Outlook for 2010
As with every New Year there are resolutions, prognostications and predictions of what people think will happen in the future. This year is no different than any other with the exception it is the beginning of a new decade and the outlook for 2010 is just as hazy as any other year. One thing that is for sure is the coming year will be what you make of it. We have heard for the past two years that the economy is getting stronger, weaker or stagnant depending on which economist or financial wizard you choose to listen. One thing is for sure and that is people in general do what they need to do no matter what may be happening on the national or international level and that may be the reason why this year may be the time to buy your home or condo.
There are many economists out there today that say prices have stabilized or on the verge of bottoming out and their outlook for 2010 is to buy now. Home prices are now more affordable than they have been in decades and tie that with low interest rates and why would you not buy your primary residence and possibly an investment property now. Interest rates may be on the rise due to several factors but are not expected to be much more than a ¼ percent higher than earlier this year. In other words, your payment on a $100,000 mortgage would be approximately $15.00 higher per month than earlier. That amount is not going to influence anyone who is seriously thinking on purchasing a home to change their minds. Interest rates have a tendency to increase over time when the economy starts to improve so there is a window of opportunity in the first quarter which you don’t want to miss.
There is another reason the outlook for 2010 is so attractive. The Homebuyer Tax Credit has been extended until April 2010 and not only for first time buyers but now for anyone who meets the very generous requirements. First time homebuyers can receive up to $8000 tax credit and now all buyers meeting the guidelines can receive up to $6500 tax credit. Remember this is a dollar for dollar credit unlike any we have seen in the past or likely to see in the future.
Each New Year many people take a look at the previous year and evaluate where they have been and set goals for the coming year. If you have been thinking about buying a home or investment property this might well be the year. The indicators are there and as we all know the future cannot be completely known but those of us who act on the best information possible usually come out ahead.
The Benefits of Condo Auctions
Purchasing a condo can often be a very long process. It can sometimes seem like there is an endless stack of paperwork that keeps taking up all your time. Or, you can dedicate months to tedious negotiations with someone selling the property, and then at the last minute have them back out of the deal. If you have to search for condos by yourself, this can also consume a great deal of time.
If you happen to be tired of these things and want to expedite the process, using condo auctions might be an excellent solution. The procedure is much more simple, and you can complete a transaction by just following a few easy steps.
At condo auctions, sellers and buyers are all at the same place, and they mutually benefit from this fact. The buyers have been qualified prior to the auction, and properties have been inspected to make sure that the buyers can move in as soon as they wish.
Therefore, you are able to bypass most of the negotiations. Usually, sellers opt to utilize auctions because they want the process over with so they can use their time for other things. Maybe the property is costing them money in property taxes or various expenses, and they would like to sell it in order to save some money. They're ready to get rid of it. Sometimes, that can happen in as little as a few seconds.
If you make a mistake and accidentally make a purchase that you didn't intend on making, you don't need to spend time fretting about that since it can easily be fixed. Auction aides are always there to help you, and retracting a bid is a common occurrence.
It's not as though a mistake that anyone could make will ruin your future or your financial stability. Another benefit to the auction process is that you don't need to have any connections or know anyone in order to get an excellent deal. You are on the exact same page as everyone else bidding in the room with you.
An additional advantage to condo auctions is that you can pay exactly what you want for a particular piece of property, even though this might mean you have to engage in very competitive bidding.
Just make sure you don't get so caught up in the process that you bid an amount that's more than you can afford. Decide before you go to the auction what amount is reasonable given your financial situation, and then don't allow yourself to make a bid that's beyond that price.
Auctions are a great way to simplify the process of buying real estate if you don't allow yourself to get so excited while you're there that you pay too much in the end. If you buy a condo, you are making an excellent investment for your future and can benefit from the low prices offered at auctions around the country.
Chicago’s Gold Coast
If you are looking for a low-maintenance lifestyle, maybe in a popular location there is no better place to look than condos on Chicago’s Gold Coast. Living in a condo in downtown Chicago can offer many benefits that you will not find in a home in the suburbs. They can offer more plentiful amenities, helpful maintenance with snow removal and lawn care, and an active close-knit community. All of these offer a different lifestyle that many find appealing but there are a few things you might want to consider.
- Condos usually have an association that has guidelines, some may be casual but others can be strictly enforced. Get a copy of the rules and guidelines and make sure they will fit in with your lifestyle. Being at odds with the association and possibly your neighbors can make home a much less appealing place to live.
- Condos on Chicago’s Gold Coast come with a variety of benefits but also a cost. Most associations have fees that cover many of the amenities which convinced you to entertain the idea of condo living. Some associations charge a small maintenance fee to cover the basics but depending on the extravagance of what are offered in your complex they can run much higher. Associations are anxious to provide you with their list of fees, what they cover and what is expected of you as an owner. One last thing to consider is to find out if the association is planning on any improvements or upgrades that can raise costs.
- Before you jump at condos on Chicago’s Gold Coast find out about the community in which you are buying into. Does it fit the lifestyle you want? What is the financial status of the condo association? How many units are vacant? How many units are rented? If possible, talk to some of the owners and find out if they are happy living there, how well the complex is being run, or if they have had past problems and how those problems were resolved. You are buying into an entire community and it is important that you know all you can before making a decision.
There are many Chicago Gold Coast condos for sale in a variety of building styles. Chicago is known for its ethnic groups and communities and condos are being built or re-furbished in almost all areas. If you are looking for a different lifestyle in a vibrant community atmosphere there is no better place to look than Chicago!
OwnACondo.com is Continuing to Improve and Thrive in Today’s Market
There are many changes going on at OwnACondo.com. We decided to kickoff 2010 in a good way by implementing new procedures, divisions and trainings. Why most companies are stretching to stay open, OwnACondo.com is expanding and continuing to grow. Our company has goals in mind and we are visualizing and planning each and every day exactly how we are going to reach those goals.
The first avenue our company decided to focus on is training. We decided to AMP up our training that we already had in place. We feel that training the agents properly will ultimately lead to more sales and more money for all. We implemented workshops, call nights, trainings, seminars and focus groups. We decided to make all the classes at different times on different days, so that the agents have options to choose from and so that there is flexibility with all agents’ schedules. We are planning to also add an OAC University to help the agents achieve more knowledge and education. Earning higher designations will also be an option for them.
We also decided to implement more procedures. We are putting a new software system in place that will make it easier and more efficient for agent’s transactions. After all, everything to do with the transaction is important. Putting a system in place so that all transactions close smoothly and all the necessary paperwork is there, is crucial to agents as well as the company. OwnACondo.com is a cutting edge company and we feel it is important to be aware of all the new technology to enhance our business. This is also important, as we expand to different states that we have a system in place.
We have added an auction division to our company as well. Auction specialists have come on board to handle all auctions at OwnACondo.com. Auctions are a big part of the pie in this market, so we have decided to not only tap in to this segment but bring specialists on board who know exactly how auctions work. This will ensure that the OwnACondo.com Auctions will be the best place to buy and sell property.
It is exciting to see that we are thriving as a company. We are always ahead of the curve and continue to stay that way. It is very important to our company that we achieve the goals set out for us so we can continue to succeed and continue to be the best place to buy and sell condos.
Dream Condos
Owning your own home or condo is the American dream and truthfully there are few places on earth where you can completely own a home like in the United States. The condo lifestyle of living in metropolitan areas is relatively new but is becoming increasingly more popular with all age groups and owning a dream condo in a town like Chicago is no exception.
Many cities are known for their architectural diversity and with the many conversions of historic buildings into lofts and condos dream condos in a town like Chicago are almost the norm. There are over 77 acknowledged neighborhoods in Chicago and most have some sort of unique architectural influence most likely from the first ethnic group settling the area.
Take the south loop as one example which was one of the first residential districts in Chicago. The area was influenced by Irish working class immigrants who settled the area. Early in the twentieth century the area was filled with freight depots and passenger stations which eventually became the nation’s printing center. These depots and high loft buildings were renovated easily into family residences and condos, many with a unique floor plan.
North of the loop in neighborhoods such as Lincoln Park, Bucktown and Andersonville among others there are many unique styles of condos available. The area offers limitless possibilities ranging from lofts to high rises to brownstones which are a common site in much of Lincoln Park. The area boasts of park like settings, stunning views of the city and lake.
Not to be left out when looking for dream condos in a town like Chicago is further south in an area which was once home to the World’s Columbia Exposition. The Exposition was to celebrate the 400th anniversary of Christopher Columbus’s landing in America, only it began a year later than planned in 1893. The exposition boasted buildings designed by some of the most famous architects of the period which still influences the area. The Museum of Science and Industry and many of the buildings on the University of Chicago campus were designs from that period as well as many of the buildings in the neighborhoods of Hyde Park and Kenwood.
Almost anywhere in Chicago you can find condos that will satisfy anyone’s taste, no matter if they are loft styles on Printer’s Row or Brownstones in Lincoln Park. There are few cities that offer the excitement, culture, and architecture of Chicago.
Auctions
With the ever changing real estate market a centuries old process of buying and selling has resurfaced. Buying at Auctions are becoming one of the most attractive ways to buy real estate no matter if it is your primary residence, vacation home, or investment property. To many people in Chicago a real estate auction is foreign to their way of thinking regarding the purchase of their condo or home, but auctions have long been the primary means of buying real estate in other parts of the country, particularly the south. Auctions are the relatively simple process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the winning bidder. The definition above is the basic auction form but there are several variations, including time limits, minimum or maximum limits on bid prices, and special rules for determining the winning bidder or sale price. Many times the participants may or may not know the identities or actions of the other bidders and they can participate in a variety of ways, such as by telephone, or internet.
Buying at auctions can be confusing unless you are familiar with the three different types of real estate auctions available to the general public. First, is the absolute auction which is what most of the public recognizes. This type of auction usually guarantees a lot of buyer excitement and participation due to the property sells to the highest bidder, regardless of price. Many sellers have begun to use this method since an absolute auction offers the best performance results of all. The second type of auction is the minimum bid. Auctioneers will only accept bids at or above the published minimum price. This format reduces the risk for the seller if the seller wants a set price and will not sell otherwise. The down side of this type of auction is a greater risk of setting an anticipated value. The last form of auction is the reserve auction which many people have some difficulty understanding. To make the definition as simple as possible the high bid becomes the offer, not the sale. Reserve auctions do not publish a minimum price and the seller reserves the right to accept or reject the highest bid, usually within a specified time. Sellers in this type of auction predetermine the sale price and are not obligated to sell other than at a price entirely acceptable to them.
Buying at Auctions has been around a long time because they are an effective and efficient way to sell real estate and meet the needs of the public. Auctions are entertaining and most people who have been come back again and again, so if you haven’t yet attended an auction try it. I guarantee it will not be your last.
Improvements that Provide Extra Value to Your Home
Many people are very hesitant to put any money into improvements for their home. First of all, money is tight for most and secondly, people do not know if the upgrade will provide value when it comes time to sell. The important thing to keep in mind is which improvements will add extra value to your home. After doing some research, it appears that adding exterior upgrades to your home will add value. These upgrades do not have to be high end or expensive. Remodeling Cost vs. Value Report shows that small-scale exterior projects are the most profitable at resale.
On a national level, a majority of the projects recouped where there were exterior replacement projects that cost less than $14,000. These improvements include certain types of door and siding replacements, as well as wood deck additions. These projects all returned more than 80 percent of the cost for the project. Steel entry door replacements gave back the highest return, followed by upscale fiber-cement siding replacements. Wood deck additions were on the top of the list of home improvements that provide extra value for your home as well.
Other exterior projects that made it in the top 10 included midrange vinyl and upscale foam-backed vinyl siding replacements, several types of window replacements, midrange wood, midrange vinyl and upscale vinyl. These exterior features are just some of the many ways that can help with the resale value of a home. It is important to know what projects will give you the most value and also which projects cost the least money to do but will give you the biggest return on your investment. If you are unsure whether or not a project will give you a high return on your investment, then consult with a Realtor.
Interestingly enough, the improvements that return the highest investment do change with time. In 2008, the biggest return on the investment was in remodeling the attic and making it an extra bedroom. Also, minor kitchen remodeling proved to return more on the investment. Therefore, what once worked in helping add value may no longer be the case.
Well it appears that the saying, “First impressions are everything” is true. The exterior is the first thing a prospect sees when pulling up to the house. If they do not like the exterior then they may not even take the time to see the interior. Or they are so turned off by the exterior that no matter what the inside looks like, they already have a bad taste in their mouth.
These are just some helpful hints to take into consideration when the time comes to sell your home.
Using a Real Estate Auction Company
As the real estate business continues to evolve, an ancient system of trading in the marketplace has come back into vogue and is continuing to expand along with the market. Use of a real estate auction company has become more and more popular, especially due to the economic downturn, and their popularity is still growing even more.
Therefore, it's important to investigate why they have become so appealing and what benefits they can offer to people looking to invest in real estate.
According to the National Auctioneers association, more than $268 billion worth of completed sales started in auction companies. This means that auctions are one of the most accelerated sectors within sales for almost all varieties of property such as residential real estate or agriculture.
Use of a real estate auction company has grown for the past six years straight; however, some people are still misinformed about them and are wary of buying property through use of a company. Nevertheless, using such a company to complete real estate transactions has a number of benefits. The following is a brief overview of some of them.
Usually, sales take less time, and can be completed in thirty to forty five days. This is because there are no long and complicated negotiations; the property is selling at its true market value.
Additionally, properties are sold with no contingencies, and there is no question of whether or not a deal will be completed. The sales approach is highly visible, and advertising campaigns often precede auctions that utilize brochures and brochures.
It also helps that both the buyers and sellers who are engaged in the auction process are ready to complete the deal; they are less likely to spend time deliberating or backing out of a transaction, and the results of the auction are immediate.
The reason why use of a real estate auction company to make real estate transactions has been in practice for such a long time is that it's extremely efficient and effective.
The company is able to foster a mood of excitement among potential buyers of real estate that promotes direct competition; in turn, this means higher prices are more likely than in conventional real estate business deals.
The seller will receive a higher price, and the buyer can be sure that he isn't paying anything beyond market value, or possibly less. Both parties involved in the auction can benefit from this procedure of selling real estate.
The New Good Faith Estimate
For the first time ever, HUD will require mortgage lenders and brokers to provide borrowers with an easily understood Good Faith Estimate that will clarify exactly what he/she is paying at the closing table. The borrowers will know what the term of the loan is, whether or not the interest rate is fixed or adjustable, whether or not there is a pre-payment penalty if the buyer should choose to refinance at a later date, whether or not there is a balloon payment, and exactly what the total closing costs will be.
HUD estimates that by improving the disclosures on the Good Faith Estimate and limiting the amount of estimated charges, consumers can actually save money. This new regulation of good faith estimates will save consumers nearly $700 at the closing table. HUD will now require lender payments to mortgage brokers to be disclosed in a manner that is easy to understand. These payments are directly dependent on the interest rates that consumers have agreed to. To ensure the new requirement is beneficial for all, the Department did a rigorous consumer testing and found that the new GFE helped consumers to select the lowest cost loan almost every time, regardless of whether or not the loan was originated by a broker or a lender.
The new Good Faith Estimate has also shortened the form to three pages instead of the four pages. They did this because there were industry commenter’s that had complained that four pages was too long. This will help borrowers not only understand their loan offer, but also what each payment represents. There is also an instructional page that will clearly explain all costs. HUD believes that borrowers need to be aware of all of the fine details of their loan and understand the settlement costs.
Consumers are also allowed to compare their estimated closing costs with the actual costs included on their HUD Settlement Statement. In order to simplify this comparison, the HUD statement will now include a reference to the relevant line of the Good faith estimate.
All of these new requirements are set to take place in January, 2010. HUD will allow lenders and settlement service providers to update what could be potential violations of RESPA's new disclosure and tolerance requirements. They will have 30 days from the date of closing to correct any errors or violations and they will repay consumers any overcharges.
The Advantages of Los Angeles Real Estate Auctions
The real estate market in California is very well-known around the world, and there is a good reason this is a fact. It's also a well-known fact that each time the market declines and market values drop, it is only a temporary recession, and they rebound in a short amount of time.
Despite the resiliency of the market, however, Los Angeles real estate auctions are an excellent arena for both buyers and sellers. It helps them negotiate prices that are close to the market value, and most importantly, it expedites the sales process.
No lengthy negotiations are required, and no stacks of paperwork face buyers as they're trying to close a deal. In fact, the majority of real estate auctions take less than three months from start to finish.
One of the reasons the Los Angeles real estate market is so resilient is that so much economic commerce going on in that area. People are constantly moving to California for jobs and business opportunities, and naturally, they're going to need a place to live. Often, rather than paying high prices in rent, they would rather invest their money in real estate.
This is why Los Angeles real estate auctions are in such a high demand. The population of southern California is one of the fastest growing populations in the country, and this puts demand pressure on prices and causes prices to go up. The competition auctions foster also tends to drive the prices up.
Therefore, sellers can benefit from auctions in Los Angeles just as much as the buyers. One of the things that is most fortuitous to sellers engaging in transactions that take place at auctions is that the auction house provides advertising for the event.
They pay for advertisements on the radio and television, and they also put ads in various print publications that are tailored towards the real estate industry.
This is particularly beneficial because advertisements are quite expensive, and sellers might not have the capital to invest in them while trying to move a certain piece of property.
Because of the growth of the real estate market in California, use of Los Angeles real estate auctions are a growing trend. Federal aid has been directed to California to help it get out of its financial crisis, and thousands of immigrants stream over the border each day that will need to find housing.
They will most likely be looking to purchase real estate at the lower end of the market, so this will create a price floor for the rest of the market, and people at all income levels will benefit.
Auctions offer a quick and easy way for buyers and sellers to complete transactions, but it's important for both of them to be well-informed about the market so that they don't get ripped off or end up losing money by becoming caught up in a bidding frenzy.
