Written by Kristopher Wissing
October 20, 2008
5. Save If you don’t already have one, start a regular savings account and a repairs savings account. Having a cushion to fall back on is a sure way to protect yourself. Should a situation arise where you need money, you won’t have to use the equity in your house as an ATM to deal with it.
4. Cut back on spending Consider your cable service. Do you have “the works?” If so, maybe you could cut back to a basic package for a while. Paying high cell phone and home phone bills? Put everything on your cell phone and get a package with unlimited minutes to save tons of money each year. Cook at home more often. Eating out less will definitely save you more often.
3. Keep up on household repairs Inside the house, be sure to fix plumbing and electrical problems as quickly as possible. When left unchecked, they can cause even greater (=much more $$ to fix) problems. Outside the house, keep the yard maintained and paint when you need to. Watch for repairs that may be needed on your roof as well. Repairs are a sure way to lose money on the value of your property.
2. Refinance If you currently have an adjustable rate mortgage (or ARM loan), refinance into a fixed rate mortgage. A fixed rate mortgage means that your interest rate will not change or fluctuate. It will always be the same for the life of the mortgage. This will allow you to more easily budget your monthly mortgage payments.
1. Make your monthly mortgage payments on time This is probably the most important thing you can do! Not only will timely payments keep your credit score up, they will also keep you from accruing unnecessary additional finance and interest charges on your loan account. Also, you will become a valued customer with whom the mortgage company will be much more willing to work with, should the situation arise.
Friday, October 31, 2008
Monday, October 27, 2008
Existing home sales see largest gain in years
Existing home sales surgeOct. 24: Existing homes rose by the largest amount in more than five years during September. CNBC's Diana Olick reports.
MSNBC
WASHINGTON - Sales of existing homes rose by the largest amount in more than five years in September. But analysts cautioned against reading too much into the gain, noting that it reflected conditions before the latest upheaval in financial markets increased the likelihood of a recession in the overall economy.
The National Association of Realtors reported that sales of existing homes rose by 5.5 percent from August to September to a seasonally adjusted annual rate of 5.18 million units — far better than the flat results analysts had expected. On an unadjusted basis, sales were up 7.8 percent from September last year
MSNBC
WASHINGTON - Sales of existing homes rose by the largest amount in more than five years in September. But analysts cautioned against reading too much into the gain, noting that it reflected conditions before the latest upheaval in financial markets increased the likelihood of a recession in the overall economy.
The National Association of Realtors reported that sales of existing homes rose by 5.5 percent from August to September to a seasonally adjusted annual rate of 5.18 million units — far better than the flat results analysts had expected. On an unadjusted basis, sales were up 7.8 percent from September last year
Cities Where Your Nest Egg Goes Farthest
No. 10 Nashville, Tenn. With a population of 1,486,695, this city came in at No. 9 for affordable housing. It was also one of our Best Places for Business in 2007. Add in pleasant weather and all the benefits a community derives from a top-notch university like Vanderbilt, and you've got a fine place to retire.
No. 9 Atlanta, Ga. This southern city isn't just for young singletons and families. In terms of net migration among people over 65, Atlanta ranked No. 3 with droves of older Americans picking this affordable and desirable place to spend their golden years.
No. 8 St. Louis, Mo. Meet me in St. Louis. Seriously. Greater St. Louis is growing fast and with good reason. Affordable housing and sluggish inflation (just 3.2% in June 2008) make this is a great place to retire.
No. 7 Denver, Colo. A Rocky Mountain retirement will involve outdoor living, a vibrant nightlife and a manageable cost of living. Denver, one of Forbes.com's Best Cities for Singles, attracts people of all ages making it a good long-term bet for retirees who want to ensure that they are settling somewhere with a bright future.
No. 6 Indianapolis, Ind. This Midwestern city ranked No. 1 for housing affordability relative to income and No. 8 for inflation. Students from Purdue and Indiana University share a campus in town and provide youthful vibrancy, while Colts fans up the energy even further, making this a reasonably priced and lively place to retire.
No. 5 Salt Lake City, Utah Utah's capital is growing fast. With nearly 16 doctors per thousand people--far above the national average--retirees can be reassured by the cluster of medical professionals and facilities nearby. With a median age of 30, retirees may not blend in, but they can be sure that economic growth is ahead.
No. 4 Houston, Texas Forbes.com's Best Place to Buy a Home is, not surprisingly, a great place to retire. With tax revenues flowing from the oil and alternative energy industries centered there and a bustling tech scene, retirees won't need to worry that they are settling into a place on the slide. Throw in affordable housing and sunny weather, and Houston is a great place to begin again.
No. 3 Minneapolis, Minn. This twin city has a reputation for big city arts and nightlife, but it can accommodate a retiree's fixed budget. While the winter may be rough, the cost of living won't be.
No. 2 Dallas, Texas Dallas has a robust economy, thanks to the many corporations headquartered in the city's center. With sunny weather, low taxes and Southern hospitality, this Texas town is a great place to retire.
No.1 Columbus, Ohio Home to the Ohio State Buckeyes, Midwestern Columbus has a low cost of living and affordable housing--seniors seem to get along just fine. More than a fifth of folks over 65 are employed, and that age group only constitutes 6% of persons living under the poverty level, which indicates that independent living is en vogue in this river city.
No. 9 Atlanta, Ga. This southern city isn't just for young singletons and families. In terms of net migration among people over 65, Atlanta ranked No. 3 with droves of older Americans picking this affordable and desirable place to spend their golden years.
No. 8 St. Louis, Mo. Meet me in St. Louis. Seriously. Greater St. Louis is growing fast and with good reason. Affordable housing and sluggish inflation (just 3.2% in June 2008) make this is a great place to retire.
No. 7 Denver, Colo. A Rocky Mountain retirement will involve outdoor living, a vibrant nightlife and a manageable cost of living. Denver, one of Forbes.com's Best Cities for Singles, attracts people of all ages making it a good long-term bet for retirees who want to ensure that they are settling somewhere with a bright future.
No. 6 Indianapolis, Ind. This Midwestern city ranked No. 1 for housing affordability relative to income and No. 8 for inflation. Students from Purdue and Indiana University share a campus in town and provide youthful vibrancy, while Colts fans up the energy even further, making this a reasonably priced and lively place to retire.
No. 5 Salt Lake City, Utah Utah's capital is growing fast. With nearly 16 doctors per thousand people--far above the national average--retirees can be reassured by the cluster of medical professionals and facilities nearby. With a median age of 30, retirees may not blend in, but they can be sure that economic growth is ahead.
No. 4 Houston, Texas Forbes.com's Best Place to Buy a Home is, not surprisingly, a great place to retire. With tax revenues flowing from the oil and alternative energy industries centered there and a bustling tech scene, retirees won't need to worry that they are settling into a place on the slide. Throw in affordable housing and sunny weather, and Houston is a great place to begin again.
No. 3 Minneapolis, Minn. This twin city has a reputation for big city arts and nightlife, but it can accommodate a retiree's fixed budget. While the winter may be rough, the cost of living won't be.
No. 2 Dallas, Texas Dallas has a robust economy, thanks to the many corporations headquartered in the city's center. With sunny weather, low taxes and Southern hospitality, this Texas town is a great place to retire.
No.1 Columbus, Ohio Home to the Ohio State Buckeyes, Midwestern Columbus has a low cost of living and affordable housing--seniors seem to get along just fine. More than a fifth of folks over 65 are employed, and that age group only constitutes 6% of persons living under the poverty level, which indicates that independent living is en vogue in this river city.
Tuesday, October 21, 2008
Time to consider moving to the Arena District
If you think like I do, you will know after reading the article below that the Arena District housing would more likely increase in value for the next few years. As per the article, the city has the next plan the would include residential apartment buildings, office buildings, parking garages and a Giant Eagle. I think this may be a good time to consider Urban Living in Columbus...what do you think??
More Jobs, Housing, Offices and Retail Coming to Arena District
(Columbus) — Mayor Michael B. Coleman will ask City Council to consider legislation that would allow the City to sell property at Neil and Vine streets to make way for a $250 million investment that would bring about 1,000 new jobs, housing and office space to the Arena District. The legislation was on Council’s agenda tonight for a first reading.
“I am pleased with growth of the Arena District, which continues to bring together development, businesses and residents to show what can be done to bring a new generation of investment,” said Mayor Coleman. “And I’m especially excited about adding 1,000 jobs in this tough economy.”
NWD Investments will purchase the 2.4 acre lot for $2 million and plans to develop a 250 unit multi-family housing project in this area. This site, when combined with adjacent properties already owned by NWD Investments, allows for development of the northern boundaries of the Arena District and the completion of an expanded master plan that includes residential apartments, office buildings, parking garages and, through a partnership with Continental Real Estate, a Giant Eagle grocery store.
This final phase of Arena District development will result in an additional $250 million in private investment, bringing total private investment in the Arena District to roughly $1 billion.
“With this significant project, Nationwide is continuing its long standing commitment to revitalizing the heart of our city,” said Development Committee Chair Maryellen O’Shaughnessy. “They have a proven track record of success when it comes to understanding the challenges of urban development.”
The Arena District is located in a Tax Increment Financing (TIF) District. Nationwide Reality Investors will be responsible for infrastructure costs upfront and will be reimbursed from 100 percent of available TIF funds. TIF revenue will be generated from existing Arena-area TIFs. Funding for the Giant Eagle parking structure will also come from TIF revenues. Infrastructure improvements include: Neil Avenue, Vine Street, Brodbelt, Convention Center Drive improvements and transmission lines.
“We are pleased to have the opportunity to work with the City of Columbus and continue to develop in Downtown Columbus,” said Brian J. Ellis, President and COO of Nationwide Realty Investors. “This expansion of the Arena District will bring even more people to live and work in the Arena District and downtown Columbus, creating an energy and vitality that is essential for a successful downtown.”
Recent development in the Arena District includes the completion of the Condominiums at North Bank Park and an office building at 230 West Street, as well as the ongoing construction of Huntington Park.
More Jobs, Housing, Offices and Retail Coming to Arena District
(Columbus) — Mayor Michael B. Coleman will ask City Council to consider legislation that would allow the City to sell property at Neil and Vine streets to make way for a $250 million investment that would bring about 1,000 new jobs, housing and office space to the Arena District. The legislation was on Council’s agenda tonight for a first reading.
“I am pleased with growth of the Arena District, which continues to bring together development, businesses and residents to show what can be done to bring a new generation of investment,” said Mayor Coleman. “And I’m especially excited about adding 1,000 jobs in this tough economy.”
NWD Investments will purchase the 2.4 acre lot for $2 million and plans to develop a 250 unit multi-family housing project in this area. This site, when combined with adjacent properties already owned by NWD Investments, allows for development of the northern boundaries of the Arena District and the completion of an expanded master plan that includes residential apartments, office buildings, parking garages and, through a partnership with Continental Real Estate, a Giant Eagle grocery store.
This final phase of Arena District development will result in an additional $250 million in private investment, bringing total private investment in the Arena District to roughly $1 billion.
“With this significant project, Nationwide is continuing its long standing commitment to revitalizing the heart of our city,” said Development Committee Chair Maryellen O’Shaughnessy. “They have a proven track record of success when it comes to understanding the challenges of urban development.”
The Arena District is located in a Tax Increment Financing (TIF) District. Nationwide Reality Investors will be responsible for infrastructure costs upfront and will be reimbursed from 100 percent of available TIF funds. TIF revenue will be generated from existing Arena-area TIFs. Funding for the Giant Eagle parking structure will also come from TIF revenues. Infrastructure improvements include: Neil Avenue, Vine Street, Brodbelt, Convention Center Drive improvements and transmission lines.
“We are pleased to have the opportunity to work with the City of Columbus and continue to develop in Downtown Columbus,” said Brian J. Ellis, President and COO of Nationwide Realty Investors. “This expansion of the Arena District will bring even more people to live and work in the Arena District and downtown Columbus, creating an energy and vitality that is essential for a successful downtown.”
Recent development in the Arena District includes the completion of the Condominiums at North Bank Park and an office building at 230 West Street, as well as the ongoing construction of Huntington Park.
Have Foreign Relatives/Friends Looking Where to Invest??
If you have friends and/or relatives living outside the US and perhaps wondering if they could take advantage of this current US financial market; encourage them to consider investing in real estate. Here are some information I have found in the recent months:
-Real estate professionals tell Inman News that foreign buyers are taking advantage of lopsided currency values against the U.S. dollar in some market areas and are propping up second-home sales while many U.S. buyers are taking a wait-and-see approach. Markets with luxury properties can be more immune to the slowdown in second-home sales, real estate professionals also report.
- Heather Joubran, a Realtor in Lake Mary, Fla., an Orlando suburb, said U.S. residents have definitely scaled back on second-home purchases in the Orlando area, but buyers from the United Kingdom, Eastern Europe and Central America "are gobbling up second homes at a pretty substantial rate."
Some of the foreign buyers are particularly eyeing foreclosure properties, and coupled with the power of their currencies against the U.S. dollar, "they are picking them up for pennies on the dollar," she said. Finding properties for half the price that they were originally listed at is not uncommon these days, she said. "The international buyers definitely are the largest buyer segment right now in Florida."
Even though, our Buyers are mostly looking to buy in the Columbus local area; The Ramirez & Sanchez Group has access to a vast list of real estate professionals in the entire country. We can assist ANYONE buy a property ANYWHERE in the country; including Puerto Rico.
-Real estate professionals tell Inman News that foreign buyers are taking advantage of lopsided currency values against the U.S. dollar in some market areas and are propping up second-home sales while many U.S. buyers are taking a wait-and-see approach. Markets with luxury properties can be more immune to the slowdown in second-home sales, real estate professionals also report.
- Heather Joubran, a Realtor in Lake Mary, Fla., an Orlando suburb, said U.S. residents have definitely scaled back on second-home purchases in the Orlando area, but buyers from the United Kingdom, Eastern Europe and Central America "are gobbling up second homes at a pretty substantial rate."
Some of the foreign buyers are particularly eyeing foreclosure properties, and coupled with the power of their currencies against the U.S. dollar, "they are picking them up for pennies on the dollar," she said. Finding properties for half the price that they were originally listed at is not uncommon these days, she said. "The international buyers definitely are the largest buyer segment right now in Florida."
Even though, our Buyers are mostly looking to buy in the Columbus local area; The Ramirez & Sanchez Group has access to a vast list of real estate professionals in the entire country. We can assist ANYONE buy a property ANYWHERE in the country; including Puerto Rico.
Excellent Lending Programs Still Available
Some of this programs are due to expire soon but anyone can still take advantage of them now. Here few things those the qualify may take advantage of:
- FHA limits are still $341250 but this may decrease as early as Jan 2009; therefore, those wanted to take advantage of this FHA programs must act NOW!!
- First-Time Home Buyer Tax Credit with up to $7500 is due to expire on Jun 2009 - great program for first time buyers only or buyer that has not own a property in the past three years.
- FHA programs required a 2.5 % down still [could be gift money] but this will increase to 3.5% as og Jan 2009. Now is your time to buy with little down but you must ACT NOW to close before 12/30/2008.
- Seller may contribute up to 6% toward concessions still - Buyer must take advantage of this while it last
- VA - Veterans Programs still available at 100% NO PMI
- FHA limits are still $341250 but this may decrease as early as Jan 2009; therefore, those wanted to take advantage of this FHA programs must act NOW!!
- First-Time Home Buyer Tax Credit with up to $7500 is due to expire on Jun 2009 - great program for first time buyers only or buyer that has not own a property in the past three years.
- FHA programs required a 2.5 % down still [could be gift money] but this will increase to 3.5% as og Jan 2009. Now is your time to buy with little down but you must ACT NOW to close before 12/30/2008.
- Seller may contribute up to 6% toward concessions still - Buyer must take advantage of this while it last
- VA - Veterans Programs still available at 100% NO PMI
Finally, a sign of relief...
I highly agree with our Former Federal Reserve Chairman on this one. This will help on gaining the confidence Buyers need. Call me if you think of investing now.
Greenspan pegs housing recovery to early 2009
Former Fed chief says a healing housing market will aid the credit crisis
NEW YORK - Former Federal Reserve chairman Alan Greenspan said the U.S. housing market will begin to recover in the first half of 2009, according to an article he wrote for Emerging Markets magazine published on Friday.
Greenspan wrote that the recent slowing in the rate of decline in U.S. home prices is the first positive note in the year-long trauma and that eventually, frozen credit markets will thaw "as frightened investors take tentative steps toward reengagement with risk."
"More conclusive signs of pending home price stability are likely to become visible in the first half of 2009," he wrote.
Greenspan pegs housing recovery to early 2009
Former Fed chief says a healing housing market will aid the credit crisis
NEW YORK - Former Federal Reserve chairman Alan Greenspan said the U.S. housing market will begin to recover in the first half of 2009, according to an article he wrote for Emerging Markets magazine published on Friday.
Greenspan wrote that the recent slowing in the rate of decline in U.S. home prices is the first positive note in the year-long trauma and that eventually, frozen credit markets will thaw "as frightened investors take tentative steps toward reengagement with risk."
"More conclusive signs of pending home price stability are likely to become visible in the first half of 2009," he wrote.
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