Mild Development Spending Rises
Written on 8 May 2009 by Miggy
Mild improvements in development spending has been noted in the US which may signal a slight improvement in the overall commercial real estate business. Many development projects have been put on hold as the economy slid into recession with millions losing their jobs in the construction industry. The effects of the economy has reached far beyond the borders of the US with the world slipping into recession as the markets tumbled affecting most global industries. Continue »
UK - Big Trouble Ahead
Written on 8 April 2009 by Miggy
The recession’s effects is circling the globe and people are feeling the pinch, nut what about the countries who have been blamed for the whole mess in the first place. Two of the richest countries in the world, the US and UK are both feeling the effects pf the recession with both suffering in terms of economic growth. Billions or even trillions of dollars have been released from government coffers but it just seems to be not enough to salvage the economy which is almost at a standstill. Continue »
Property Values Forecast to Drop
Written on 8 March 2009 by Miggy
Industry experts are forecasting a further drop in the prices of properties as they continue to decline as the recession drags on with not much of an end in sight. With much of the world in economic turmoil, recovery would need the economy to get a boost from the many other markets which makes up a country’s economic might and with some of the biggest deep in trouble with banks going bankrupt and filing for dissolution it may take a year or so for the world to recover from the global economic crunch. Continue »
Smoking, fire safety and home insurance premiums
Written on 24 February 2009 by editor
If you are a smoker who’s looking to buy a new home, you might want to consider kicking the habit. This is because insurance companies usually give higher home insurance premiums to smokers because of the fire hazard smoking causes. Even if you make it a habit of disposing of your cigarettes or cigars properly, accidents can still happen.
Besides quitting smoking, you can also install a fire prevention system in your house like fire alarms and sprinklers to get lower home insurance premiums. Insurance companies are happy to give low premiums to home owners who are less likely to file claims.
Quitting smoking and fire prevention systems - they might be a bit pricey at the onset, but not only do they save you money in the long run, they keep you, your family and your home safe too.
January - Jaw Dropping House Prices
Written on 30 January 2009 by Miggy
As the crisis in the housing market deepens, hopes of a swift end are fading fast as housing market figures put it at it’s lowest in years this month. Figures from the statistics boards show that prices are lowest in many years yet ordinary home buyers are still steering away from any purchases. This is due to fluctuations in other markets to which the housing sector is directly tied into. The financial market’s, banking sector and many other industries that are waiting on the housing market to recover. Mortgages have also managed to drop to all time low levels that has brought about some good news with figures for mortgage applications going up a bit.
This may be a sign that the bailout funds the government is putting into the industry and the homeowner’s pockets is indeed making a difference saving their homes and getting people enough cash reserves to start spending. Analysts have long been saying that it will be a long and painful recovery but in today’s real estate market any good news is welcome, just hope more is coming in the saga that is the housing market crisis.
Coldest Winter Ever
Written on 10 December 2008 by editor
That’s what this season turned out, and it’s not just the weather but the atmosphere in the real estates business as well. There are thousands of people losing jobs daily, companies shutting doors and more economic troubles. Fannie Mae says the slump is far from over as he promises not to kick out people from their foreclosed homes.
Recession has gripped the nation and the rest of the world and homes empty-up as foreclosure rates climb. No end is in sight but the Inauguration of President Obama might just be the change needed for the economy, just hope his promise of change can resurrect the ailing industry with proper aid and laws to avoid future market crashes. Banks stop lending to cut losses as forecasts see deepening misery.
Winter Wonderland 1
Written on 26 November 2008 by Miggy
Image Source: farm1.static.flickr.com
Looking at a snow-covered vista is perfect for pictures - but could be deadly to your house. It pays to be prepared for winter to avoid nasty surprises at spring time. How ?
- Trim your trees. Unfavorable weather can make overgrown trees and dead branches break and fall which can result to injury or property damage to you or your neighbor.
- Dispose of leaves and other debris from your gutters to prevent the formation of ice dams. Ice when it melts must flow away from your house.
Even if you are not home, people still come to your house like the postman, utility staff and delivery people. Broken stairs or railings may cause accidents, minor though they are, you or your insurance could still end up paying for them, so better have them repaired if they’re broken.
Expenses Involved in Owning a House
Written on 8 October 2008 by Miggy
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A lot of house buyers, especially first time house buyers are quite shocked to find that giving the downpayment is not the only cash out requirement. Other expenses include application fees, background and credit checks on the borrower and prospective house inspection fee. Some banks, depending on the area, refer to the last three items mentioned as appraisal fee which is non refundable. Another expense is the closing fee which may or may not involve the following: prepaid interest or points, application and appraisal fees, recording and attorney’s fees, survey, title search and insurance, first month’s homeowner’s insurance, transfer taxes. There is also what we call the “operational cost” of owning a house. On top of your monthly amortization on the house itself, you have the basic utilities, property taxes, repairs and maintenance services like garbage disposal, shovelling snow, gardening and landscaping services.
Tips in Buying Foreclosed Properties
Written on 23 September 2008 by Miggy
Many buyers are becoming aware of the fact that government seized properties cost so much less than any other houses for sale. But before buying one we need to be aware of some few things .
You must do background research on the property. The best way to do this is to browse online, for helpful sites to assist you.
A little know how in auction means a lot.
If you get the time, you might want to go for an ocular inspection of the property.
Be sure that you know the real value of the house you’re buying. You may ask an appraiser ot help you out.
Plan your finances well and make sure you have money to pay for the monthly amortization.
Be inquisitive. If you feel like something was not answered, speak up. Speak up now while you’re still evaluating the prospective property.
Its true, buying a property is often easier said than done. But knowing a few tricks like these can save you a lot of money and trouble.
Reverse Mortgage Supplemental Retirement Financing Strategy
Written on 13 August 2008 by Miggy
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A reverse mortgage is a loan for senior citizens. It is often used to cover medical expenses, and is becoming a common way for retired persons to supplement their existing monthly retirement income.
This is a loan that senior home owners may take against their current home. You don’t need to pay monthly installment in this type of loan. Instead, the lender will pay for you. You will pay the loan back from your equity when you’ve left the home either by selling it or passing away. Your children can keep your home by paying the loan back with interest if they don’t want to sell it.
The concept of reverse mortgage is confusing to many and very often analogous with the conventional mortgage but they are quite different from each other. A conventional mortgage is a falling-debt and rising-equity transaction. But in the case of reverse mortgages, you will be given money by the lender and you will not make payment. So, it will result in a rising-debt and falling-equity model. This is a perfect
