Rent Back : Get Cash and Retain your Residence as Well

Rent back is a feasible way to raise cash during times of financial crunch. When you need money in a jiffy, you can sell your property and then rent it back. This way you get hold of a large amount of cash and also retain residence of your house. This scheme is thus useful when you need to get big cash at quick notice but do not want to vacate your house either.

Rent back scheme helps you when you need to settle your debts, and as such in dire situations such as in the face of threat of repossession. Selling your house can be the immediate solution to ward off this threat. The good thing is despite selling off your house, you can still keep it. You can release the equity in your house which otherwise remains tied up in your property. In any case, if you are going through a rough patch in your life, such as divorce proceedings which is not only emotionally taxing, but also an expensive proposition, this scheme helps you get through it. You can sell your half of the property and then rent it back, if it suits you.

Rent back also proves to be very useful when you plan to emigrate. You can sell your house to gain time to sell your house at a good price and also to help yourself monetarily to make your preparations for the emigration, while you can simply rent back the house, before you move out.

Whenever you plan to avail to the Rent Back scheme, you can contact a real estate agent who can help you out with their experience. Many of these real estate agents have good websites, and this means you can apply for this scheme online, which means the process would be quicker and easier.

Author: Derrick Adolfo

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Elizabethtown Kentucky Real Estate

Hines Set to Develop First Indian Project

Hines has formed a joint venture with DLF Ltd. to develop the real estate company's first project in India.

The Houston real estate firm opened an office in India earlier this year and named Daniel MacEachron as managing director of Hines India Real Estate Pvt. Ltd., said George Lancaster, a spokesperson for Hines. MacEachron had previously worked in Hines' San Francisco office.

"Since the opening of the office we have been looking for the right project," Lancaster added.

The companies will be working on a 15-acre site near DLF's residential community along Golf Course Road in Gurgaon, India, a southwest suburb of New Delhi.

DLF is India's largest real estate company.

The venture has selected New York City architecture firm Robert A.M. Stern Architects to develop a master plan for the entire site as well as design the first phase of the complex -- a 30-story office tower of 860,800 square feet with ground-floor retail space and a garage.

Hines and Stern have previously collaborated on several projects in the United States, Mexico and Brazil.

"The standards are coming up in India which is another reason this is an exciting project," Lancaster said. "DLF appreciated the design that Robert Stern came up with, and we think this will be a jewel in that part of India."

Hines also said the plan ultimately may include high-end retail shops, restaurants and entertainment venues, a hotel and landscaped exterior and interior public spaces, as well as serviced apartments and a second office tower.

The total mixed-use complex is envisioned to include about 2.5 million square feet.

Source: IndiaRealEstateblog


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Equity Release : Saving you Old Age Hardship

Often, many people after the age of retirement fall short of cash to fulfil their daily needs, not to worry since this can be taken care of by the equity release scheme. This scheme is a type of home equity loan, which basically converts your fixed assets like property into liquid cash so that you can use it as you like it. If you have your own property, you can be sure that you do not have to face hardship, in your old age. With your house by your side, you need never fall into a helpless state.

Equity Release gives you the financial assurance till your death. And you can spend your days at ease. Figures in newspapers reports suggests that the demand for this scheme is increasing as more and more older folks are benefitting from it. And as many more people are expected to become aware of this convenient scheme, the transactions should soar further. More and more retired people are going for this financial product in the United Kingdom.

If you avail to this scheme, you will be given a loan amount by the lender and this loan amount is repaid to the lender after your death or in case, you decide to move out of your home. After death, the lender is entitled to the ownership rights of your house, equivalent to what you owe the lender.

The loan amount you get, helps you to live the rest of your life with ease sans financial worries. Other advantages are that if the interest rate on the loan can be negotiated. If the rate in the market falls, the home-owner can also free to ask for lower interest rates. In case, you have doubts about inheritance issues, whether the amount of money you have been sanctioned is matched by what your family is going to inherit, you can seek advice from financial experts.

If you visit the websites of these providers of equity release, you will be able to decide on many schemes that may be suitable to you. You can contact them and their underwriters can help you out with financial advice and also tell you about the terms and conditions applicable on these loans.

Author: Derrick Adolfo

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Make Good on Bad Credit

Though it may look like the new lending rules are excluding first time buyers and people with a less than perfect credit rating from owning a home, look again. What we're seeing now is just a return to tried and true rules when it comes to mortgages. So rather than keeping subprime borrowers out of the market, the new lending rules might just be protecting well-intentioned people from facing foreclosure. Those who use the recent changes as an opportunity to improve their credit before applying for a mortgage may also be on the road to financial freedom.

If your credit rating needs some work, push up your sleeves and get to it! Putting a year's work into improving your overall score will pay off over the lifetime fo your loan.

CHECK THE RECORD

How your credit rating looks to lenders has a lot to do with what kind of interest rate you'll be able to get on your mortgage. So if you're getting ready to buy a home, get access to your credit reports and give yourself time to make any improvements or corrections before you sign your mortgage application.

Your credit rating (or FICO score) is the rating lenders use to determine your interest rate and what kind of risk you are as a borrower. The scores generated by the three reporting agencies may differ slightly and usually range from 340 to 850. The higher your score, the better your rating. Though it's not a hard and fast rule, in general a score above 650 puts you in the "prime" category. You're not just a number however. Your lender will also take other factors like current income and employment history into consideration and weigh these against the type of loan you are seeking.

SCRUB THE RECORD

The first step to cleaning up your credit report is getting copies. In the US the three main credit reporting agencies are: Equifax, Experian, and Transunion. All of these agencies will provide you with your report for a small fee. It's a good idea to get copies of all three, as details on each may differ - and may sometimes be wrong.

If you find errors on any of your reports, contact the creditor in question and ask them to correct the information. If this doesn't resolve the issue, contact the reporting agency. If an account that was past due has been paid off or kept up to date for at least one year, the creditor may agree to delete the reference from the report. Simply write them a letter with your request - it never hurts to ask and they'll often do it.

IMPROVE YOUR RATING

If you have any accounts that are in arrears - bring them up to date! This is just common sense, paying down debt is the quickest way to improve your score. Keep in mind that your credit rating is based on a number of criteria, the most important of these being: your payment history and current debt load. Some other things to keep in mind while you work toward improving your rating:

1. Whenever you can't pay on time, notify your lender and make alternative arrangements with them.

2. If your credit history is a bit colorful, consider building credit by opening a new credit card account and managing it responsibly.

3. Keeping your nose clean for at least a year prior to making a loan application will improve your record and your credit rating.

4. If your situation is serious - see a legitimate, non-profit counselor to help you get things under control.



Author: Scott Baxter

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Sell House Fast and Get Quick Money

If you are a house owner and if you are in a financially dire situation, one quick way to get access to cash is to sell house fast. This move gives you that much-needed cash to fulfil your urgent monetary requirements. However, in the circumstances when the market is more in favour of the buyers, it may not always be easy to make a quick sale of your property.

Yet, there are certain ways which can help you out to make a quick sale of your property. As a rule, the sooner you wish to sell off your property, the lesser time you get to negotiate and thus to push for your asking price. The scope for profit may be reduced. This should not come as a disappointment. One of the most advisable things to do is to avail the services of a real estate agent. There are a few reliable property agents who have helped people out in difficult situations, as and when they needed to sell house fast to get quick cash in hand.

They can prove to be really helpful to look after the dealing part as well, as to see to it that you do not face a loss while making a quick house sale. Once you hire their services, fetching the highest price possible for your property becomes their responsibility, and they can help you here with the correct property evaluation. And you would be able to get sufficient guidance on the legal formalities of http://www.vip-service.co.uk/sell-house-fast-quick-sale.html sell your house in exigent situations. Also, your property stands a chance to get better exposure of prospective buyers through the medium of the agent. This, in fact, can be a crucial time-saver.

You can save further decisive time by searching online for real estate agents who have effective experience in this field. Their expertise in this field should work out fine for you as well.

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Author: Derrick Adolfo


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Radcliff KY Real Estate

Sell House Fast and Get Quick Money

If you are a house owner and if you are in a financially dire situation, one quick way to get access to cash is to sell house fast. This move gives you that much-needed cash to fulfil your urgent monetary requirements. However, in the circumstances when the market is more in favour of the buyers, it may not always be easy to make a quick sale of your property.

Yet, there are certain ways which can help you out to make a quick sale of your property. As a rule, the sooner you wish to sell off your property, the lesser time you get to negotiate and thus to push for your asking price. The scope for profit may be reduced. This should not come as a disappointment. One of the most advisable things to do is to avail the services of a real estate agent. There are a few reliable property agents who have helped people out in difficult situations, as and when they needed to sell house fast to get quick cash in hand.

They can prove to be really helpful to look after the dealing part as well, as to see to it that you do not face a loss while making a quick house sale. Once you hire their services, fetching the highest price possible for your property becomes their responsibility, and they can help you here with the correct property evaluation. And you would be able to get sufficient guidance on the legal formalities of http://www.vip-service.co.uk/sell-house-fast-quick-sale.html”\">sell your house in exigent situations. Also, your property stands a chance to get better exposure of prospective buyers through the medium of the agent. This, in fact, can be a crucial time-saver.

You can save further decisive time by searching online for real estate agents who have effective experience in this field. Their expertise in this field should work out fine for you as well.

Author: Derrick Adolfo

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What's a Land Contract?

A land contract, sometimes also called a "contract for deed" and other names, is a contract to sell real estate on payments. It is basic seller financing, in which the seller takes payments from the buyer rather than the buyer borrowing from a mortgage lender to pay cash. Many sellers find that by making it easier for the buyer in this way, they can get a higher price and good interest income.

How is it different from playing bank and putting a mortgage on the property? The primary difference is that the deed is not signed over to the buyer until after the last payment. With a mortgage, you give the buyer the deed and take back a mortgage, which then pledges the property as collateral for the money owed to you. But which is better?

That depends. In theory you have the same security in both cases, since there are clear procedures in the legal system for foreclosing on and taking back the property if the buyer defaults. However, the two types of contracts are sometimes handled in different courts. This can be important. Suppose, for example, that the court system which handles land contracts takes six months to process a foreclosure, but the one that processes mortgage foreclosures is chronically backlogged and takes two years. Do you want a non-paying buyer to live in your home for years?

The opposite to the above could be the case in your area, so ask a good real estate attorney before deciding which way to offer seller financing. Of course, if it takes years in both cases, reconsider the whole plan, especially if you will be relying on the income or taking a small down payment.

The Disadvantages Of Land Contracts

It may feel safer to keep the deed in your name, but that part isn't a real issue. As noted, there are procedures to get the property back in either case, so it's really only important which takes longer. But what if they are taking about the same amount of time? Having sold several properties on land contracts, I now think there may be some disadvantages when compared to taking back a mortgage.

My first lesson about this came a few years back when I was facing a $500 (or larger) fine for some junk cars in the yard of a small rental home. "But I sold the property years ago!" I protested to the township official. That's when I learned that they would hold me responsible for ANYTHING wrong with the property until I transferred the deed to the new owner. I had sold to him on a land contract, and he still had several more years to pay.

I would have marched down there and told the renter living there to get rid of the cars, but I had no right. The new owner was the landlord after all. I called him, called again to remind him, and he called the tenant, who moved the cars just before the fifteen-day deadline.

My most recent lesson came in the mail from the county where we sold our home two years ago. We sold it on a land contract, happy that we got 10% more by doing it this way. Now, however, the buyer hadn't paid the property taxes for a year. Again, a couple phone calls got this resolved, and this could happen if we had sold and taken back a mortgage too, but that wasn't the end of this matter. Just before the buyer paid up, I got a letter from a helpful finance company offering me a loan to pay those "back taxes" that they knew were late. Did the credit reporting companies know? Your guess is as good as mine, but I do know that if the deed were in the buyers name, it definitely wouldn't show on my credit report.

Author: Steve Gillman

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Maintain your Lawn to Sell your Home

There is really something to be said for a well-kept and well-loved lawn. It is easy to tell the difference between a lawn that is well cared for and one that has simply been tended to to sell the home. The difference comes in the quality of the grass itself, something that can only come from special care and handling. A really nice lawn can be a real focal point for a yard in a good way or just as easily a bad way. A lawn that is ill-tended can be full of weeds and moss, discolored and untidy. This never makes for a good impression on buyers as they will be looking for reasons to purchase the home, not reasons to pass it by.

One of the worst things you can do to a lawn it to let it get too dry — when it gets too dry, that green lustre is lost. One must keep the lawn watered throughout the dry season, and this is especially true if you are selling a home, as yellow lawns really don't make great first impressions.

There are a few things that need to be done on a regular basis to ensure the health of your lawn. For starters, it's a good idea to aerate your lawn at the beginning of the summer season. This process gets precious nutrients down under the lawn and allows moisture into a lawn that is starved for air. Lawns take a beating in the winter, especially in areas where there is snow and a lot of rain. Both of these weather conditions can really have a detrimental effect on a lawn's health.

A nice lawn can be a huge selling point for a home. Not only is it a beautiful aspect of a home, but it sets up the area where your family spends time in the summer having family gatherings, picnics, and where your kids play. The yard is really a social area and the lawn is its floor. You must keep it in as good a shape as you would with an interior floor. Taking the time to keep things like lawns in shape speaks highly of you as a home owner and that is something that buyers will always take note of.

Author: Preston Guyton

Maintain your Lawn to Sell your Home

Elizabethtown KY Real Estate

Buying your First Home - Watch Out!

If you are buying your first home, there are people who will help you get into all types of trouble. Well, mostly it is one type of trouble: financial. Here are some examples.

Watch Out For Real Estate Agents

You might think that real estate agents would love first-time home buyers, since they can influence them and make a sale more easily. In reality, though, many people are very hesitant to make a decision when they buy their first home. It will be the single biggest purchase they have made in their lives, after all, so they want to take their time and see a lot of houses. Meanwhile, the agent just wants a sale.

Don't be pushed to make a fast decision. It may be true that a particular house is "not going to last long," or it may just be something an agent says. Either way, their are other homes, and you need time to get a feel for what is available and at what prices. This education is crucial, and comes primarily from looking at a lot of homes.

The agent is not necessarily looking out for your best interest, by the way. Unless you hired him to represent you, he works for the seller and is even obligated to pass on any relevant comments you make, like "we can go higher on the offer if necessary." Keep quiet, and remember that the agent is a sales person, whose primary concern is to sell something.

Watch Out For Mortgage Lenders

When you are buying you first home, you are also buying your first mortgage loan. Lenders will be so helpful. For example, they will help you afford a loan that is too large by offering you a variable-rate loan with a low teaser rate. Of course they won't help the hundreds of thousands of families that are now facing foreclosure because those payments went up when the teaser rate period was over.

Variable rate, interest only, and even reverse-amortization loans (where you owe more each year) have all been "helpfully" pushed on first-time buyers who are trying to buy more than they can afford. You are told that buying a home is the best thing you can do. Sometimes this is true, but it never is if you can't hold onto that home. If you really can't afford a home, a smaller home with a smaller mortgage loan is better - and if you can't afford that, renting is actually the best thing you can do.

Look at the worst-case scenario when considering a loan. For example, if you are considering a variable rate loan, ask what the payment will be if interest rates go up 5% years later. Will you be able to comfortably afford that? The banker may helpfully point out that the rate is capped at a 2% rise per year, but that just means the day of reckoning is postponed a little. In three years you could be paying almost $6,000 more per year on that $200,000 loan.

Watch Out For Family And Friends

The best intentions of friends and family can get you into trouble. When you are buying your first home you will get advice. Sometimes it will be good advice. Other times it will be a friend trying to get you to move to his neighborhood - the one you can't afford. Family too can push you to buy before you are ready, or spend too much. They don't always know what is best for you, so do your own thinking, buy what YOU need, and buy a home you can afford.

Author: Steve Gillman

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Real Estate Investment for Kids

When planning for kids’ investment, real estate investing is one of the best places for kids’ investment. You need to understand the sooner you invest the more your kid would gain out of it. It is also true that once you investing in kids’ future, their retirement life would be safe and secure. There are two ways in which you can make real estate investing for kids. First, you might teach your kids the worth of money and its role in life. Secondly, the kids themselves are looking for a high quality investment plan. This would be really good as teaching your kids how to plan for investment is a lesson that would have impact for a life time.

Most of the kids become novices when it comes to real estate investment, and their parents also wondering how useful it will be to teach the kids about real estate investment plan. But investing in real estate could be the best way to invest in your kid’s future. You just need to be creative and need to come up with new ideas—the key is work out you saving and investments. But the truth varies; many young once are not interested in investing for pure tactics of it. There interest could lies in their future goal that is what they might love to talked about.

Of all the reasons of real estate investing for kids, one of the most powerful might be to pay college fee for your children. After all, a good education could offer a very useful foundation for success all through a child’s life. For sure, you have learned that saving is a good factor. Let your children recognize that you are investing for kids and their future. Let them know the procedure and the surrender essential to prepare for college. And let them see the consequences periodically.

A second and potentially just as significant goal is to teach your kids about investment as they grow. Budgeting is as well an vital factor as such, as you start giving payment to you kids, you need as well making sure that the kids are interested in saving as well. If your kid is just seven year old then he might be more interested by the idea of saving. But soon it would become a want to spend as they grow. But as the walk down to the trip the investment road, you require to start teaching them about investing as well, which would lead them grow. When kids plan to invest they must as well carry enough funds in to the bank account for the prior investment.

Author: vknarayana

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Yard and Garden: Home Shows

Alright, let's face facts. Homes get sold on first impressions. Well maybe not sold, but the first impression goes a long way to making up the minds of buyers. So what is the average buyer's first impression formed on? The home's exterior. So it stands to reason that the yard and gardens will play a huge role in helping to form a buyer's first impression of the home. So how can you best showcase these areas to buyers? Well if you are the do it yourself kind of person then you likely already know what to do but if not then there are always professionals who will be more than happy to help, for a modest fee.

A home's exterior is extremely important when selling. This is the image that most people will have to go on when deciding whether or not to come and explore the home further. The first step that one should take is cleaning up the yard. Once it's clean you should be able to get a clearer picture of exactly what needs to be done. Typically if a home is more than 10 years old then it might be a good idea to start with a new coat of paint. This forms a great visual basis for the home as new paint will be recognized by buyers immediately. From that base it is easy to continue with small upgrades to the home itself that buyers will appreciate like new gutters or a re paved driveway. Every last visual aspect of the home should be in ideal condition before the home is listed.

Yards are the next thing they any seller would want to tackle. After the initial cleanup take a critical look at the yard and try to identify what needs to be improved. Cleanliness and order are the most important factors here so get that lawn mowed and trimmed and then set about the other aspects that need improving. New fences are always an attractive selling point or if the fences are in good condition then a simple refinishing can be a great visual upgrade. When thinking about gardens try to pick plants that compliment the home and the colors. Having flowers that clash with the home does not really benefit the sale. You can always find a professional landscaper that will be able to spruce up the yard quite nicely. Take your time and don't rush these things as time equals outcome.

Author: Calum MacKenzie
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Elizabethtown Kentucky Real Estate

Many Graduates Fear They Will Never Own Their Own Home

According to the recently published fourth annual Graduates First Time Buyer report, one in ten graduates believe they will never be able to afford to buy their own home. But that statistic doesn’t just apply to this year’s graduates: almost 25% of those who have graduated ten years ago are still without a foothold on the housing ladder, instead continuing to reside with parents or living in rented property.

With graduates sporting an average debt of £10,361 when leaving higher education, they are hard-tasked to first eliminate that burden and also save the average house deposit of £16,666 before they can even think of buying property. Add those challenges to the fact that the average house price is now over eight times the average UK salary, and it becomes obvious why so many graduates have given up any hope of ever owning their own home.

Richard Clark, Head of Product Development and Marketing at Scottish Widows Bank - the author of the report - expressed his concern when he commented:

"This year’s report reveals that the situation really is getting worse for graduates. The main issue is that property prices and inflation are continuing to rise, but starting salaries have not moved in line with this. First time buyers are struggling to save for a deposit and recent rate rises are acting as a further deterrent. Owning a home is likely to remain a pipe dream for many."

However, despite Clark’s pessimistic words, many lenders offer 100% or more mortgages, removing the need for a deposit meaning that graduates can still get on the property ladder if they club together with a friend or partner. Indeed, 63% of graduate first time buyers have bought a property with a partner, although on the downside 69% of them would not have the ability to buy them out in the event of a split. With property prices accelerating the way they have over the last ten years, buying with a partner may be the only option for most graduates at the moment.

However, cheerier news for graduates has emerged this week in the form of a Nationwide Building Society price index for June 2007 which shows that property prices have stalled, with a recorded rise of only 0.1% during the month. And with anecdotal evidence suggesting that estate agents are advising sellers to be more realistic with the prices they expect from selling their property, it may not be all bad news for graduates looking to buy property. Instead of the prospect of forever having to rent property or live with parents, there may just be light at the end of the tunnel.

Author: Andrew Regan

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Negotiating a Real Estate Deal - Author: Steve Gillman

Negotiating a Real Estate Deal

Do you really need to learn special techniques for negotiating a real estate deal? Absolutely not. You can get by with offers that you know work for you, and just keep making them until one is accepted. On the other hand, if you know a few simple real estate negotiation techniques, you can get that yes more often, and at a better price and terms. Here are three of the many techniques you can use.

Negotiating Real Estate - Time Investment

The more time a seller spend with you, the more he will fell he has to make a the deal work. This gives you leverage. For example, suppose a seller has a small apartment building for sale for $450,000. In his mind, he may be thinking he won't go below $435,000. In fact, if you walk into his office one day and drop an offer of $420,000 on his desk, he might just throw it straight into the garbage can.

On the other hand, what if he has spent several days showing you the property, and has spent hours talking to you about the property. It helps that he has time to get to know you and like you, but even if he doesn't like you, he will now feel like he need to get a deal put together after investing so much time. At this point, if you make your offer of $420,000, he might not be thrilled, but he might at east give you a counter-offer. In the end, you might settle on a price of $425,000 - a price he previously considered too low to consider.

This doesn't mean you should waste his time or abuse this technique. But if you seriously want the property, and need a lower price to make it work for you, take your time. Time investment is a negotiating technique that has been proven to work in everything from buying a washing machine to the most expensive real estate.

Negotiating Real Estate - Limited Authority

A tough negotiator often offends a seller. He can't necessarily understand why you can't accept his "reasonable" counter offer. He may think you are being difficult and unfair. How do you avoid this?

Give the seller an acceptable reason for your offer or for your rejection of his counter-offer. The most convenient reason? You lack authority to accept his terms or to offer more. In the case of a house, you can say something like, "I can't do that - my wife said I could only go up to..." In the case of a rental or commercial real estate, you can say that you have to check with your partner, or that your partner already said you were limited to ...

Why does this work? It make perfect sense if you think about it. Put yourself in the seller's place. If you thought you are being perfectly reasonable, and the buyer was just saying no, you might feel some resentment. You might even want to look for other buyers. On the other hand, if he tells you that he thinks you are being fair, but he just can't say yes without checking with his wife... Well, in that case, you might feel bad for him, and even want to make it easier for him to get his wife to agree.

Negotiating Real Estate - Step-By-Step Commitment

Get a seller to agree to everything else first, and you are more likely to get him to agree to a low price. To do this, start getting his verbal commitment to anything and everything along the way to a discussion of price. There are two reasons that this can work.

First, the process of saying yes many times just makes a seller more likely to say yes to whatever else you ask - including a lower price. You essentially are conditioning him. You are getting him in the habit of saying yes. He may not say yes to everything, but he will be more likely to move in your direction.

The second reason this works involves another technique for negotiating real estate deals. That is the technique of asking for many things in order to have something to "throw back into the pot" when it comes time to talk about the things you really want. With a step-by-step commitment to things like closing dates, what will stay with the property, and more, you have many things that the seller feels obligated to give you. You can use these then, as "bargaining chips."

When the time comes to get what you really want - let's say a low price or low interest rate on a note the seller will carry, you offer to "give up" these things you already won in the negotiating. For example, you might want low payments on an apartment building for the first two years, so you can fix things up before raising the rents. If the seller hesitates, you can say something like, "How about we close when you want to, and you keep the maintenance truck for your other properties?"

A few good techniques make a big difference when negotiating real estate deals.

Author: Steve Gillman

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The Easy Array Way of Move, Know the Place Where you are Going

If you are moving, it can be incredibly helpful to find out more concerning the neighborhood that you are moving to. This be able to make things a lot easier for you before the move, during the move, and after the move. Some people don't get much relocation city information before they move, and they end up regretting it. This is because there are a lot of aspects of your relocation and your life in the new area that can be affected by this. Because of this, you must find relevant relocation city information so that you be aware of what you are doing and can deal with the differences of culture in the two areas.

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Author: William Redants | Posted: 08-08-2007


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Elizabethtown KY Real Estate

What is Wrong With the Real Estate Market?

By having my ear to the ground and looking at the current stats, the market is slow in many areas of Kentucky. Yes, there are pockets out there that are still doing relatively well (not what it once was, but still producing sales).

People are asking what is wrong? I would say that there are many factors that I see that is affecting the housing sales.

First, many are saying, "the rates have crept up too high," funny they are still at their historical lows. I recall Mr. Cavuto on Fox News saying when he was in his younger years, he bought a home with the interest rate of 13% and he was grateful to even get that. I myself bought my first home in 1996 and my mortgage rate was 6.5%. I thought I was the King of World. Right now, a VA loan is going for 6.625% to 6.75%. What is wrong with people? There is absolutely no excuse with the rates.

Then you are facing the inflated home prices that have went up dramatically over the years, while at the same time average family incomes have not increased at the same speed. Yes, we must keep in mind, Kentucky has not inflated in prices as dramatic as in many other areas of the country. So essentially, when people see what they can get with their money it just doesn't add up. We are seeing homes in the low $100k down to $80k (please remember, this is smaller Kentucky communities) have many issues with these homes or they are to small and can't necessarily fit a family of 4 in it.

So, what must happen in this case you might ask? Either America is going to have to be willing to do one of the 5: go smaller and accept it; cough up the extra money in a monthly payment (if the money is there); wait for the market to correct itself (home prices to fall slightly, in our marketplace); average family income rises; or the family's income rises by default (because there is an income change within the home for the better).

In my next posting, I plan on discussing what did the subprime mortgage market do to the real estate market? What must the real estate professionals do to keep their head afloat and push the head of their competitor down to drown?

Published by: Shawn D. Paul, Founders Lending Co. Loans for Life

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Real Estate in Kentucky

Summer is Selling Time!

Author: Matt Barker | Posted: 07-08-2007

Well Summer is finally here and with it has come the high season for home sales. Summer is really the best time of the year for selling a home as every aspect of the home and yard can be properly showcased and shown off. Of course this may not apply to a condo in Vail which is best shown in the snow, but for the rest of the country, Summer is where it's at. There are a number of things that any home seller can do to make their home such more attractive to buyers during the summer months. Let's start by doing a bit of a checklist for the home and yard.

To read the rest of this article, go here.

Tips to Finding your Perfect Home

A house is much more than a building. The average homebuyer makes a big investment – financially and emotionally – in the property they purchase. To ensure that your real estate buy is a close match to your dream home, just follow these easy steps.
1) Know What Your Perfect Home is Like. Working with pen and paper, brainstorm what your perfect home would be like. Where would it be located? How many rooms would it have? How many bedrooms and bathrooms do you want or need? Would your ideal home have a garage? Do you want or need a formal dining room – or a solarium, family room, great room, or other rooms, for that matter? What size of yard do you want? How many stories do you prefer? What amenities do you want? How old would your ideal home be? At this stage, do not worry about what you and cannot afford – just brainstorm what your perfect home would be. Consider creating a scrapbook of images of homes that you like. Finally, divide you wish list into two sections – “must haves” for your home and “preferences” or “nice to have.” This will keep you from having a too-narrow focus. While this may seem like a lot of preparatory work, keep in mind that a home is major investment. You may live in your new house for years or even decades, so it makes sense to do a little extra work to find a property that will truly suit you.
2) Know How Much You Can Afford. If you have no idea, speak to a mortgage expert at your local bank or call a few lenders up to get a sense. If possible, look for a home that is slightly below what you can afford – living paycheck to paycheck is not a great option.
3) Get Your Financial Details in Order Before You Go Shopping. You can shop for clothing on a whim, but a home is a much larger commitment. Before you even start looking, make sure that you do the financial prep work. Get your financial statements in order, get proof of employment. Check your credit score and credit history by calling all three major credit bureaus. If your credit score is not great, you will have a hard time qualifying for a great rate, so consider working hard to get your credit score in shape before you go shopping for loans. Finally, get pre-qualified for a home loan. This will ensure that you have the financing in place when you do find that perfect property.
4) Decide to Invest the Time. Some homebuyers only look at a few properties before rushing to close. If you want a home that is truly great, you need to give yourself time to look at many homes so that you can understand what is on the market and what a good bargain is.
5) Define Your Plan of Attack. Again working with pen and paper, determine what steps you can take to find the home of your dreams. Maybe you could speak with friends and family. You could look online or in your local newspaper. You could talk to real estate agents. Check out a few search methods to see where the homes you are interested in appear and then focus on that search method.
6) Get a Buyer’s Agent. A buyer’s agent can save you enormous amounts of time and frustration. He or she can use years of real estate expertise to track down that perfect house for you, so consider a buyer’s agent if it is at all possible.
7) View Homes – Armed With the Right Tools. View as many homes as you possibly can. Come in comfortable clothing and armed with a level, a flashlight, an instant camera, a notebook, and measuring tape. Look into every nook and cranny and take notes so that you can review the viewing later. When you find a home that seems promising, get an inspector and assessor to take a look at the property for you as well – such expert opinion is invaluable.
8) Do Your Research. Research neighborhood property values, resell times and crime rates. Learn as much as possible about the area where you will be living and opt for neighborhoods that are up-and-coming or very well cared-for. A house never exists in a vacuum – your area and neighbors will have a big impact on whether your home is a dream house or a nightmare.
Following these steps, you will eventually find a house that you can afford and that makes your heart beat faster. When you find it, you will know that you can close, having seen to all the details for a hassle-free purchase.

Author: Benjamin DeBell | Posted: 04-08-2007


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Elizabethtown KY Real Estate

It's Time to Rethink the Definition of "Home"

It's Time to Rethink the Definition of "Home"
by Peter Mosca

According to the U.S. Department of Health and Human Services, Administration on Aging, the older population, those persons 65 years or older, numbered 37.3 million in 2006.

They represented 12.4 percent of the U.S. population, about one in every eight Americans. By 2030, there will be about 71.5 million older persons, more than twice their number in 2000, or 20 percent of the population. As Bob Dylan's 1964 anthem so aptly noted, "The Times They Are a-Changin," but are builders changing with these times? Are they taking advantage of this social and demographic shift? Or, are they conducting business as usual?

Progressive builders understand that for older Americans, a home is much more than a place to live. It is increasingly becoming a smaller part of a larger community of like-minded individuals who seek easy access to products, services and other life-enhancing features that meet their needs and desires as older adults. By creating a community of people and businesses to rally around, particularly when it consists of individuals who may not otherwise interact, older adults flourish; a win-win scenario for builders who had the vision to enhance their bottom lines by filling market space capacity created by the demands coming from a dynamic older American demographic.

"We serve our residents with respect and dignity in a comfortable, enjoyable and safe community with opportunities to choose additional services according to need and personal preference," said Bill Kaplan, Co-founder and CEO, Senior Lifestyle Corporation. "To their families we provide a support system and peace of mind in the confident knowledge that their loved ones will be cared for with sensitivity, expertise and compassion."

Senior Lifestyle Corporation, creators of premier residential communities and the nation's sixth-largest senior living specialist, help older adults enjoy healthier, more fulfilling lives, and offer independent living for every economic level, from luxury to mid-market to affordable.

"Each Senior Lifestyle community serves a unique group of people, and we tailor every aspect -- from menus to activities to wellness programs -- to meet their particular needs," added Kaplan.

If the statistics above are not convincing enough for builders to consider adding "senior living services specialist" as an ancillary product, perhaps these numbers will. According to the U.S. Government Accountability Office, the federal government will face a fiscal crisis as the cost of entitlement programs for Older Adults is expected to exceed revenues with the retirement of the baby boomers.

From the consumer perspective, AARP data consistently shows 9-in-10 older adults want to, or by necessity, will "age in place" or stay in a home with living services and other like-minded individuals for the remainder of their lives. Furthermore, AARP surveys of younger adults (age 45 and older) also indicate the vast majority of adults (better than 80 percent) want to age in place and expect to receive the services needed to do so.

From this vantage point, it only makes sense that builders place greater attention and resources on increasing opportunities for and improved quality of community-based services, in step with consumer trends and demographic shifts. With 71.5 million older adults coming online in 2030, builders need to rethink what the definition of home and what that means to their bottom lines.

Published: August 6, 2007

Use of this article without permission is a violation of federal copyright laws -- http://www.loc.gov/copyright.

Copyright © 2007 Realty Times^®. All Rights Reserved.

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Kentucky Real Estate

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