recession they automatically associate it with bad news. That is not always the case as sometimes due to a recession there are some great opportunities made available especially in the real estate market. Following are some of the ways by which you can easily finance the buying of your house.

The Fixer Upgrade

This is when you cannot afford the dream house that you want and you settle for less and use it as a stepping stone to get the dream house you always wanted. For example say that the house that you want to buy costs $300,000 and you dont have the required money right now so what do you do? You buy a house that is slightly run down and pay a down payment of lets say like $8000 on it. Then you can rent it out and the rental income you earn can be used for repairing the house and then once the repair work is complete, you can sell it for a healthy profit, and you are one step closer to buying the dream house you always wanted. Be advised this is not for impatient people, to save the money you may have to do some of the repairs yourself, also keep a sharp eye on repairs because if the repairs eat up the profits then it wouldnt turn out to be a profitable venture.

The Friendly Option

Another option is to buy a property with a friend, relative or someone who you can trust and then share the title of the property and the mortgage with your friend or relative (this is also known as joint tenancy). This would ensure lower costs for you and you can even earn some income, for example you can rent out a room of your apartment or your house to cover costs. Be advised though this form of ownership differs legally from state to state and in some states the partner in the property can sell the house easily without even informing the other partner (therefore trust is very important).

Living With the Family

Although this may sound nerdish but this is actually a pretty viable option. Lets say that you have some debt to pay off and in the current marketplace with increasing living costs and the volatile economy you just cannot pay the credit card bills you owe (as all your money is spent on maintaining your lifestyle) and they have accumulated to more then $30,000 now what to do?. The answer is simple move in with your parents, explain to them the situation you are in and they may be able to offer you a place to stay and in this way you can save your rent and use it to pay off that credit card bills and even save enough money to put in a down payment on that apartment you always wanted!

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pI invite you to learn more about Real Estate Investing and become a member of our FREE weekly tele-seminar class where we teach tips and strategy on how to grow your real estate investing business and how to raise Private Money by going to a target=_new href=http://www.realestatewealthtoday.com/TuesdayTipsSignUp.html rel=nofollowhttp://www.realestatewealthtoday.com/TuesdayTipsSignUp.html/a./ppMike Lautensack is a full-time real estate entrepreneur, coach and mentor in Philadelphia, PA and creator of the Private Lending Presentation Kit. This powerful done-for-you kit is loaded with tools and techniques to attract and develop a consistent stream of private investors into your real estate business. To learn more about this kit and receive your FREE eBook go to a target=_new href=http://www.learnrealestateinvestingblog.com/ rel=nofollowReal Estate Investing Blog/a./pbr
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Author: Bruce Swedalbr
Source: ezinearticles.combr
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There are a wide variety of ways to make great money in the world today and one of these ways is through the world of real estate. When you are considering this area you need to realize that there are a variety of advantages that you will not be able to find within other money making avenues. One of the main ones being that when you lock on to a property it becomes your very own investment and you will have total control of that asset. This gives you the ability to repair, modify, and improve your asset in any way that you see that you can make a huge profit on your total investment.

One of the most important principles that you need to know when you are looking into investing in real estate is that you need to be sure that you are buying low and selling high. Your primary objective is to locate those properties that you will be able to purchase well under market value. There are a variety of different ways that you can do this so that you are making the best deals.

One of the best ways that you can obtain properties that are below the market value is through the purchase of foreclosed homes. You can even have the chance to approach the people that are going into foreclosure for a chance to obtain their property before the proceedings begin. When you approach the person before the foreclosure proceedings you are not only helping them out of a bad situation but you are also helping them by saving their overall credit score. They are also more willing to take your initial offer as well.

You can also turn to the world of the wholesale market as another way of obtaining properties below their initial market value. When you purchase properties through this option you have two choices you can either fix the place up and resell it or you can flip the house to another wholesaler for a smaller profit but a speedy turn around.

Once you have acquired a property through one of the above options you will then need to decide what your goals are for the property that will be able to provide you with the most profit overall. You have the choice of fixing it up and flipping it, living in it, or renting it out. The option is yours but most generally people invest in these properties so that they can flip them and make a great profit.

Both of these are great ways that you can achieve a home below market value. If you are looking into real estate investing you should really consider these options as a way of getting your feet off the ground.

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Author: Mike Lautensackbr
Source: ezinearticles.combr
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It is a lot of agitative and somewhat alarming if you accomplish that aboriginal accommodation to do some absolute acreage investment. No agnosticism you accept a sum of money of your own that you are traveling to advance but you aswell accept a charge for mortgages for absolute acreage investors. This is an absolutely altered banking apple compared to just traveling and accepting the mortgage you had for your claimed mortgage. Now you are in the investment apple and if you are new to it again you accept abundant to learn.

To activate with, you charge to actuate just area it is that you charge to go to access mortgages as an investor. Again already you accept abstruse this you will charge to actuate just absolutely what do you charge to present to the abeyant mortgage lenders in adjustment to argue them that your acreage accord is account advance in.

Finally, you charge to accept a acceptable compassionate of the mortgage jargon. This in itself becomes absolutely a challenge, as there are abounding altered types of mortgages that may be accessible to you and not alone do you charge to accept them you may charge to actuate with is the best ones for you. Mortgages for absolute acreage investors can assume actual circuitous at the alpha but as you advance to accretion ability about them, you should anon become absolutely abreast in the subject.

Here are some examples in the types of mortgages you may be faced with.

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pI invite you to learn more about bReal Estate Investing/b and become a member of our FREE weekly tele-seminar class where we teach tips and strategy on how to grow your breal estate investing business/b and how to raise bPrivate Money/b by going to a target=_new href=http://www.realestatewealthtoday.com/TuesdayTipsSignUp.html rel=nofollowhttp://www.realestatewealthtoday.com/TuesdayTipsSignUp.html/a./ppbMike Lautensack/b is a full-time real estate entrepreneur, coach and mentor in Philadelphia, PA and creator of the bPrivate Lending Presentation Kit/b. This powerful done-for-you kit is loaded with tools and techniques to attract and develop a consistent stream of private investors into your real estate business. To learn more about this kit and receive your FREE eBook go to a target=_new href=http://www.learnrealestateinvestingblog.com/ rel=nofollowReal Estate Investing Blog/a/pbr
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Author: Jizelle Bandojobr
Source: ezinearticles.combr
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If you are a real estate agent, you must know how vital marketing is for your business. With the shift of home buyers behavior, real estate marketing is not just about newspaper ads, fliers, postcards, letters, or what not anymore. The battle has taken a new platform-the internet. Online marketing, social media marketing, youve probably heard about them. Well if you havent, you just have to do some Googling.

Most agents have gone online because home buyers are online. According to the National Association of Realtors (NAR), 75 % of home buyers in 2006 started their search online. That is up from only 41 % in 2001. Moreover, online buyers are found to be more knowledgeable and informed, have shorter purchasing cycles, and purchase more expensive properties (California Association of Realtors.)

If you dont have presence online, chances are you are not sold to the idea of internet marketing, you know nothing about it, or youre inclined to give it a try, but somehow, you just dont know where to start. If you dont have presence online, you are losing a lot of good leads that could have been clients. And it isnt just about good leads, talk about saving money.

A website can advertise your listings, as well as you, your achievements, and what you can do for your clients. Furthermore, youre not limited to a local audience. You are connected to the whole world. You are able to showcase your listings to people seeking relocation from other states or other parts of the globe, much to the delight of your sellers. And if buyers dont find you online, chances are, they will find another. But how do you drive people on your website? Agents, who are not that computer savvy, may be burdened by this. But here are three basic things that you should remember.

1. Know thy audience – What do home buyers need? Put yourself in their shoes and try to see what they want. Your website must be able to address these needs. If not, your website will just be tossed aside.

2. Invest time in SEO – Search Engine Optimization. Get your website noticed by search engines. This is not a one-shot deal though. This may take time, but its worth the investment.

3. Expand your social network – At least online. Facebook, Twitter, Digg, these are just some of the few social networking sites you can utilize.

4. Lead Management – What are that website traffic for if youre not able to get clients? Dont let them go stale.

If youre still not online, maybe its time to ponder about doing so, dont you think?

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Author: Dr.Phil Speerbr
Source: articleage.combr
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Real estate investing usually begins with the purchase of a house, rather than raw land or commercial property. The purchase of a relatively inexpensive house for rental or fix-up purpose is usually lower risk than any other type of real estate investment. And the return on investment can be quicker than from any other type of real estate investment.
Even with the previous acquisition of one or more personal residences spread over past years, the thought of buying a house as a real estate investment can be intimidating. Even though a personal residence acquisition is usually identical with a real estate investing acquisition, the two are seldom envisioned as similar. True, the ramifications of real estate investing property is different. Investing in houses must involve different considerations, such as improvements, usage, and re-sale. But the actual purchase does not differ from the closing procedures for a personal residence.
The first house in a real estate investing career can be scary because it is the beginning of a new business venture. The would-be real estate investor usually recognizes that mistaken judgment can have disastrous consequences. The lack of experience prompts misgivings about the unknown. Genuine confidence is necessary to make the decision to follow through after the preliminary analysis is completed. In fact, it seems to me that real confidence – in contrast to egotistical bravado – is a personality ingredient prerequisite to entry into a real estate investing career.
I was admittedly fearful as I bought my first investment house 25 years ago. I had little valid instruction in making that first purchase. But I was driven by an intense drive to actualize a career I had envisioned for some time. I was like so many would-be investors I have encountered during the intervening years. They keep walking around the pool, dipping their toe into the icy waters, afraid to suck up and take that mighty leap out into the pools cold water. But after I bought that first investment house, I bought another and another. Each acquisition got easier and easier. I bought $1 million in properties the first year, and another $1 million in properties the second year. By that time, I knew I was on the way to success. Acting on my fears led to faith in my abilities. And faith and fear cannot remain in the same mind at the same time.
The greatest challenge in my real estate investing career was the purchase of my first house. It might be your greatest challenge, too. But know-how can displace the intimidation, and lead to positive satisfaction in real estate investing.
Phil Speer, Ph.D., started his real estate investing career without the availability of credit or cash. Using only a $10 bill, he purchased $1 million in properties in his first year, and had accumulated $10 million in properties by his fourth year. His net worth was $2 million in only his third year of investing. He was featured in a Wall St.Journal editorial as most successful investor in the Nothing Down Real Estate Movement, and was honored with a Caribbean cruise as top investor of the year. In his hometown of Nashville, Tennessee, he has been a businessman and Human Resources Consultant for 30 years. He is an author, speaker and seminar director. To learn how to profit in real estate investing, even without cash or credit, read his report at
http://www.CashinHouses.com/. Subscription is free to his Fix-up Ezine – http://www.AAREIT.com/.br
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Author: james kahnbr
Source: articlesbase.combr
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Now you have a career in real estate, whether as a real estate agent, broker, or investor. You need to get a supply of basic office materials, reference literature, signs, lock boxes, and all the many real estate forms, like landlord tenant forms, which should be arranged in files inside a filing cabinet. Getting the office in proper order is very important, as real estate agents would attest. Organization is the key to success in the real estate field. Have a good phone system is also vital, since much of real estate work is about communication, and the phone is that essential communication tool.The office is set up, and next in place is how the marketing will occur. What kinds of marketing options will you utilize, both online and offline. It is important to get branded online, to make a name for yourself and your business in the many online channels of communication, such as blogs, forums or discussion boards, social media sites, and your own website. Getting a website gives you online real estate and a vehicle to tell the online world what you have to offer. It also is a place for customers to go to to download legal forms, or real estate forms and guides. The first requirement for getting a website is to create a domain name. A domain name is your online address, or key to your website. Without a domain name you will not be able to have a website since there would be no address and no way for anyone to find your online identity via a website. It is very easy to get both a domain name and a website. Many real estate agents and other professionals in all lines of work it seems, prefer to use their real name as their domain name. Along with choosing a domain name, it is also important to choose what top level domain is going to be used with the domain name. The most common top level domain is .com, which stands for commercial, but many of the .com names have been taken. There are alternatives. For example, .ws stands for website, and it is newer than .com, and is getting very popular.Global Domains International is the only registry for all .ws domains on earth. For only $10 a month, you get a complete online internet package which includes your domain name, and it does not have to be a .ws domain. Along with the domain name, you get a website, with Sitebuilder to help you build your website. Many templates are offered for all different category areas, whether, business, social or interests. To maintain, run, and publish the website, you need a web hosting service. That is included in the $10 package. Also, you get 10 email accounts, so you can have an email for each member of the team. All of that for a low monthly price. Now you have a vehicle up and running 24/7, to supply information about your business, the real estate market, homes for sell, your background, and links to real estate forms, or pages with the forms themselves. You can make the site the way you want it using the provided forms, and the Sitebuilder tool.br
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pJames is a leader in writing about legal forms and agreements that may assist you when you are in the search of the right legal document. He writes many articles about forms ranging from, real estate forms, power of attorney forms, a rel=nofollow,nofollow href=http://www.forms.comlandlord tenant forms/a, and most any legal form that you are searching for./pbr
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Author: Andrew Lobr
Source: articleage.combr
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How long can prices rise before no one can afford to buy? In a nutshell, that is the basic question that is niggling at the back of our collective subconscious when we talk about the real estate bubble.
Real estate is appreciating at staggering rates – as much as 19% in some counties in Florida according to state officials. Meanwhile, on the financing scene, interest rates are low – and staying there. Low interest rates mean lower monthly mortgage payments – which means that many people are able to borrow MORE and afford larger mortgages and more expensive houses. Couple the astronomical increase in real estate value with the continuing trend of low interest rates, and you have a sizzling hot real estate market that just keeps getting hotter as investors jump on board to get their piece of the real estate pie.
Which leads people who know finances and the market to question how long it can last. A major part of that answer is in the question that opened this article. Prices will continue to rise until they reach the point where most people can no longer afford to buy.
Another part of the answer is in the fact that the real estate bubble is extremely localized – and its localized in some of the larger media centers around the country. Massachusetts, New York, Florida, California – those states are seeing unprecedented rises in housing and real estate prices. According to national reports, the median price for a home in the United States rose 14.7% over the last twelve months. That percentage is deceiving though. Take a look at some more local figures to get a clearer look at the reality.
If you live in Nevada, the median price of a home rose 31.2 percent. In California, home appreciation rose up 25.4. In Hawaii, the figure was 24.4 percent, in Washington, D.C., 22.2 percent and in Florida up 21.4 percent. Most of the rest of the country is NOT seeing those sorts of astronomical increases in value, though. If youre buying in Mississippi, for instance, home prices have appreciated at a more reasonable 4.9%. Even in the Northeast, where a two bedroom home in Boston can easily sell for $400,000, if you take a short drive outside the city to the western half of the state, youll still find 3 and 4 bedroom homes selling in the low $100s – and less.
Whats it all mean? Among other things, it means that the dangers of a real estate crash are as localized as the effects of the real estate bubble. It means that the foreseen losses are more likely to be smaller profits rather than actual losses. To quote a Florida economist, The people who think its a big bubble see a big crash. We just see deceleration. You dont have to worry about house prices going down.
The bad news may be for those who see real estate as a get-rich-quick proposition. One of the most popular investment schemes of recent years has been flipping houses – the practice of buying a house, then reselling it within a six to twelve months for a profit. When real estate prices are rising at 20 – 30% per year, theres a great deal of money to be made that way. A down payment of $10,000 can effectively double or triple your money in less than a year. According to conservative estimates, though, real estate prices need to rise by at least 15% a year to even cover your closing costs if you sell in less than a year.
Does that mean that youll LOSE money on your purchase if real estate prices stabilize and drop back to their more usual 5 – 8% per year rise? Of course not! It simply means that real estate goes back to being what it has always been – a good, solid, long-term investment. It means that speculators looking to make a quick buck will have to re-adjust their expectations – and either find a different product – or hold their properties longer before selling.
Either option is good news for the classic real estate investor, or the average home buyer who is looking for an affordable house for himself and his family. Prices will stabilize and even drop a little – but the bottom wont fall out of the real estate market. The typical real estate owner/investor will still end up with a house and land thats worth more than what he paid for it. And all the naysayers and panic mongers can stop predicting the resounding crash of the real estate bubble falling to earth.
Is this a good time to buy a house? Andrew is the web owner of Home Buying and Home Selling Tips: How to buy a house and sell house fast!, a website that provides informational guide on home buying, selling house, home mortgage loan, foreclosure home, real estate investment, and more. Find the answer at his website: http://www.buy-and-sell-house-fast.com/br
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