Infotube.net: Homes for Sale - For Sale By Owner (FSBO) - Real Estate Listings

When it comes to making or losing money in housing, the main question to consider is often whether it makes better financial sense to rent or buy.  

While a lot of formula’s exist to determine the answer, I stumbled across a great tool for calculating your strategies that doesn’t involve math.

Check out the New York Times slide calculator.  This slick tool instantly reveals the answer to all rent vs buy dilemia’s.   Just enter in some basic information about your housing or investment idea, and the chart reveals how much time, if ever, it will take for your investment to pay off.

Thanks for visiting InfoTube.net, a great website for discovering unknown properties seen no where else on the web.

Real estate contracts are legally binding, and often, complex documents.  Whether you are selling by owner, with an agent, or are preparing to sign a contract to purchase, hiring a lawyer can prevent disputes or surprises later on.

What will an Attorney Charge?

1. The typical fee for reviewing a real estate contract is $250.00 for an average residential sale.  
2. Attorney’s can also perform a title search, procure title insurance and close the sale, for as little as $500, or as much as $1500, if the sale is more complicated.

What Legal Services Should Be Included?

1. An attorney will review the contact and terms to ensure that they are clear, legal and enforceable.
2. They will explain all technical terms and may suggest improvements, if necessary.
3. An attorney will look for clauses that are problematic and will make suggestions to correct the situation, before a problem occurs.
4. A lawyer will outline the rights and responsiblities of all parties to the contract.
5. They will explain who pays for what, and what will happen if something goes wrong.
6. In most states, your attorney can hold escrow monies and disburse funds at closing.

Tip:  Whether buying or selling, you should have a lawyer review any legally binding documents BEFORE you sign them.   If you find yourself in a situation where you must sign a contract before you consult an attorney, write the following phrase into the special provision section.  Have all parties initial the change, then, see a lawyer as soon as possible.

“Contract is subject to approval by buyer’s/seller’s attorney.”

In conclusion, a lawyer can be an invaluable asset when buying or selling a home.  Their expertise can go a long way to ensure a legal, smooth sales transaction.   

Thank you for visiting InfoTube.net.  Please let us know if we can answer any questions for you.

Prediction:  2009 will be a good year to be a landlord, as five factors collide to make rents rise in 2009.  

1. 1.  An estimated 1.9 million homes will be foreclosed upon in 2009, which will tranform these former homeowners into tenants.
2. New construction will grind to a halt, which means fewer rental properties will be available.
3. As credit remains tight, potential buyer’s will be forced to renew their current leases after they are turned down for a mortgage.
4. Consumer fear and an uncertain employment picture will keep would-be, credit worthy buyer’s on the sidelines, meaning less turnover in rental housing.
5. Thousands of Americans who have been burned by recent homeownership will decide that ownership is not worth the risk and trouble.  They will sign a lease for the ease and flexibility, and happily return to rental living.

Investors and Landlords Take Note:  This convergence can be summed up in two words.   Higher Rents.  As the demand for rental units outstrips the supply, the upward pressure on rental rates will occur naturally.

To view great deals on homes for sale by owner, visit InfoTube.net.  Click the link to Search anonymously for the freshest listings on the web, without pesky ad’s or dead listings.

 A new loan modification program was just unveiled that may help thousands of homeowners, that are facing foreclosure.  The loan modification program is the latest attempt by the federal government to stabilize the real estate market.  Thr program will not provide direct financial help, but it does provide assistance to those at risk of losing their homes.

The program will benefit borrowers who are at least 3 months behind on their mortgage payments, if they live in the home and have not filed for bankruptcy.

Borrower’s who fit the criteria would be offered a mortgage loan that would bring the payment to no more than 38 percent of their monthly household income.   Loan payments would be adjusted downward through interest rate cuts and longer terms of repayment.  Borrower’s would be allowed up to 40 years to repay the debt versus the traditional 30 year mortgage most of us are familiar with.

Borrower’s who are in danger of foreclosure should immediately contact the lender who services their loan.  The loan modification program was designed to be swift and efficient in stopping foreclosures.  It is expected that 1.6 million Americans will lose their homes this year, and another 1.9 million are projected to lose their homes in 2009.

Efforts by the government to work with borrowers and homeowners and keep them in their homes is good news for neighborhoods and communities.   The program is also good news for lenders and taxpayers as foreclosures typically cost the lender 50 percent of the loan value.  Ouch!

Thank you for visiting InfoTube.net, the place to buy and sell houses.   Please feel free to leave an anonymous comment or suggestion by clicking the link shown below.

How long does it take to sell a home in your town or city? 

**Thanks to Linda DeVlieg for alerting us to the error of our ways, darn it…The Average Days on the Market for Albuquerque, NM is around 72, not 32 ):

To view listings of homes for sale, click HERE.

Selling Tip:  If your home has been on the market for a lot longer than the average days for your area, it signals that something may be wrong with your price, property condition, location or marketing exposure.   

To increase your exposure to buyer’s looking for homes, consider an MLS listing.   The MLS reaches more than 8 million buyer’s per month.  Hand’s down the best advertising you can do for the money.  Seller’s can post a free home listing at InfoTube.net, increasing your internet exposure for FREE.

This short video clip from Forbes is of interest to seller’s, buyer’s and those who are watching the real estate market. 

Click on this link to learn which US cities will bounce back the quickest and pick up some tips about why they will.

Thank you for visiting InfoTube.net.  We appreciate you

The Standard and Poor’s/Case Shiller Home Price Index Shows the Housing Market continues to Correct.

Sales of homes in August were UP, which is good news.  The bad news is, sales were a result of falling home prices.  The report also revealed that one-third of homes sales in August were foreclosures.

Home Prices, by Metro Area

As the owner of a small, woman-owned business for the last 25 years, I have experienced a lot of market up’s and down’s.  And, while the 2008 market is unique to itself, it does have similar traits with other declines in the real estate, financial and equity markets that we can draw from.

So, what does my experience tell me about predictions for equities and housing in 2009?

1. Housing has further to fall in 2009.    Housing has a bit further to fall as inventories remain at historical highs, and new inventory is being added daily.   We are currently foreclosing on 10,0000 homes per month on average, and the end is no where in sight.  The numbers of loan deliquencies and defaults are increasing, keeping downward pressure on home prices and upward pressure on unsold inventory.  
2. More Trouble Finding or Keeping A Job in 2009.   The U.S. unemployment rate is growing along with the national debt.    As business continues to slow, we will see more layoff’s and company closings in industries such as building and contruction, financial’s, auto’s, airlines, travel and retail.
3. Credit Problems in 2009.   Lenders will be very cautious about loaning money, even to their best customer’s, until they divest themselves of unperforming assets.  The spread’s on mortgage rates will remain high in 2009, increasing the costs to borrow.
4. Wall Street in 2009.   The stock market looks forward, not backward.  The recent sell off was not caused by horrific events which occurred in 2008 or earlier.  The recent, unprecedented stock market decline, tells us that Wall Street expects and has priced in, that 2009 will be one of the worst ecomonic periods in U.S. history.   If the street thinks the economy will improve in 2010, then 2009 should be an up year for equities.  But, sit on cash for now, as it is really too early to tell.

For all the reasons above, I do not see a rosy 2009.  But, that being said, I do see the opportunities that will present themselves.   With regard to housing, I think we are nearing the bottom and price declines indicate that a lot of the risk is off the table.  For those that are investing in real estate for the long term or for a place to live, I don’t see prices getting remarkably cheaper from here.  Buyer’s planning to hold for five years would probably do well to take advantage of today’s interest rates.  I see higher lending costs in the future, due to government borrowing, earning slowdown’s and regretable past mistakes.

Thank you for visiting InfoTube.net.   Please feel free to post an anonymous comment by clicking the link below.

The housing market and US economy is extremely scary this Halloween.   Many of us feel as if we have been buried alive.  But, just like the zombies on a late night horror flick, real estate investor’s will raise from the dead and roam the earth again.

The market forecaster’s predict that the market will hit bottom in 2009, and will fight to survive through much of 2010. 

During this period, we will experience further drops in property values, as foreclosures and deliquencies continue.  Job loss and the faltering US economy will continue to pinch property cash flows and hamper an active lending environment, .

So, what signs of life will investors see before exhumation begins?   Which opportunities are lurking, just below the surface, that the prudent should take advantage of?

• The gruesome death of US real estate market has a beneficiary.  The cash rich, foreign buyer.  These well-healed investors will take advantage of a weak dollar, focusing on “trophy” properties located in major, active cities with plentiful employment and quality of life.
• The first area’s of the country to show signs of recovery will be the “cities that never sleep”, located in coastal area’s.
• Multi-family and higher density properties with retail shopping will be the focus for future developers.
• Other developer’s will focus building in area’s with neighborhood retail centers with big box grocery and chain drug store anchors.
• Apartment building investments may pay off now.  Look for mid-range property near transit in high density locations.  Vacancy rates are very low, and will remain so, as people cut living expenses. 
• Distressed condo’s located in urban area’s near transit bode watching.
• GREEN is GOOD.  Cutting energy expenses will be a priority for investors and buyers, alike.
• Residential building lots will get a cheaper, as builders dump options and inventory.   Spelling profit potetianal for the patient.
• Commericial will show signs of life, before residential.

The world is indeed a dark, scary place at the moment.  But, rest assured, the sun will come up.  And, while we have no quick way to stop the bleeding, the ones of us who survive the slaughter may grow fat on the plentiful carnage.  To the mindful, patient go the spoils.

Thanks for visiting InfoTube.net.  Happy Halloween and Happy Home Hunting!! Don’t be SCARED to make a comment…no one will BITE your HEAD OFF.

The new, US economy brings with it, a whole new set of rules for investing in real estate.   In the past, real estate has been a tried and proven method for quickly building wealth, but the current rules for successful investing have changed.

Making money in real estate is still a possibility, but investor’s must pay very close attention to the changes that this ecomonic cycle brings.  Today’s investors need to reexamine their criteria for buying, selling or holding property.  They also need a lot of patience and flexibility, along with complete and detailed research, before they jump in and take advantage of some of the best bargains seen in years.

NEW RULES FOR INVESTING IN TODAY’S REAL ESTATE MARKET

NEW RULE #1:  LOCATION, LOCATION, LOCATION.   For the baby boom generation, the suburbs were “the” location for profit and life style.  Fuel was cheap, commutes were short and the ‘burbs’ offered the big house, with picket fenced yards and the image of the Leave It to Beaver lifestyle.   Not so much, today.  Today, it is the urban scene that is making a comeback.   While homes in downtown area’s are generally more expensive on a price per square foot basis, buyer’s today are willing to pay a bit more money for less square footage.   Urban center living eliminates long commutes, urban sprawl, expensive fuel bills and provides nearby ammenities without the need to drive.

NEW RULE #2:  STAY PUT AND DO NOT REMODEL WHEN THE MARKET IS SLOW.   In the past, many homeowners gained equity by renovating their old home while the market was slow.   The improvements added value to their real estate, while they waited for more favorable market conditions.  In the 2008 housing market, any major renovations should be analyzed purely from a return on investment perspective.   According to Remodeling Magazine, which just published its Cost vs Value Report, homeowners should be warned that they will not recover as much of their costs for remodeling as they did in the past.   The best investment today’s homeowner can make in terms of renovating fall in the category of paint, landscape and green, energy saving features. 

NEW RULE #3:  Technology and Networking are the Key to Locating Great Properties.   Home listings, valuations and other crucial information for real estate investment used to be available only through a real estate agent.  Now, the genie is out of the bottle and the best sources for real estate information can be accessed with nothing more than the click of a mouse.   More technology has also made it possible for home seller’s to list their property on the powerful, national MLS, without listing with a agent.  Companies like Why 6 Percent.com, and its national network of broker’s, list property for seller’s, investors and builders who want the exposure the MLS provides, but do not want to pay 6 percent of their sales price for the priviledge.   Technology has changed the way buyer’s and seller’s connect, and the way that property is advertised.   Smart investor’s should take advantage of this new alternative, as it offer’s accuracy, speed and control unmatched by the traditional route of buying and selling through agent’s only.

New Rule #4:  BIGGER IS NOT ALWAYS BETTER.  In the past, agent’s and home builder’s advised buyer’s to purchase as large of a home as they could possibly afford.  As a result, home size in the 1970’s averaged about 1700 square feet, with 3.1 people in the average family.  In 2004, the average size of a home was around 2400 square feet with only 2.6 occupants on average.   Today’s lending and energy crisis has changed our thinking and bigger is not necessarily the best investment.  Buyer’s are looking for a home that meets their needs without paying for space they don’t need.   Today’s investor needs to adapt their thinking and focus on useable living space, energy saving ammenities, security and conveniences instead of targeting the over blown McMansion.  Another demographic also backs up the theory that smaller may be better.  For the next two decades, retiring baby boomers will be scaling out of their McMansions, now that their families have left the nest.  The boomer’s will favor smaller homes with more ammenities, located in convenient neighborhoods that are clean and safe.

New Rule #5:  FLIPPING IS OUT. BUY AND HOLD IS IN.   Today’s falling prices and the huge inventory of unsold property means that potential bargains are plentiful.  Smart Investor’s will take advantage of the current market and lock themselves into a good deal now, and hold the property until stability returns.  Prospective investors should be warned that the crash we are experiencing will not turn around anytime soon.  Prices will continue to fall, though not as dramatically as we have seen in the recent past.  As prices firm and inventory is sold, the patient investor will see gains, but they should plan on waiting five years to ring the register.

Thank you for visiting InfoTube.net.  If you have any questions or investment stories to share, click the comment link below.  All postings are anonymous.

Home for Sale

While the present ecomonic situation in this country is uncertain, one thing remains unchanged.  Markets will rise.  Markets will fall.  Markets will Recover.  Savvy Investors/Buyers will Profit.

Too much inventory, and too much absurd lending and borrowing, have Americans facing the worst housing market since the great depression.  While this is not new news, the opportunities in this market may be.   

Home buyers with money in the bank, a job and good credit have not been in such a great position in decades.   Price declines and record loan defaults have made bargain hunting for a home a lot more fun.   The McMansion, many believed they could never afford, is now well within their grasp. 

So, what is the truth about getting a great deal in this market?   Are some properties easier to buy than others?    Can you really get a steal from lenders sitting on unsold inventory?   

The answer is YES, but there are big differences in the types of distressed property being offered for sale.

• SHORT SALES:  A short sale is one in which the borrower is behind on their mortgage, but they still own the property.   Usually, the borrower owes more to the lender than they can sell the home for (upside down).  Usually a short seller will ask the bank to consider any offer on the property and “forgive” the outstanding loan balance.   A short sale is good for the home owner because short sales do not reflect as poorly on their credit report.  Short sales are good for the lender because they don’t have another vacant home on their books.
• MAKING A OFFER ON A SHORT SALE HOME:  This is the most difficult type of distressed housing to make an offer on.  Unless you have a lot of patience or an unlimited amount of time to sit and wait for a response to your offer, you may want to seriously avoid properties advertised as Short Sales.  Truefully, very few, if any, offers made on Short Sales ever close.
• REO’s and Foreclosures:  These are bank owned properties and there are plenty to choose from.  These types of listings sell very quickly.  Generally the buyer can be sitting in their new living room in less than 30 days after submitting an offer on a lender owned property.
• MAKING AN OFFER ON A FORECLOSURE OR REO:  Banks are completely detached and unemotional from their home listings.   They know exactly what they need in terms of price, they know the local market and they love quick closings.  That being said, you won’t be successful offering 75, 80 or even 90 percent of the list price.  You will more than likely be out bid, as often the winning bid is over the list price.  Keep in mind that the bank is not like a human home seller, they usually never counter low ball offers, they simply move on to the next offer in the pile.

Thanks as always for visiting InfoTube.net.  We are here to help you sell and buy, so let us know your thoughts.

InfoTube homes for sale

The Case Shiller index of home prices across the US was just released.  Follow the link to learn about the present market in your city.

Home Prices in My Town

Thank you for visiting InfoTube.net. We will keep you posted on the market.

InfoTube homes for sale

The web is a great resource for the real estate or local scene enthusiast.  Today, we invite you to take a look at four of our favorite websites that specialize in keeping tabs on the ‘hood’.

Gasbuddy.com:  Just like the name says… this website is your best friend when it comes to finding the cheapest gas in your neighborhood.  Check out it out before you fill up.

AltosResearch.com:  Fantastic website for your current, local real estate market and trends.  The site shows graphs of real estate price trends in your town; housing market conditions, homes sales and demand trends, including average days on market; local home prices per square foot; the number of all homes for sale in your neighborhood. 

Altos focuses on the local market, which is what real estate is really all about anyway.  After entering my zipcode, I could instantly see what was really going on in my neighborhood, what prices were really doing and received the information I should know about my area.    

RottenNeighbor.com: What are your neighbors saying about you? This website reports on noise, odors and other neigborhood nuisances. The site pinpoints the homes of obnoxious, trashy or violent crazy neighbors, as well as registered sex offenders and vacant foreclosured homes.

If you want the dirt about any neighborhood or your daughters’ best friend’s neighborhood, Rotten Neighbor is the place to do some voyuering.

Introin.com: This website provides the inside scoop on apartments and rentals. It provides rental availability, building and landlord evaluations. Check it out before you sign that lease.

Thank you for visiting InfoTube.net. Please feel free to forward your tips, questions, comments or suggestions for feature in our column.

Winner of the Best Sign Award

The first thing buyer’s ask is “How much is your asking price?”   If the price is too high, the buyer will quickly lose interest.  If the price is too low, you will quickly lose money.

In order to price a home correctly, you must understand your local real estate market and your competition.   The goal is to set an asking price that successfully competes with homes that are comparable to yours.   Setting the correct price is easy to do, if you follow these 6 simple steps.

Step 1.   Get to Know Your Competition:  Drive through your neighborhood, and other area’s that compete with yours.  Identify the homes on the market that are similar to the one you are selling, with approximately the same size and age as yours, with the same number of bedrooms, baths and lot size.   Visit local real estate websites, infotube.net, realtor.com, zillow and trulia to verify property details, square footages, asking prices, etc.  These website can also help you find a complete listing of all homes that you may not have found on your drive by search.

Step 2:   Tour Open Houses:  Visit as many open houses as you can to see for yourself how your home compares.  Learn as much as you can about the condition of these homes, such as upgrades done to the kitchens, baths and bedrooms.

Step 3:   Find Recently Sold Properties:   To correctly price your home, you need to know what others like it have actually sold for.   To find out this information, you can visit your local tax assessors office, as housing data is public information.  The internet can also cut down on your homework.  Many tax assessor offices provide housing data online.  You can also educate yourself by reviewing the “Recently Sold” feature at Zillow and Trulia.  While these technology websites don’t have data for every location, they do cover most of the country.

Step 4:  Add and Subtract:  You now have information about property currently on the market and data for recently sold homes.   Evaluate the asking and sales prices, property details, neighborhood ammenities and ask yourself how your home measures up?  

Step 5:  Be Honest and Impartial:   This is the hardest step for anyone attempting to value their own property.   Even Realtors, who price homes for a living, are notorious for overpricing their own homes.  Forget about what houses sold for in the past.  In most area’s, prices have decreased 15-20 percent in the past year alone.   Price your property inline with your competition or it will simply sit on the market.   Only competitively priced homes are selling in this market and buyers will only purchase what they perceive to be a good deal.

Step 6:  Set Your Price:   You have a complete picture of all the homes that compete with yours in the marketplace.   Price your property aggressively from Day One on the Market.   Pay attention to the effect subliminal pricing has on buyers and play to it.  If your competition is priced at $250,000, price your home at $249,000, for example.   Use your knowledge to to set a price that buyer’s can’t afford to pass up.

Congratulate yourself on a job well done!!!  Not only have you determined an asking price for your property, you’ve become an experienced expert in your local scene.  With your knowledge and sense of the competition, you will be able to honestly communicate about your homes’ advantages and disadvantages, when comparing it to other houses in the area.

Thank you for visiting InfoTube.net.