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Archive for May, 2009

If you are selling your home, or not, I bet you wonder about your home’s value today. Or yesterday. Or what will it be tomorrow?

Constant news coverage of home sales keeps this on our mind. Updates on foreclosures, people mailing their keys to the bank and those who are stuck in their home is mentioned a lot. Is it up or down today? Or you could be like those of us in my neighborhood who are constantly watching the market.

A friend recently refinanced and we have been anxiously waiting for her appraisal to come in…What is her house worth? That gives me (and everyone else wondering) an idea of their home value. Neighborhood BBQs ALWAYS have a conversation that is updating everyone on what we heard a home sale closed for in price, what is pending and what people are asking for the homes currently on the market. It can be depressing to hear that a 2700 square foot home on 10 acres is pending for $180K, but we still gossip. We share info on who has withdrawn their house from the market because they know they can’t compete in this market, considering what they owe. (that would be me!)

Why am I rambling about this? Simply put, we wouldn’t have half of this information about our neighborhood values if we didn’t have the information shared by our Realtors, Jeni and Giana. It is public information so they aren’t sharing information they shouldn’t. But that relationship is invaluable when you want to sell or buy. 

There are people who find this information on their own. They are really interested in searching public records and have time available to do so. But, the rest of us are busy or don’t want to do the leg work so we rely on our friends at Outdoor & Resort to keep us informed. One of the Real Estate Gossipers is now looking to buy another rental property, I’m eye balling a piece of land and waiting for the right time to offer and we’ve met some wonderful families who have recently moved to the neighborhood!

Ultimately, real estate values are changing so rapidly, it is hard to base your decisions off of reports using facts and statistics from even a month ago. We have to keep in touch with informed real estate professionals who know what the market is doing daily. I wish there was an easier answer. Anyone can pay for a full appraisal but that is a pricey decision to make just to know what your home value is.

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With a shrinking economy, I went out looked for reasons why I made a good choice in where I live. I learned many things I never knew….

  • Constitutional Ban against Income
  • Ranked 49th for the lowest tax burden
  • Ranked 7th for the highest income

You can read the entire post over at our blog about living Eco Friendly.

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With more and more people losing their homes, do you wonder where they will go? An apartment maybe, or I’ve heard of people walking away from their mortgages because they can rent a nicer home for half the price they were paying to own….

So my next question is who is making money right now? The rental owners or the banks with mortgages? The banks are working hard to correct their balance sheets but the investors in rental property are where the money is, and will be for a while.

I’m wondering where this is all heading. I would like to sell my home to upgrade in acreage but I’m caught in the same trap as the majority of people these days. But the smart people are always the ones to take advantage of a crisis. I want to be one of those people and I want to know all of my options.

Buying houses now, that sometimes cost less than when they did brand spanking new 4 years ago, is where the economy seems to be going. Those who were financially strong through the boom, and continued to keep financial stability during the bust, are the ones who are snapping up properties now. Especially if you realize that people have to live somewhere, the affordable investment is more secure than the 401k or IRA of last year.

The rental investor can offer such competitive rates and of course there is demand. Any industry that people create wealth in has to have a demand and investors able to take advantage of the situation. Of course, the demand stems from home owners not able to keep their investment but still needing a home and DESIRING a nice home to live in.

The investors with the courage to snap up short sales and foreclosures for 50% (or less) of their value will continue to make a profit for years to come. With the affordable prices, they are gaining a real estate asset immediately. With demand, the business model is a sure bet. With desirability, they are proud of where their money is parked.

Affordable. Demand. Desirable. Today wealth isn’t created like the automobile industry at the turn of the century or even the computer industry in the 1990’s, it is real estate. Where will your investment be tomorrow?

Me? I’m thinking it is time to quit my relationship with Wall Street and channel my funds into making my home a rental property. I have been a landlord before and it is a huge responsibility. At least it is if you don’t want to be a slum-lord. But, my husband and I are looking at our options. If we can’t sell our home for what we owe maybe we should rent it. We have been approached by rental opportunities but we were wary. I think it is definitely time to come up with a game plan and pursue this path.

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If you’re looking for a house, you know what a real estate fantasy is. It is the house you feel guilty looking at when the time isn’t right. But you keep going back to it, and looking and drooling.

 

You know someone lives in this house but you’d like to give them the boot so you can have it.

This is my current manifestation fantasy.

I have a fetish for luxurious baths. 

View & Fire? I would never leave

View & Fire? I would never leave

Elegant

Elegant

 

1 Fireplace is nice. 4? Now that is decadent.

In the bath

In the bath

 

Master bedroom

Master bedroom

 

While dining

While dining

Cozy in the living room during storms

Cozy in the living room during storms

Rustic combination of timber and rebar. It is elegant and intriguing.  Contemporary and sleek.
Even up high is gorgeous

Even up high is gorgeous

Unique

Unique

The views from every window. Every deck. Every landing in this house are envied by everyone to experience them.

Views are devine

Views are devine

 

Granite is nice, and other properties I shrug and think ‘meh’.  This kitchen design is comfortable for 2 or 20. I can’t explain why. It is the flow and the space that is maximized and yet intimate. The granite is used to gild this wonderful space, not overwhelm it.

Room to work

Room to work

Spacious for entertaining

Spacious for entertaining

 

Indulgent. Comfortable. Sumptuous. Grand. Lush. Indulgent.

Yeah, I think those words work.

 

Yes, I know. My mind is a scary thing.

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There are two types of clients in the real estate market today. They are called Stuck and Waiting.

Stuck is hardest hit. This is the person who’s home has dropped in value to an extreme degree and cannot make the move they were planning. There can be many reasons Stuck is in this position….. Priced home too high when the market was changing and didn’t adjust accordingly or waited too long to list home on the market. Stuck’s biggest problem is keeping a positive outlook and continuing to prepare to make their move when the time is right.

Waiting’s name is exactly that. Waiting is looking to see when the market will hit bottom to make the most out of their next purchase. The economy is affecting Waiting but not so much that Waiting can’t make their move when they decide the time is right. Waiting’s biggest problem will be making sure he doesn’t wait too long before the economy rebounds.

I’m reading articles daily that discuss the real estate market in very vague terms or there is a comparison of micro economies to illustrate extremes around the country. “Chinese are being bussed around to buy homes”, “Rust belt never recovered from the recession in the 80’s and 1 in 3 homes are vacant”

None of this matters to Stuck or Waiting. Neither have any need to hear about what is going on everywhere else. Instead, they need to pay attention to what is happening in their own micro economy and plan accordingly. Stuck needs to keep working, keep planning the next real estate venture and take time to look at his financial situation. This situation will not last forever so Stuck needs to focus on what he can change today so he can change his name. Today, Stuck is learning what went wrong in his circumstances and Stuck will never let it happen again. Waiting better be careful. Sometimes Waiting can wait too long because the longer the wait the more anxiety builds. That anxiety can leave waiting with nothing to show for those careful decisions when subtle changes happen in his micro economy. This situation will not last forever so Waiting needs to develop an action plan to carry out immediately. Does Waiting know what the next purchase will be? If Waiting has it picked out, Waiting should be discussing options with his Realtor. Waiting should also be aware that properties don’t stay listed forever so Waiting should be ready to engage in the transaction immediately. Whenever that should be.

A Lesson About Risk From The Big Boys

Neither Stuck or Waiting are acting like the big players in real estate. Take Donald Trump for example. He learned his lessons the hard way, like most of America right now, he suffered through mounting debt to develop one of the largest real estate empires. Through recessions, gains and losses, he never quit trying, he never gave up. Think what you will about him personally, he has made his mark (not to mention his wealth) in the real estate world. I’m not saying Stuck or Waiting have to be the next Trump. The point is the lesson we all learn from successful entrepreneurs experiences. Have your game plan and build your team.

“You can’t know it all. No matter how smart you are, no matter how comprehensive your education, no matter how wide ranging your experience, there is simply no way to acquire all the wisdom you need to make your business thrive.” -Donald Trump

Basically, you are only one person. Get help and don’t give up. Outdoor & Resort Properties provides the team you need to change your name from Stuck or Waiting to Successful. They have the experience to make your real estate circumstances change and thrive. Rock bottom prices on Short Sales and Foreclosures will not last forever. Didn’t we learn this lesson by waiting too long to sell our home before the bubble burst? You do not want to make that mistake again. The economy will rebound and Outdoor & Resort wants you to be successful when it does.

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