Tag Archives: first time buyer

US homes sell at strongest pace since ’07

WASHINGTON – Americans snapped up houses in May almost as soon as properties were listed, fueling the strongest sales rate in nearly a decade.

The sales gains have failed to convince more current homeowners to list their properties. Many are still recovering equity lost during the crash. For some of them, a sale would fail to generate enough of a profit to cover the expense of buying a new home. The number of listings has fallen 5.7 per cent from a year ago, meaning homebuyers have fewer and fewer options.

Sales of existing homes rose 1.8 per cent last month to a seasonally adjusted annual rate of 5.53 million, the highest level since February 2007, the National Association of Realtors said Wednesday.

Order an appraisal today www.scappraisals.com to determine if the value has increased.

People remain intent on buying homes, despite the low inventory of properties on the market that has caused prices to rise. The elevated demand likely stems from low mortgage rates and a relatively healthy jobs picture with unemployment at 4.7 per cent, even with a recent slowdown in hiring.

“May’s existing home sales numbers suggest that healthy demand continues to support a recovering housing market, but that inventory woes are preventing a full recovery to pre-recession levels,” said Ralph McLaughlin, chief economist at online real estate firm Trulia.

Homes sold in May after just 32 days on the market, the fastest pace ever measured by the Realtors since they began tracking the figure in 2011. Homes stayed on the market on average for 40 days a year ago.

Sales rose in the Northeast, South and West last month but fell in the Midwest where real estate is generally considered more affordable.

The median home sales price was $239,700 in April, a 4.7 per cent increase over the past 12 months.

The sales gains have failed to convince more current homeowners to list their properties. Many are still recovering equity lost during the crash. For some of them, a sale would fail to generate enough of a profit to cover the expense of buying a new home. The number of listings has fallen 5.7 per cent from a year ago, meaning homebuyers have fewer and fewer options.

http://www.lillooetnews.net/us-homes-sell-at-strongest-pace-since-2007-1.2284392

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Avoid the Traps that turn a dream home into a nightmare

Most people know about the big-ticket items to check when buying a property, such as flight paths, school zones, getting building and strata inspections, proximity to public transport and shops, or if there’s a development application for a monster tower opposite.

Sometimes the issues that don’t occur to us at the time have the power to turn what looked like a dream home into a nightmare.

 Neighbours

Once you’ve got bad neighbours, it’s very hard to get rid of them, and once you’ve drawn their enmity, it can be hell.

“Falling out with neighbours and having disputes with them can be unpleasant and costly,” says buyers’ agent Gerry McPhee, of Hand McPhee. “So if you can avoid having bad neighbours, you’ll be much better off.”

How to check: Talk to your potential neighbours before you buy, advises hotspotting national property analyst Terry Ryder, as well as others around them, asking how they find the area. “You can even sit in your car and observe the street at night to see if there are any problems …”.

Noise

Property inspections are often scheduled at the quietest times. “And while things like a noisy aircon unit that runs 24/7 outside your window are fixable, sirens from fire or ambulance stations, and train noise from tracks just around the corner are not,” Patrick Bright says.

“Noise travels, and can be very disturbing, particularly at night.”

How to check: You need to drop around at all times to clock the decibel count, especially in the evening and at night, and be wary of nearby rowdy pubs and patrons at closing time.

read more at: http://www.domain.com.au/news/how-to-avoid-the-traps-that-turn-a-dream-home-into-a-nightmare-20160331-gnsq53/

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7 things to know before becoming a homeowner

1. DO A FULL CALCULATION OF WHAT YOU CAN COMFORTABLY AFFORD

Initially I played with online mortgage calculators to see how much we could afford. I got swept up in the big budgets I was seeing on the screen. Taking a step back I calculated how much we actually felt comfortable spending each month between our mortgage payments, taxes, insurance, maintenance, and utilities (call the utility companies to get an estimate of what your water, electricity, gas, and garbage may cost in the neighborhood).

Unfortunately, what we could afford was quite a bit lower than what I got from the online calculators. I’m happy I dealt with disappointment then rather than the stress of buying a house that was too much for us.

2. DON’T FORGET ABOUT CLOSING COSTS

And insurance, inspections, and immediate repairs. After being good little savers for years, we were thrilled to have enough saved for our 20 percent down. I didn’t give a ton of thought to the other expenses, because compared to the 20 percent down, how much could that actually be?    A lot.

Closing costs can be 2-5 percent of the total cost of your house. And if you’re not prepared for them, it can catch you off guard. You’ll also want to be prepared to pay any inspections (though most of ours were paid by the seller), as well as any immediate repairs that need to be made before move in. Our house was “move in ready” but it was shocking to see how much we actually spent. Aside from some smaller things, we needed to buy a washer and dryer, a new shower door, and blinds for the bedroom windows. It all adds up, so be prepared.

read more at: http://www.huffingtonpost.com/erica-gellerman/becoming-a-homeowner_b_8016082.html

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