| In this issue: |
• Remodeling Boom
• 10 Tips for Sellers
• Eminent Domain Ruling
• Become a BBB Agent
• Buyer Workshop
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| Interest Rate Watch |
Selected Rates as of
June 30, 2005:
• 30 yr fixed: 5.53%
• 15 yr. fixed: 5.12%
• 1 yr. adj: 4.24%
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| Free Buyer Workshop! |
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Every Thursday
Get a guided tour through the real estate buying process, learn about Jacksonville's new and historic neighborhoods, have financing questions answered by industry professionals and more.
Call 904-358-3955 or use the links below: |
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| About the Weekly: |
The Real Estate Weekly is a free weekly bulletin published to keep clients and associates informed of happenings in the real estate market. If you would like to unsubscribe from the Weekly, please use the button at the bottom of the page.
The R.E.W. is published by:
Bo Bridgeport Brokers, Inc.
1654 N Pearl Street
Jacksonville, FL 32206
Phone: 904.358.3955 | |
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» Home Improvement Booming Industry:
Fueled by Housing Turnover and Natural Disasters |
A newly remodeled kitchen, bathroom or even a deck can add value to your home and comfort to your lifestyle. That's why last year's home improvement figures hit a record high.
"For 2004 we estimate that the market was $271 billion … . The growth rate over the last five years has been 6.9 percent per year," says Fred Miller, managing editor for Home Improvement Research Institute, HIRI, based in Tampa, Florida.
HIRI tracks what people spend on materials, not the labor costs involved in home improvements, so the true total is even larger. The $271 billion recorded last year in home improvements is the highest that the company has seen since it started gathering research in 1984.
Remodeling projects that provide the greatest return on investment are:
• bathroom additions
• second-story additions
• kitchen/bathroom remodels
• new roofs
• family room additions
• master suite additions
Read the rest of the article
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» 10 Tips For First-Time Sellers |
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At first the task seems daunting: You haven't sold a home before, the market looks complex, and what worked for owners 10 or 20 years ago seems inappropriate today. What steps should you take? Here's a baseline list to get you started.
1. You Can Do It.
Some 6.6 million existing homes were sold in 2004, more than 18,000 a day. Other owners have done it and so can you.
2. Define Your Goal.
Do you want the highest sales price -- or the biggest check at closing? They're not necessarily the same. Imagine that two homes sell for $300,000, but one owner pays 2 points and agrees to replace the roof. The owner who sold without such costs got a bigger check at settlement. The bottom line: To have a successful sale you need to look at both price and terms -- you must have a strong negotiator in your corner.
3. Times Have Changed.
Today's real estate marketplace is radically different when compared with 10 years ago. Purchasers now use the Internet, receive seller disclosure forms, get home inspections, and are routinely represented by buyer brokers. The result is that buyers can be better prepared than in the past.
4. Sparkle And Shine.
Imagine going to a supermarket and seeing dusty fruit or aisles filled with old shelving and cans. It doesn't happen because the grocery store knows how to present its goods. Sellers must do the same. Get rid of things you don't want to move, organize closets and storage areas, and clean everywhere.
5. Mechanics Count.
Buyers expect everything to work. Home inspections are now entirely common and what buyers miss home inspectors will catch. Fix and paint things now and they won't be an issue in the future.
6. Think Broadway.
When buyers see your home, it's showtime. They want an environment where they can see themselves. Given them a show where everything is painted, arranged, and attractive, a home where the only issue is when to move in.
7. How's The Market?
Real estate is local. Your broker can explain current market trends in your community, including what's selling, what isn't selling, and why. This information is central to getting the best possible price and terms.
8. Know Your Rivals.
Your property will be competing with other homes for buyer attention. Ask your broker how to be competitive -- and how to have an edge.
9. What Time Is It?
Markets differ by location and time. When interest rates are low and the local job base is growing, it's great to be a seller. But when times are slack and mortgage rates are rising, homes also sell. In 1981, when the prime rate topped 20 percent and the population was smaller, 2.4 million existing homes were sold. The trick is to be realistic, to get as much as market conditions will allow.
10. Understand The Plan.
Real estate marketing involves far more than a sign in the yard and an ad in the paper. Successful brokers use a variety of methods to attract and qualify prospects, including the latest Internet and communication advances.
Of course, there's more to selling a home than the 10 items listed here. Your broker can explain how the local marketplace is shaping up -- and the best way to position your home for a successful sale.
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» Congress Hits Back at the Supreme Court over its Controversial Eminent Domain Decision |
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The U.S. Supreme Court's controversial June 23 decision on local governments' powers to seize homes has produced a massive backlash in Congress.
Before heading home for the July 4 recess, the House of Representatives overwhelmingly passed a resolution expressing its "grave disapproval" of the Court's decision in Kelo vs. City of New London. The bipartisan vote was 365 to 33. The House also passed an amendment with real teeth -- a prohibition against the use of federal funds in connection with any real estate project where a local government used its eminent domain seizure powers to transfer property from one private owner to another under the banner of "economic development."
read the rest of the article | |
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