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Thread: Real Estate Tips

  1. #1
    Member zanna vaida's Avatar
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    Thumbs up Real Estate Tips

    Closing costs are simply the fees associated with 1) purchasing, 2) borrowing, and 3) preparing paperwork to finalize the sale. Your total closing costs will vary depending on where your new home is located, what type of property you are buying, the price of your home and the complexity of the transaction.

    It is extremely important that you work closely with your buyer’s representative in the early stages of your home search to estimate what these costs could be, since closing costs can easily represent thousands of dollars.

  2. #2
    Member CAugust's Avatar
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    One thing I am very careful about is informing my clients that I am not licensed in finance and to double check with a licensed finance person as well, that's their area of expertise!

    I would hate to give out incorrect information.

    Happy New Year Everyone!!!!
    Colleen
    Realtor

    Visit My Website

  3. #3
    Member zanna vaida's Avatar
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    Thumbs up Personal

    General public needs to be educated about personal finances and budget balancing. They're make a final decision what they can efford. The focus should be on needs instead of wants.

  4. #4
    Member zanna vaida's Avatar
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    Thumbs up Home Safety Council

    The Home Safety Council (HSC) is the only national nonprofit organization solely dedicated to preventing home related injuries that result in nearly 20,000 deaths and 21 million medical visits on average each year. HSC educates people to be safer in and around their homes. For more info and educational material visit http://www.homesafetycouncil.org

  5. #5
    Member zanna vaida's Avatar
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    Thumbs up Did you know?

    ! The minority population in this country—African Americans, Hispanics or Latinos, and Asians—has grown by 35 percent since 1990, a growth rate five times that of the U.S. population overall. By the year 2010, one-third of the American population will be minorities. (Source: U.S. Bureau of the Census)


    ! Minority buying power in the United States is estimated today to be $1.5 trillion. By the year 2007, it is expected to reach $2.3 trillion. The buying power of the Hispanic community alone will exceed $900 billion.


    ! Immigrants and ethnic/racial minorities from Europe, Asia, Africa, and Latin America represent a major growth segment of the housing market and, therefore, of the realty profession. Government and industry data indicate that two out of every three new households are being formed by foreign-born or minority persons. Foreign-born homeowners already account for $1.2 trillion in housing.

  6. #6
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    Quote Originally Posted by zanna vaida View Post
    ! The minority population in this country—African Americans, Hispanics or Latinos, and Asians—has grown by 35 percent since 1990, a growth rate five times that of the U.S. population overall. By the year 2010, one-third of the American population will be minorities. (Source: U.S. Bureau of the Census)
    ........and.....what? They're moving into my neighborhood, and I should sell my house now, before it's too late?

  7. #7
    Member zanna vaida's Avatar
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    Thumbs up Physical Fitness

    The “physical fitness” of your home can make the difference between soaring energy bills or comfortable savings this winter. By cutting wasteful energy use, an energy-efficient home is a strong defense against winter winds, rain, sleet, snow, and chill, while also reducing air pollution and greenhouse gas emissions and increasing national security.

    And Uncle Sam is offering another incentive for putting your home on an energy diet: A 30% tax credit—a dollar-for-dollar reduction in your income taxes owed—of up to $1,500 during the remainder of 2009 and throughout 2010 for specific energy efficiency home improvements. Details on qualifying products, including insulation and sealing products, highly efficient furnaces, heat pumps, and windows, are available at www.ase.org/taxcredits.

  8. #8
    Member zanna vaida's Avatar
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    Thumbs up

    Census: Americans Stayed Put in 2009

    Fewer Americans moved in 2009 than any other year this decade, the U.S. Census Bureau reported this month.

    Population also grew less this year than any other year since the turn of the 21st Century. It reached 307 million on July 1, up less than 1 percent from a year earlier, the bureau says. About 850,000 people immigrated from other countries, down 15 percent compared to 2006.

    The losers in this trend included Florida, which lost 31,000 people to other states, a first for the Sunshine State, which used to be No. 1 in attracting new residents. "The middle of the decade's huge surge to the Sun Belt stopped on a dime," says demographer William Frey of the Brookings Institution.

    Demographers say real estate is one of the big reasons people are staying put. "People are trapped," says Yi Zhao, senior forecasting coordinator for the Census Bureau in the State of Washington. "They can't sell their house or they have a hard time getting credit for a new one."

    Source: USA Today, Dennis Cauchon and Paul Overberg (12/23/2009)

  9. #9
    Member zanna vaida's Avatar
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    Thumbs up The Highest Offer May Not Be the Best

    Sellers who get more than one offer should be aware that the highest offer isn’t necessarily the best offer, say experienced practitioners.

    In this tough market, going with the buyer who has enough cash to pay a large down payment and who won’t be scared away if the inspection uncovers some needed repairs is often the wise choice.

    Practitioners should encourage sellers to review all the terms and conditions of the sales contract. In some areas, the allocation of fees can take a big bite out of the net proceeds. While most contracts are written to reflect that, it isn’t always the case.

    Also, the closing date in the offer should be considered carefully. A buyer who can close quickly can save a seller thousands. Offers contingent on the sale of another property are particularly suspect in this market.

  10. #10
    Member zanna vaida's Avatar
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    Thumbs up Erie Home prices

    According to the new york State Associating of Realtors, home prices in Erie county have risen in the past few years.

    Did you know?

    http://www.nysar.com/content/upload/.../ytdmedian.pdf

  11. #11
    Member zanna vaida's Avatar
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    Thumbs up Housing Opportunity Resources

    Get Tax Credit Tips:

    Find out everything you need to know about the extended home buyer tax credit, including increased income limits and current home owner eligibility, in NAR's comprehensive guide

    Where to live and how much to invest in real estate is your choice. My mission is to help you to make a smart investment. Education is power to success.
    Last edited by zanna vaida; January 5th, 2010 at 09:50 PM.

  12. #12
    Member zanna vaida's Avatar
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    Thumbs up RESPA changes in effect

    Changes in the Real Estate Settlement Procedures Act (RESPA) that took effect on January 1, 2010 require lenders to fully disclose all closing costs including the costs of obtaining a loan and estimated costs for title insurance, settlement and other services within three days after a buyer applies for a mortgage.

  13. #13
    Member zanna vaida's Avatar
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    Thumbs up New or Old?

    Is an older home better than a new home?

    Where to live and what to choose is your choice. You should look at each home for individual characteristics.

    Older homes may be in more established neighborhoods, offer more ambience, and have lower property taxes. People who buy older homes shouldn't mind maintaining their homes and making repairs.

    Newer homes tend to use more modern architecture and systems, are usually easier to maintain, and may be more energy-efficient. People who buy new homes often don't want to worry initially about upkeep and repairs.

  14. #14
    Member Sylvan's Avatar
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    Tip

    Avoid realestate agencies and banks! Theyre a rip off!

    Live within your means and save cash.
    Pay cash for land.
    Pay cash for building materials and labor.
    If you need help locating property hire an independent and pay them cash for their time.
    Require they look for "for sale by owner".
    Install self sustaining utilties and use the grid as a backup. (boycott utility authorities)
    Teach children the truth about liberty and independence.
    Get off your ass and maintain your enviornment youself!
    Get off your ass and condition your children that life is NOT about conveniences and free loading. Theyll be stronger and smarter for it.

  15. #15
    Member zanna vaida's Avatar
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    Thumbs up Invest in real estate

    How much does it cost to start real estate investment?

    You don't have to start with purchasing an expensive property, but simply, start small-like any investment.

    I used to live in a small apartment and saved enough for downpayment. If I rented an expensive place my saving time would be longer.

    If you like to pay somebody's mortgage, instead of investing in your property, it's up to you. If you want to sart investing in your home or an investment property, it's your choice.

    Any investment pays off. the sooner you begin, the better off you'll be in the long term. Keep in mind, when an assessment value goes up, so does real estate investment.

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