Location, Location, Location
As the old saying goes, “location, location, location” is the most important consideration when valuing real estate. But with the price of gas continuing to go up, the location of the nearest train station or bus stop is of increasing importance for many commuters when they look for a new condo or house.
In other words, many buyers interested in saving on gas and traffic headaches are finding that homes within easy reach of a train station or bus route are more attractive to them than being close to highways or interstates. With gas at more than $4 a gallon, driving to work has just become too expensive for many people. The convenience of being able to walk to a train is a big plus for many
Of course, public transportation is not the only issue people looking for condos consider when thinking of “location, location, location.” Parents with school-age children are still interested in homes with good neighborhood schools and parks nearby, and depending on what your interests are, you might be most interested in finding a place near a health club, coffee shop, restaurant or your favorite bookstore or boutique.
If you are selling your condo or any other property, location, location, location is also important because location is taken into consideration when putting a value on a home. But no matter what your circumstances are, our condo specialist Realtors® can help you sort it all out, and find just what you are looking for.
Icelandic Volcanoes
By Dermot Connolly
The Icelandic volcanoes are back in the headlines again. Last year, it was Eyjafjallajokull and now comes Grimsvotn, which appears to be slightly more pronounceable for English-speakers (but I won’t chance it).
The way the ever-changing winds affect Grimsvotn’s traveling ash plume—and European air travel—is like the twists and turns of the economy affecting real estate sales and the market in general. Predicting how quickly things will improve in the real estate industry seems as difficult as figuring out where the ash will blow next. Hundreds of flights in Britain and Ireland were canceled due to the latest ash cloud—even President Barack Obama had to cut short his trip to Ireland due to fears that the ash would prevent Air Force One from taking off if he stayed overnight.
Grimsvotn is blasting roughly 100 times more material per second into the atmosphere than was released from Eyjafjallajokull last year, according to reports. But there are differences in the two Icelandic volcanoes. While the latest eruption caused the closure of Iceland’s main international airport, and as many as 500 flight cancellations in Europe, it is not expected to be as bad as last year because the ash is said to be heavier and thus falling to the ground more quickly. Experts hope that this means a quick return to normalcy. Likewise, the explosion of foreclosures across the United States caused a downturn in real estate prices, and as soon as that cloud clears, industry experts predict prices will rebound.
The eruption of Eyjafjallajokull in April 2010 forced air-traffic controllers to ground commercial aircraft for six days due to safety concerns, costing airlines millions of dollars in revenue, but the disruptions are not expected to be that costly this time around. So whether you are dealing with worries about Icelandic volcanoes affecting a trip to Europe, or looking for a condo, it is good to pay attention to the prevailing winds, but don’t necessarily cancel your plans because things could change for the better in an instant.
Selling your home or condo
The housing market has certainly had its challenges the last few years but that does not mean you will have to take a loss when selling your home or condo. The key is to be fully prepared and have a home selling plan before you put your home or condo on the market. What is your reason for selling? Are you truly motivated and committed? Have you thought through the process? If you aren’t committed you could be setting yourself up for disappointment and more importantly losing money.
When selling your home or condo set the pricing where it will sell and not stay on the market too long. Too many sellers make the mistake of thinking their home is worth more than what the market will bear. Remember your home is worth what someone is willing to pay. Preparing your home or condo for sale can mean the difference between the highest and best price to selling below market value. Make sure you repair obvious maintenance issues that have been neglected and give some serious thought before making improvements since not all repairs will pay off. Once the repairs and improvements have been made do some research about home staging. Home staging is simply putting your home’s best face forward for potential buyers as they view your home creating that feeling of a well maintained, pleasant place to call home. One last thing that many people selling their home or condo don’t think about is preparing net profit sheet based on a low price and high price. Have in mind what you want for your home or condo and be prepared for the worst and hope for the best.
Finding a Loan: The “Lone” Lender
By Karen Moose
Finding a loan these days may seem like trying to find something out in the Wild West.
This is where the determined borrowers need to get resourceful. What they might not know is where to find unconventional loans.
I have recently stumbled upon an option that I did not know existed for the real estate investor. Small Business Association loans are a viable option and are getting more recognition. Finding an expert to help you navigate these options is the key to finding a loan. I have found a credible source for such loans. It provides the following loans for commercial real estate projects:
SBA 7(a), 504 and USDA financing offers:
- Commercial real estate loans for owner-occupied and investment properties.
- Up to 30-year amortizations, terms dependent on use of proceeds.
- Long-term fixed and variable rate options available.
Eligible Use of Proceeds
- Commercial Real Estate Purchase
- Commercial Real Estate Construction
- Special Purpose Properties
- Equipment Purchase
- Equipment Refinance
- Partner/Stockholder Buy Out
- Franchise
- Inventory
- Working Capital
- Intangible Assets/Soft Costs
- Start-ups and projection-based businesses
After making an initial eligibility determination, a more complete loan package will be requested via a letter of interest and loan checklist, typically within 48 hours of receipt of your inquiry. Upon receipt of all checklist items, the underwriting and approval process is usually completed within seven to 10 working days. If loan approval is obtained, the lender will issue a conditional commitment letter, which may be subject to receipt and satisfactory review of the appraisal and environmental reports.
If you would like more information about finding a loan through the lending resource mentioned in this blog, or about real estate auctions, please feel free to contact me at Karen@realestateauctions.com.
