Local Area Markets

A few weeks ago I did a post about the top five spots to live in, in the United States. This is the list of the areas that placed from rank 6 to 10. Being in the top ten is still recognizable and worth checking out!

At number 6 it is Stevens Point, Wisconsin. Stevens Point is located in the middle of the state and it is said that it has something for everyone. It has green space, waterways, hiking trials, and biking trials, cross country skiing and much more!

Coming in at number 7 is Asheville, North Carolina. In Asheville it is said that there is always something going on. It has a great down town area where artists and street musicians line the streets. Asheville has 30 plus art galleries, excellent shopping boutiques, retail shops and even a variety of antique shops.

At number 8 it is Albuquerque, New Mexico. Albuquerque is the largest city in New Mexico. It is known for providing a sunny dry climate about 300 days of the year! The city has four seasons but they are all very mild and mostly warm.

Number 9 is Huntsville, Alabama. Huntsville offers a wealth of education, sports and cultural activities. It also has four seasons and the average temperature is 60 degrees.

Last but not least number 10 is Seattle, Washington. I have a special place in my heart for Seattle. It probably has to do with the fact that my fiancé went to Seattle University and my sister lives in Gig Harbor. Seattle offers a natural beauty that would inspire any couch potatoe!

If you are in the market to relocate be sure to keep these places in mind!

Lets just say that you did all your research and you decided that a second home/investment property was the best way to go. One way to help pay the mortgage is to find someone who is looking to rent a home.

Typically people that are looking to rent homes either do not have good enough credit to apply for a home mortgage or they can not afford to get a home on there own. These types of people sometimes are the not the easiest to work with!

I speak from experience when I say this! For example my fiancé’s brother bought the home next door to our home for investment purposes and he decided to help with the cost he would find some good renters. Well I personally saw him shuffle through tons of different people to rent to. At the end of the day there was just no one that fit the bill.

A great way to find a good renter is to ask close friends and family members if they know of anyone who is looking to rent a home. If you or someone close to you knows the person you have a lot better chances of that person working out. My fiancé’s brother finally ended up asking our great uncle if he wanted to move in and rent the space because he was currently very unhappy at an apartment.

Well it all worked out for him! Next time you are in the same position always remember that people know people that know people…..

When you are looking into purchasing an investment property make sure you have a clear head. Most people purchase a second home for personal use about 78%. The number is growing for the percentage of people that purchase a second home for an investment property. In 1999 only 20% people purchased properties for investments and now the percentage is 37%!

If you are focusing on appreciation value you want to make sure that you are in a prime location for example on the beach, not near the beach. The economy can be red-hot one minute and then cool way down the next; you want to be in the best position possible.

Always be ready to spend more money on investment properties. Be prepared to pay lenders about 1% higher on investment property vs. a regular mortgage and expect higher down payments up front.

Be educated and beware of time-shares! No matter what anybody says a time-share is not an investment property. Always approach a join ownership with caution, many people cannot afford a second home so they think that sharing the cost with a close friend or relative is a good idea. This is not always the case! Before you get into a situation like this think twice you might really regret it later!

I hope these tips help you make the right decision about purchasing an investment property!

Last week I wrote about things to consider when looking into buying a second home. This week I wanted to continue with more things to consider before purchasing a second home.

You have to have a significant disposable income to own a second home. So another thing to keep in mind is know what your budget is! Most people that have enough money to own a second home make around 85k a year! Make sure that all of your other expenses are taken care of such as having all credit card bills paid off and having an emergency fund available of at least 6 moths expenses saved up. Also never forget college funds and your own retirement! Once you have double checked all of those factors you may be on your way!

A good thing to remember is the tax breaks! The mortgage rates and property taxes are usually deductible on a second home. Anymore then two and you are out of luck! So keep that in mind.

Always look at the pros compared to the cons. If the cons out way the pros then wait until it is the other way around to purchase a second home. Good luck!

When you are considering purchasing a second home there are many things to consider;

First of all you need to really know yourself and think about if you are the kind of person that loves to visit new places and be catered on hand and foot like your favorite hotel, or do you like to go the same place for vacations. If you are the type of person that likes going to new places you might want to reconsider a second home!

Another thing to consider is how long you plan to own the second home. Usually people plan to own the property for there whole lives but is that realistic? If you plan on having children is this option, most properties are not as flexible when it comes to children as you would think. For example the nice house by the lake, would be a nightmare for a parent who had a little toddler running around!

Consider all of the costs that are involved including home repairs, utilities, second mortgage, insurance, golf dues, membership dues, etc. Some people are so excited about the opportunity to own a second home that they forget all of the different costs that go into it!

Try to keep all of these things in mind and always do all of your homework!

If you are one of those people who are not worried about the state of economy and you want to buy a new home right now here is some advice that will help point you in the right direction.

First of all take the time to find the right place. Do not pay attention to seller’s asking price and bid 10% lower then what comparable homes are selling for. If the seller does not want to budge then move on!

Mortgage rates are low so right now is the time to buy, waiting could be more costly! Financing is getting more expensive the so the longer you wait the more you pay in financing. Also even if prices fall more there could be a penalty for waiting!

Always strive to purchase a home in a neighborhood with good schools. Schools with higher rating represent stability, and especially right now that is very important. If you are looking into a foreclosed property that usually reflects instability if there are a lot of them in the area, this could mean a lower quality of life which you want to stay away from. When you are buying a property you are also buying the neighborhood, so keep that in mind!

I hope these suggestions help you make the right decision.

If you are looking for a real estate then I am sure you are aware that the recession has a huge impact on the market! I wanted to find out who was surviving the best out of all the cities in the United States and here is what I found: Oklahoma City is one of the country’s strongest housing markets and is in the best position to handle the crises. They have a solid growth rate in agriculture, energy and manufacturing all contributing to what makes them the strongest.

The next city is San Antonio with solid employment rates and affordable home prices. The other cities that are staying strong are Austin, TX; Charlotte, NC; Dallas, TX; San Jose, CA; Raleigh, NC; Salt Lake City, UT; and Seattle, WA. When gathering statistics Forbes.com looked at many different areas in the country and focused on the fifty largest metro areas.

The statistics that they used include unemployments rates, job growth, construction, education, health services, financial activity, transportation, trade, and many other figures. They also looked at the median home price and compared growth from forth quarter 2006 to fourth quarter 2007. In conclusion if you are looking for an area to find solid real estate opportunities you will have to look outside of your city if you are not in these cities!

So hypothetically let’s say you have one million dollars to spend on a home. What exactly will one million dollars buy you in this day in time? I wanted to find out just what a cool million will do and here is what I found:

In Atlanta, Georgia I saw a million dollar home that was 3,200 square feet. It has five bedrooms and five and a half baths. This home was smaller in square feet but it offerers a nearly new stone wall traditional design in a gated community in one of Atlanta’s most in demand suburb.

In Wenonah, New Jersey I found a one million dollar home that is 5,000 square feet. It has four bathrooms and four and a half baths. Along with a good amount of space this home offers a few acres of landscaped yard, in ground swimming pool and a stone summer house with a bar! Not bad for one million!

In Raleigh, North Carolina one million dollars still buys a pretty good size home. A home I found was 6,300 square feet. It has five bedrooms and four bathrooms. It also offers a wet bar, separate area for a library, office, formal dining room and a first floor guest suite!

So if you are looking to get the best bang for your buck in square feet I would say go to Raleigh, North Carolina!

If you are considering a move it is always nice to be aware of the top places in the United States to live. When I researched this on Goggle it gave me the top 5 cities to live in.

The number one city is Charlotte, NC. This is a sunny moderate central region making it easy place to live. Being the home of 292 of the Fortune 500 Company’s it is known by the financial industry as the second largest banking center.

The second best city to live in is San Antonio, TX. It is known as for melding American and Mexican culture. San Antonio is the gateway city to Southern Texas. It is known for its tourism and it is the 10th largest city in the nation.

The third best place to live is Chattanooga, TN. It is known for having many educational and job opportunities for any field of study. It only has an occasional snow or ice usually in Feb. which also makes it appealing.

The forth place to consider is Greenville; SC. Greenville has a history of all different types of living environments. It offers a variety of places to live starting with older more traditional neighborhoods to the inner city homes which are very modern.

The last place to consider is Tulsa, Ok. Tulsa is the second largest city in Oklahoma. It offers a low unemployment rate with an economy that uses telecommunications, manufacturing, aerospace, and energy.

When you are looking into buying a new home or selling your old home you can do it alone or you can hire an agent. If you have the time to do it yourself you can save a chunk of change about 5% the average commission amount you pay! Like most of us if you do not have time to do the homework yourself the best way is to hire a good agent. Where do you find a good agent?

The first thing to do is ask friends, family members and neighbors if they have anyone they recommend. Referrals are the best way because the person that made the referral more then likely worked with that agent and had a good experience.

The next thing you want to keep in mind is finding someone close to your area that has had a lot of previous sales. If they are close to you it makes it a lot easier to work with them and if they have had a lot of sales in the past you know they are experienced! You want to go after one of the top producers in your community that ensures they are familiar with your market.

Keeping all of these things in mind will send you on the right track to finding a good agent! Good luck!