Last Chance To Buy The OK Corral?
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Buy a New or Older Home
Once you make the decision to buy a home, there are a host of issues you need to consider. One of the basic ones is whether to buy a new or older home. The perfect home may seem a subjective topic. After all, only you can really know what you want, right? Well, not exactly. While style, color and so on are definitely issues, there are some practical ones you also need to take into account.
Taking Photos for Your FSBO Internet Listing
The real estate industry has been revolutionized by the internet where buyers can just sit and click through property listings. As a seller, you need to make sure your listing has photos that show off your home in the best light. The internet has become the great field leveler for the real estate industry and people selling their home for sale by owner.
The Ultimate Home Seller's Trick
Face it, we are in a buyers' market, which makes things tough for sellers. Well, there is one trick that you can use to generate interest. In the retail world, companies spend tens of thousands of dollars analyzing potential sites for their stores. That Home Depot down the road was not put there on some random whim.
Tax Haven Property 2007 Gets An Icy Chill
Property prices in Andorra, second only to Monaco in popularity among Europe's tax havens, have risen consistently over the last decade by an average of ten per cent a year, and in the last two years by over fifteen per cent. But a lack of snow and tourists in December and January has stopped the rise in its tracks, according to Andorra property specialists.
Purchasing Raw Land is a Lucrative Investment
With the rise in real estate prices, and the increase in the World's populations, the demand for available land to build on has also dramatically increased. As a result of this, the real estate industry has seen a dramatic rise in the amount of people looking abroad to buy raw or undeveloped land. The new hot spot for recent land acquisition and development has been within the country of Costa Rica.
Reasons to use a Realtor when buying a condo in Cancun
In the United States before a person can become a Realtor they must pass certain tests to become certified. This helps them to be current with the entire process of buying or selling a home, they are aware of all of the laws and regulations. Realtors can also obtain all of the correct papers that need to be filled out and can work to your advantage in getting you the best deal possible and to be sure that you meet all of the deadlines when purchasing your home.
We have all become a little complacent about the six percent mortgage interest rate; it has been there for quite a while now. No need to jump on it - yet - let's see what the realty market is doing.......is this your take on it?
Well, one of the country's most respected real estate economists has come out with some scary thoughts. Doctor Mark Dotzour who is the chief economist of the Real Estate Center at Texas A & M University, predicts a rise in interest rates: big time.
Much of the population can still remember the days when mortgage interest rates went well into the double figure bracket; it can happen. There were a lot of lost homes then, just like now.
The reason for the prediction has been explained to the public at large like this: Inflation is rampant all over the world and especially in USA. Inflation in USA means that the American mortgage interest rate should be up high.
However, the countries of the world are worried that USA's inflation problem may bring about the collapse of global banking, so to support the world-wide system (hence themselves), they are buying into US treasury bonds.
The fear of a collapse of the world's banking system as we know it is greater than the fear of inflation, at the moment. That is why you can still get a 30 year fixed rate mortgage at just under 6% (if you have good credit).
Once the banking system is revived and there is no longer a fear for the global collapse of banking, treasury rates and mortgage rates will start to move up, and Dr. Dotzour thinks it could be substantial.
The advice from the chief economist at Texas A & M University leaves the final decision in your own hands. Your actions, as an existing home owner will depend on your own view of this situation.
For instance, he says, if, as an existing homeowner, you think that we are in for a global financial collapse, then don't re-finance because interest rates will continue to fall.
Alternatively, if you think that the central banks both around the world and in America will not allow this to happen, then get a fixed rate mortgage while interest rates are still low.
What is the advice from Dr. Dotzour for buyers? He thinks that now is still a good time to buy. The foreclosures have caused a glut of housing inventory, which lessens the price of realty.
The amount of homes for sale means that you can negotiate with a seller who may be determined to sell. As a buyer, you are also in short supply to the seller as there are many homes on the market. The mortgage rate is very low, making it cheap to borrow money. These are amongst the contributing conditions that define a buyer's market.
The best understanding to be gleaned from this information is that whilst it may be wise to buy now while interest rates are low, two conditions apply. If you think that world banking will survive this crisis, be sure that your mortgage is on a water tight fixed rate contract. This means that the rate is locked in.
If you are tempted to take a lower interest rate 'variable' for a while etc. etc. then make 100% sure that you can change to a fixed rate on the very day that you want to. An attorney will help you with this clause.
The second precautionary measure would be that you do not mortgage yourself to the hilt. If mortgage rates go up that high, they may still be high in five years time when your mortgage is up for renewal. You will need some leeway. Play safe - you are dealing with the big boys now.
About the Author
WelcomeHomeNevada.com provides a professional guide for Las Vegas Real Estate and the surrounding areas. For excellent agent services in the Las Vegas area, contact Mark Hostetler, who's eager to help you with your Summerlin Real Estate needs.
Source: Real Estate Articles on ArticlesTree.com
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